Online banking is becoming increasingly attractive as people see it as a viable alternative to the traditional brick-and-mortar banks. This does not mean it is right for everyone and that the conventional banking style has met its waterloo yet. It only implies that in the nearest future, the finance industry may move firmly to transact business online.

Online banking vs Conventional banking?

In the conventional banking system, transactions are done at a physical location with a building and an abundance of staff. This differs from the online banking system, where transactions are done electronically. Many conventional banks are imbuing into their financial activities the concept of online banking. Some of their transactions have been duplicated online so that people can conduct banking transactions more comfortably.

What are the pros of the online banking system as compared to the brick-and-mortar system?

• Online banking has a higher interest rate

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