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Perhaps the most powerful tool of the twenty-first century is the internet. And what makes it all the more relevant is its penetration across the depth and width of society. Willingly or otherwise, people all over the world have embraced the technology with minor reservations. Owing to these very apprehensions regarding security and reliability, e-banking has been sluggish in its influence. But with more information and personal details going online, website designers and application developers have succeeded in overcoming this hurdle of security and privacy. Facebook revolution is for there for everyone to see. People can safely upload their personal data without fear of being attacked with malicious motives.
The banking sector could benefit from using this technology too. Instead of maintaining physical accounts and using conventional items of barter to carry out trade and other exchanges, people could simply carry out transactions online. These electronic accounts would still require human intervention to maintain and update them. But the exercise would considerably reduce the overheads involved. Simplifying the whole experience of monetary dealings, the move would also prove to be environment friendly. Current practice consuming paper to print money, and felling trees in the process, would be eliminated. Security concerns of customers regarding the safety of their assets would also be eliminated.
Chiefly, it will assimilate the banking process with the rest of our lives. Internationally, most experiences have been transferred on to the world of internet housed in various electronic gadgets. The benefits range from portability to easy access. Moreover, data thus transferred online would increase transparency across nations thereby jeopardising corrupt practices like smuggling and tax evasion. This is especially crucial in the current times of economic downturn. Those with excess wealth, accumulated illegally, need to be clamped down upon. This will ease the pressure on the rest of the society.

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