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Archive for the ‘Online Banking’ Category

The world is changing at a staggering rate and technology is considered to be the key driver for these changes around us (Papers4you.com, 2006). An analysis of technology and its uses show that it has permeated in almost every aspect of our life. According to Tero et al (2004) many activities are handled electronically due the acceptance of information technology at home as well as at workplace. Internet can be seen as a truly global phenomenon that has made time and distance irrelevant to many transactions. According to Heikki et al. (2002), the transformation from the traditional banking towards e-banking has been a ‘leap’ change.

The evolution of electronic banking started from the use of automatic teller machines (ATM) and has passed through telephone banking, direct bill payment, electronic fund transfer and the revolutionary online banking (Alter, 2002). The future of electronic banking according to some is the acceptance of WAP enabled banking and interactive-TV banking (Petrus & Nelson, 2006). But it has been forecasted that among all the categories, online banking is the future of electronic financial transactions. The rise in the e-commerce and the use of internet in its facilitation along with the enhanced online security of transactions and sensitive information has been the core reasons for the penetration of online banking in everyday life (Papers4you.com, 2006). According to the latest official figures from the Office of National Statistics (ONS, 2006) indicate that subscriptions to the internet has grown more than 50% from 15 million in 2000 to 35 million in 2005 in the UK. It has also been estimated that 60% of the population in the UK use internet in their daily lives.

The fundamental shift towards the involvement of the customer in the financial service provision with the help of technology especially internet has helped in reduce costs of financial institutions as well as helped client to use the service at anytime and from virtually anywhere with access to an internet connection. According to theorists (Walfried et al., 2005) customer evaluation of the electronic services is influenced by attributions of success and failure in inter personal service situations. The use of electronic banking has removed the banking personnel that facilitate the transactions and has placed additional responsibilities on the customers to transact with the service. Although the use of E-banking is provided for the benefit of the customers but these changes require increased work or involvement on the part of customers. These and other factors might be seen as lesser service provided in terms of customer service. But these assumptions would be wrong if the customer knows the value of using the electronic service.

Thus it can be concluded that a fit between task i.e. the banking; technology i.e. the user interface and its reliability; and individuals i.e. the customers and their knowledge about using the service, is the key to successful E-banking services (Zigurs & Buckland, 1998).

References:

Alter, S. (2002), “Information Systems” 4th Edition, Prentice Hall

Heikki Karjaluoto, Minna Mattila, Tapio Pento (2002), “Factors underlying attitude formation towards online banking in Finland”, International Journal of Bank Marketing; Volume: 20 Issue: 6; 2002 Research paper

ONS (2005), “Office of National Statistics”, www.statistics.gov.uk

Papers For You (2006) “C/B/93. Dissertation. Will online business replace the traditional business in the banking industry in UK?”, Available from http://www.coursework4you.co.uk/sprtfina35.htm [17/06/2006]

Papers For You (2006) “P/F/174. Dissertation. Adoption of Online Banking”, Available from Papers4you.com [18/06/2006]

Petrus Guriting, Nelson Oly Ndubisi (2006), “Borneo online banking: evaluating customer perceptions and behavioural intention”, Management Research News; Volume: 29 Issue: 1/2; 2006 Conceptual Paper

Tero Pikkarainen, Kari Pikkarainen, Heikki Karjaluoto, Seppo Pahnila (2004), “Consumer acceptance of online banking: an extension of the technology acceptance model”, Internet Research; Volume: 14 Issue: 3; 2004 Research paper

Walfried M. Lassar, Chris Manolis, Sharon S. Lassar (2005), “The relationship between consumer innovativeness, personal characteristics, and online banking adoption”, International Journal of Bank Marketing; Volume: 23 Issue: 2; 2005 Research paper

Zigurs, I. & Buckland, B. (1998), “A Theory of Task/Technology Fit and Group Support Systems Effectiveness”, MIS Quarterly, Sep98, Vol. 22 Issue 3, p313-334, 22p

PNC Bank offers PNC Bank Online Banking service to its customers and account holders. As a result, clients can access their accounts from any place according to their convenience. The most distinctive aspect of PNC Bank Online Banking is that it can be accessed round the clock, through the week.

Benefits of PNC Bank Online Banking Service

Accountholders of the PNC Bank Online Banking do not need to be present on the bank premises to access their accounts. They can use Online Banking service to do the following tasks:

Access their accounts even when they are outside the country. View all the necessary details of all the transactions from their account. Receive bills over the net. Pay their bills from their checking account free of cost. This bill payment facility is hassle free and convenient to use. This facility also saves on the time spent in queues or writing and posting checks. Get their account statement generated. These statements can then be forwarded to their email address, making it easier to preserve them as a record. These online statements are accepted by all institutions as documentation. In addition to this, the PNC Bank also allows its accountholders to download the transaction history of their accounts on their personal computer. This helps customers preserve the transaction details for as long as they wish. Use the various money management tools offered by the bank from anywhere in the world.

PNC Bank Online Banking also provides its customers the facility of reminding them of the balance in their respective accounts. These reminders, also called alerts, send email alerts to accountholders:

If the balance in their account reaches zero or becomes negative. When they receive online bill

To use the PNC Bank Online Banking service, customers need to first enroll themselves. Once you enroll to the service, you achieve peace of mind that your identity and account information are secure.

When it comes to paying bills, let’s face it, this is a task everyone would love to avoid.  However, with direct debit it has become easier and accepted worldwide. With a click of your mouse, you can set up scheduled, recurring and one time payments.  It takes only a few minutes and a few steps to complete the process and you are ready to go.

The initial set up phase is the most important and time consuming.  In this phase, you will need to enter all your vendor information for each individual account payable.  Once this task is complete, you are then able to pay as many vendors as you wish quickly and easily every week or month.  Payments are credited to you account on the day specified by you, so you can avoid late fees and service interruptions and you save money on stamps and envelopes.  Just think – no more writing checks!

Plus, you have the freedom to change the date and the amount given up until it is drafted from your account.  You can even add and delete vendors from your account as needed and all are stored in one easy to use location.  Paying your bills online is fast, convenient and safe with no glue aftertaste in your mouth from sealing the envelope!

If you are looking for an easier way to pay your bills, head to your online bank with direct debit and check out online banking.  You will be amazed at the amount of time you will save every month on this mundane task.