Online Banking

Advantages:
It is faster and more efficient that leaving your home to go to a bank, when you can do everything you need to at the computer
You can keep track of you account and other banking details online whenever you like, rather than waiting for invoices in the mail.

Disadvantages:
You have limited help, and may need someone to help you more if you do not understand something
Your bank details can be hacked into online, so it may not necessarily be safe.


What is the purpose of online banking?
The main purpose of online banking is to make the process of checking bank accounts and making transactions faster and easier than physically visiting a bank to do this.

What audience is online banking aimed at?
I believe the main audience for online banking are middle aged people. This is because I do not think many older people would use this, as the technology could possibly be quite difficult for them to grasp. Also younger generations may not use this as they may not yet have enough money for a bank account to be necessary or serious. Generally, middle aged people have an income, which would be transferred to an account on a schedule and then used for many of life’s necessities. So they would need to keep a track of how much money they have and how much is available for them to spend, usually for the benefit of their families.

Lloyds TSB
I visited Lloyds TSB’s online banking website. I found that it was quite good as you could easily sign into your account and it was clear to understand and navigate through. It is also possible for you to sign into an account for your actual business, to check up on the success of your business finances.

Improvements
In the future there are several ways in which online banking could be improved. Firstly I think there should be even more security measures than there are already, as many people do not use online banking due to the fact that their personal details can be hacked into and possibly stolen. Codes from the bank and personal banking key rings are currently being issued to prevent phishing scams, which is a start in improving the quality of online banking. I think there should be a more efficient way of getting help with your problems when using online banking, as at the moment it is not very instant.