Online Banking Presented by: Presented by: Jason Letkemann Jason Letkemann Matt Woo Matt Woo Ronnie Morin Ronnie Morin
Today’s discussion points 1. Introduction to online banking 2. Advantages/Disadvantages 3. What one should be aware of as a consumer 4. Measures one should take 5. Conclusions 6. Questions
Introduction Dramatic increase in recent years 8% (1999) to 30.8% (2003) of Canadian households Online banking continues to grow Online banking continues to grow
Advantages The are five primary advantages to online banking: 1. Convenience 2. Ubiquity 3. Transaction speed 4. Efficiency 5. Effectiveness
Disadvantages There are four main disadvantages to online banking: 1. Lengthy set-up time 2. A steep learning curve 3. Bank site changes 4. Trust
What one should be aware of as a consumer Make sure the bank is legitimate History of the institution Be careful of fraudulent websites Make sure that the bank insures deposits Security measures taken by the bank
Measures one should take User name/password Logging off Public access Security Software programs Review statements
Conclusion Online banking has revolutionized the way many people do their personal business Safe practices/procedures Bank responsibilities
Questions ?