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What is an online bank statement?

About online banking and its advantage Banking has transformed completely by the introduction of computers in banks during the later part of the past century. Banks become more efficient and centralized thereby offering better service to customers. Multi-city banking became a reality and this in turn attracted more business to banks. Such was the effect of computers on banking. The effect of internet on banking is also enormous. The internet has grown in leaps and bounds.

The increased speeds and bandwidth has increased the power of internet. Online banking has been the latest phenomenon to revolutionize banking. The customer can perform all his transactions within the comforts of his home or nowadays through the all powerful smart phones. There is no need for the customer to go to the bank personally to carry out transactions. Online banking is however plagued by security problems. However these problems are being rectified and once it happens then online banking would be attractive to all.

Online bank statement in your system The bank statement provides all information regarding various transactions made by the customer since the last statement. These statements are usually provided every month by banks. Online banking now enables customers to view their online bank statements and even store it in their system or print it. These online bank statements are sometimes referred as paperless statements or e-statements. However the Canadian banks use high level of security so that the customerís online bank statement is protected.

To view the statement, the browser of the customer has to support 128-bit encryption. Most new browsers support this feature and plug-ins is available to old browsers as well. 128-bit encryption is the highest level of security offered in online transactions. The banks take the utmost care regarding security to ensure identity theft does not take place. The system of the customer should also have the latest operating system or should have installed service packs for the old operating systems. The Canadian banks also provide help features on their sites to help their customers perform online banking with ease.

Online bank statements with financial software There are special softwares that help individuals perform their financial functions. This software gets all the data from the user and help in managing the financial resources. The online bank statements of customers can be downloaded into these softwares. The software support statements in different file formats. The online sites of the banks provide the statements in different formats. The customer can download the statement in the required format for their software and utilize them. The online bank statements are very useful for businessmen who might lose the physical statements.

The customer can view his bank statement online whenever he needs it. Online banking, despite its great advantages has flaws regarding security. The customers must take certain precautions to ensure the online banking is done in a safe manner. The customer must not disclose his account information to any third party websites. There are malicious agents who hack into the online account and misuse it. The advantages of the online banking can be enjoyed by customers once the necessary precautions are taken.

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