In the recent times of troubling economic environment, the entire financial industry seems gloomy. Banks have acquired criticisms that they have stopped providing loans, though they took millions of financial aid from the government. This kind of environment has definitely the potential to build a fissure between the banks and the customers. This can put the entire banking sector at stake.
However, the Internet seems to build a bridge between the banks and their customers. Though the regular baking has declined, online banking seems to have surged. Online banking has reported a strong growth in the past few years at the top 10 banks, including Wachovia Corp., Bank of America Corp., and Wells Fargo and Co.
Online banking increased by 4.8 percent in the third quarter of 2008. It was just 1.8 percent during the first quarter, same year.
However, even the mighty online banking has some flaws with it. As we know, the security breaches have surged significantly in the past year; it poses a serious threat for the customers of online banking.