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International Online Banking

International Online Banking Enables 24/7/365 International Banking

The internet has been a crucial component in the internationalisation process of banking institutions because of the pivotal role that it plays in making banking and the conduct of financial transactions far reaching and seamless activities. International online banking services were first introduced in the 1990s by established “brick and mortar” banks but did not gain full popularity until the use of the internet and computer literacy had increased on a significant level from the beginning of the new millennium.

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In building international banking networks through the creation of head offices and subsidiaries across the globe, banks are able to solidify and standardize their services through online banking facilities and offer ever more tailored banking services as they broaden their horizons to new markets and countries and become key players in global capital markets.

International online banking facilities are highly automated and generally very user friendly, thus making it an entity than can be utilized by anyone. Through international online banking, electronic transfers, consulting account statements and bill, mortgage and loan payments can be made, while other banking services can be accessed via specialized menus and features of international online banking facilities. The securitization of international online banking facilities has involved the development of new and innovative international online banking software that limit and control the access to online applications and user accounts in order to prevent fraud and ultimately protect the customer’s personal banking information and privacy.

International online banking has increased the level of efficiency and speed with which international banking services are provided by transferring the need of physically traveling to a bank to perform transactions to the comfort and privacy of one’s home or office. International online banking also increases the speed at which transactions can be made. There are no time or geographical boundaries due to electronic networks that provide 24 hour international online banking access. Hence, international online banking is a valuable banking tool for persons while traveling, conducting business, studying or temporarily employed in a foreign country; which makes international online banking not only a mechanism that promotes efficiency and speed but one that is capable of effecting drastic improvements in cost reduction both for the customer and the bank.

International online banking services are currently provided by domestic, foreign, offshore and virtual banks as the need to keep up with technological advancement is an increasingly demanding aspect of providing financial services to clients whose requirements and business patterns change frequently. The increased integration of economies and people has made international online banking an almost inevitable aspect of banking in general.

 


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