Differences between Virtual Banking and Traditional Banking
Introduction
Virtual banking is doing all our reconciliation of our accounts through online or by the internet. Traditional banking means that going physically towards bank when we have the banking requirement, such as the deposit. There we get the paper printout of our accounts on monthly basis which we are use for checking our out flow of the funds against for making sure that bank has not made the mistake. However with the virtual banking we call up our accounts anytime we want from the home. Therefore we may watch our bank activity all the days when you want to. We may know on daily basis what has been happening. What the checks have been cleared & if or not all is quite well. We can also save the paper & it saves the trees.
Variations in the Technological Knowledge
History of the automation of the banking records shifts in Information Technology-infrastructure from the mainframe, to the Personal Computers, to the client or server, before emergence of an Internet. In past, networking of the branches has been largely dependent on wide area network architecture. The Traditional banking systems, have conducted with uses of the information technologies centring on the electronic data interchange over the value-added networks which have been established through the vendors for delivering the services over & above these of the common carriers which have been licensed through the governments for providing the financial services to general public. In comparison with Internet, Value Added Networks gives the high security characteristics & quarantined bandwidths.
The important aspect of the banking systems has been a mechanism to conduct the secure transactions. Traditional banking needs a lot of interaction with the physical facilities, processes & the payments. In this regard, the customers & the banks generally require of establishing the physical presence in the...