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Who are the online players? Click the image below to find out.

Names like Bank of America, Citicorp, and Wachovia immediately come to mind when one thinks about American banks. In order for these banks to remain at the forefront of the industry, they must keep up with emerging market trends. Commerce is a driving force of the Internet, so it is no surprise that banks have responded to the upsurge in online usage by offering their services online. Practical limitations such as the need for a physical place to deposit and withdraw cash and have kept pure online banks from entering the industry. Furthermore, there is a psychological aspect to having physical banking centers that provide customers with the peace of mind that their money is being kept in a safe place. Nevertheless, as an increasing amount of commercial transactions are made online, a new online currency seems imminent. Will paper money and the need for physical banking centers be eliminated?

Bill pay is one of the more recent innovations that banks have introduced to their online customers. It is a service that allows consumers to pay their bills online through the bank’s website instead of mailing a check directly to the billing company. Every bill cannot be paid using this service. Merchants must set up an account with the bank in order for the bank’s customers to use Bill Pay. This is yet another service that banks have implemented in order to keep up with the ever-growing pace of online commerce.