1. How has online or web-based banking changed how people choose and use financial services?

Question

RawlsK29 · Answer

@Bearclaws72 @Vocaloid

Vocaloid · Answer

Hm. Not a finance person but I will give it my best shot.

- online banking is faster and more convenient, making it easier for an individual to keep track of their finances and making them more personally involved in the process
- the process is greener (less paperwork, people used to have to keep paper receipts/records but now it's digitally stored)
- having information about financial services on the internet makes information more accessible so customers can be better informed about which bank is right for them
- the transition from traditional banking to online banking may open up some privacy/security concerns about data breaches which may turn some people away from online banking

Vocaloid · Answer

@Shadow anything to add/ or correct?

Angle · Answer

Something a little off topic would be strictly online banks such as Ally.com which have no brick and mortar buildings for people to visit. The benefit that these sorts of banks boast is that they are able to get people better deals (no annual fees, lower fees in general, better interest rates) because they don't need to spend the money to build physical buildings. For example, Ally's saving account is free to open and has a 1.6% interest rate. While big banks like TD bank's saving account is only about 0.05% interest rate.