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1. The chief economic characteristics of the online banking industry for those using only Internet banking the leading factors that affect their decision of banking online are security, convenience and rates. With regards to the economic characteristics the main difference with online banking is that the rates tend to be higher for those companies that only offer Internet banking and no branches. Some of the other economic characteristics might be that all the banks are beginning to offer online banking, which makes it easier to conduct different types of transactions such as bill payment; money transfers and keeps track of your accounts individually. The online banking industry is one that is in the stages of development they are still very new and not many people feel safe and secure in using online banking as there are many threats to the transactions such as hackers and identity theft.
2. The online banking industry is rapidly changing as the number of customers that are beginning to use their services is increasing. This is due to convenience and that they are able and manage their bank accounts 24/7 this provides flexibility for those customers who are not able to go to the banks during the daytime. The online banking industry is also changing in a way in which they are offering more secure transactions and are secured and the transactions are guaranteed by the federal government. Also many banks offer protection against identity theft in the form that if you notice that purchases were made and you didn't make these purchases they will refund your money to your account and take it upon themselves to further investigate the matter. This creates a ...