by: Michael Griffin
The internet has completely changed the way that we bank in the modern age. No longer is it necessary to make trips to the bank and speak to a teller or receive paper statements in the mail - those services are becoming a thing of the past. Almost every standard banking transaction can be handled online through new technologies. Banks now offer online access to your account, email statements, web transfers, and more, all to make it easier for customers to bank 24 hours a day.
Prepaid credit cards (https://www.netspend.com/) have followed in this same path, but eliminate having to use a traditional bank account. Users can purchase a card online and reload it any time they choose. They can even have their paycheck directly deposited, just as they would with a bank. Through the card provider’s website, the user can view account activity and monitor spending. Additionally, they can transfer money from other accounts, even PayPal. Essentially, it works just as a standard debit or credit card would, but without the need for a bank account.
Another sign of the transition away from traditional banking is the use of cell phones in transactions. Most banks and prepaid credit card providers now have mobile phone friendly web pages that offer essentially the same features as the full website. Some banks, as well as prepaid credit card (https://www.netspend.com/) companies, offer a texting feature. With this, the user sends a text message to request their balance and will be sent a response with that information.
The biggest theme visible in this movement to online banking is that consumers want convenience. The internet plays such a major role in society now that people expect these kinds of services to be available. People are now able to choose the banking option that best suits their lifestyle, and have all the online conveniences.
Prepaid credit cards (https://www.netspend.com/) have followed in this same path, but eliminate having to use a traditional bank account. Users can purchase a card online and reload it any time they choose. They can even have their paycheck directly deposited, just as they would with a bank. Through the card provider’s website, the user can view account activity and monitor spending. Additionally, they can transfer money from other accounts, even PayPal. Essentially, it works just as a standard debit or credit card would, but without the need for a bank account.
Another sign of the transition away from traditional banking is the use of cell phones in transactions. Most banks and prepaid credit card providers now have mobile phone friendly web pages that offer essentially the same features as the full website. Some banks, as well as prepaid credit card (https://www.netspend.com/) companies, offer a texting feature. With this, the user sends a text message to request their balance and will be sent a response with that information.
The biggest theme visible in this movement to online banking is that consumers want convenience. The internet plays such a major role in society now that people expect these kinds of services to be available. People are now able to choose the banking option that best suits their lifestyle, and have all the online conveniences.
About The Author Michael is currently a 4th year accounting student at the University of Texas at Austin. He is particularly interested in business finance and debt. Additionally, he is writing his thesis on prepaid cards, such as prepaid credit cards, distinguishing how young people learn the importance of handling their money only by hands on experience. |
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