Online banking

The purposes of online banking is that people can access their money without having to walk to a physical bank and do business with the money without having to withdraw it in cash and using electric payments to pay.

The 2 online banks I’m looking at are HSBC and Lloyds TSB. The advantages of using them as online banks is that you can do banking business outside of bank hours which is a plus considering most people are at work when the banks are open. It can also be quicker way to deal with your accounts if something is wrong rather than going to the physical bank. You can also move money between your accounts quicker than if you did it in a high street bank. The disadvantages are that you can move money around and out of your bank but you cannot pay in actual money in via your computer into the bank.  Lloyds cover the issue of security of banking by telling you what they do to ensure your security in accessing your online bank by mentioning they use account monitoring and passwords before allowing access to prevent phishing. HSBC on the other hand use codes and security numbers to ensure security such as here.

The target audiences of the banks are mainly of middle aged people with a lot of money and homeowners with mortgages to try and draw them into depositing money with their bank. They also deliberately target the business people to gain more money so the banks can invest it.

I think the banks could be improved if there was a way to pay physical money in as you can do everything but that due to your work paying directly into your bank account with online banking. I think that the banks should use a lot more security fail safes to protect their customer’s security and financial assets to try and deter criminals.

Both pictures come from ask.com