What is the Most Popular Online Banking SystemOnline banking is by far the most popular way in which people manage their personal finances these days. It used to be that people would actually visit a bank branch in order to transfer funds, make deposits or withdrawal money from their bank account, but online banking makes it easy to perform all of those tasks from the comfort of home. The ubiquitous locations of Automated Teller Machines (ATM) also make visiting a physical bank branch not as necessary as it has been in the past. Needless to say, online banking is a booming and there are a host of options available to everyone who has a bank. Online banking choices are entirely dependant on personal preferences for the most part. But, many banks use the same types of banking systems because of their dependability and familiarity with those systems. The following are some of the most popular online banking systems used by banks all across the country, and across the globe:

Bank Use Statistics

According to a 2011 survey done by the American Banking Association, online banking is more popular then ever amongst every age group. The following are the statistics for how people use their banking options:

  • 62% of people use online banking as their primary banking method
  • 20% prefer to visit the bank branches to perform banking transactions
  • 8% use the ATM as their primary banking option
  • 3% use the telephone to perform banking functions
  • 1% use mobile technology (although those stats have risen since)

Most Popular Online Systems

There is no industry standard as far as the actual online banking system, but many of the bigger banks prefer to use the same types of systems due to familiarity to customers and the ease of use. Yet, other banks prefer to have their own customized online banking system which is more geared to customer satisfaction and unique features. The customized systems tend to be used by credit unions and other smaller banking institutions.

The Pin TAN System: This system is used more for password security and is, more or less, considered a online banking industry standard because of its high-level of security and dependability. This systems depends on having online bankers use their PIN numbers as their online banking password. The TAN section of the security site is a one-time password that changes each time a bank user logs in, so the security measures are pretty strong since they are never the same combination of passwords.

The SMS TAN System: The SMS TAN System works in much the same way as the Pin TAN system, except it is specifically designed for use on mobile phones (specifically for smart phones.)

Jimmy J. is a freelance writer for a number of personal finance web sites, real estate blogs, credit advice publications, community newspapers and regional magazines. He spends most of his time answering questions posed to him by his readers. Many of the questions he fields are in regards to which credit cards are the best. In the end, Visa, Mastercard, and American express are all options, and it all depends on personal preference and financial history.