Sangcal, Lorevy Ann B.

BSBA FM 3-3

SUMMATIVE REPORT
Traditional and Electronic Banking

The difference between Internet Banking and Traditional Banking is that Internet Banking allows
you to send money to anybody, anywhere in the world, using only your phone or a computer with an
internet connection. Traditional banking is focused with physically moving money from banks.

Traditional banking is a financial institution dedicated to the management of money that its
clients deposit in the bank's custody, while the bank, on the other hand, uses that money to provide loans
to people or businesses (charging them interest).

Traditional banking is resistant to cyber-threats. Many incidents involving e-banking have recently
surfaced. Traditional banking is now more secure than e-banking, which is an attractive target for
hackers. Although utilizing a traditional bank may appear old-fashioned or too conventional, there are
certain advantages to banking with a financial organization with physical locations.

Customers may save time and have complete control over their financial activities and obligations by
using internet banking. The services of online banking are the most important driver of financial
institution selection for internet banking customers.

For educated and busy people who don't have much time to go to banks for their financial needs, internet
banking is the most outstanding technology. Customers can utilize Internet banking to complete their
financial transactions on a daily basis.

Downsides of Online Banks

Deposits may be a difficult thing to deal with.

Adding money to your account without a physical place might be difficult. You may be able to mail
deposits, make wire transfers, or make eDeposits, depending on the bank you pick. An eDeposit is when
you take a picture of a check and use a smartphone app to upload it to your account. Although it appears
to be straightforward, internet banking may not be the ideal option if you want to deposit your check with
a real person.

Technological Challenge

Online banks build their websites to make navigating as simple as possible for their clients, but if you're
not used to virtual banking, it may take some time to acclimate. You may find yourself back at square one
the next time you log in if your bank decides to improve their site or alter the format.

Online banking has some distinct advantages over traditional banking, but it all boils down to your level
of familiarity with the process. If you're comfortable using a computer and won't miss being able to visit
your local branch, it's time to make the transition.
 REACTION PAPER

In recent years, technology has become a much greater part of our lives, and tasks like managing
your funds have naturally moved online, making it faster and easier than ever to conduct your banking on
your computer. I opted to study more about Nationwide Bank and their "Easy Internet Banking" for this
project.

For your convenience, Banking Online provides a variety of alternatives. You may access your
accounts online and check what invoices are due in the near future. You may also use your online banking
account to transfer funds to another Nationwide Banking Account or to an external source. The majority
of transfers take as little as one day, and there is no charge for ordinary transfers. Another service
provided by the site is bill payment, which is made simple through online navigation. It allows you to
plan and pay bills, as well as create a new biller with just an account number and make payments the next
day.

Personal payment services from Nationwide, such as Gcash and Paymaya, let you to send and
receive money from anybody with a phone number. It also allows you to donate money to charity. Their
personal money management tool is one of their most beneficial services. Credit cards, investment
accounts, employee programs, mortgages, and insurance are all included in the financial dashboard. You
may also keep track of your savings, expenditures, and budget.