The new technology has brought rapid changes in the banking industry and financial services. Online banking and electronic payment systems are the new development and diffusion of technology by financial institutions and are expected to result in a more efficient banking system. In addition to the trend of online banks, they have proven to last longer in the banking system.

Technology has changed the banking industry because it now offers alternative and better channels through which products and services can be provided to customers. Some examples of the changes in the banking industry are the online banking and access to ATM machine.

Online banking is a form of banking that can be done through the use of Internet and can be done at home, work, or wherever there is access to the Network. It allows customers to perform all routine transactions, such as bill payments, electronic transfer, balance inquires, account transfers, investments, and stop payment request. It basically allows the customers to carry out all the transactions just as in a normal bank except withdrawing of cash. This can be done at anytime during the day, and it is less time

For the ATM the benefits are little different than that of online banking. ATM is

consuming when compared to waiting in the actual bank building where customers have to wait in long lines. There is hardly any paper work to be done; the customers can carry out transactions from anyplace that has access to the Internet. Once the information has been saved, it doesn't need to be re-entered for similar subsequent checks. Take for example, Virtual Bank, founded in February of 2000, is an entirely online experience, from opening to closing of your account. If you haven't been to this company's website, you're in for some fun, not only is every little detail about the company on it, but its even easier to navigate through then the Bank of America web page. This site offers all the extras one would need from a bank, it is even FDIC insured though it does have one major draw back; no investment services are available as of yet. This is probably due to the small size of the company, with assets reaching under half a million dollars it is certainly not a prime competitor of Bank of America, but this is the reason I chose this bank to compare with (FDIC). Customers can even schedule future payments to occur automatically. Another good thing about online banking is that it saves customers enough time from writing checks or mailing checks using the access they have to the Internet. For the bill payments online, it helps customers in not having them worry about missing payments or paying late fess because they misplaced or forgot to pay a bill. Customers can schedule automatic bill payments when they go on vacation and not worry about returning home before their utility bills are due. Also customers

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