Web 2.0-Making us lazier or smarter?

The term Web 2.0 can be defined as the revolution of the Internet and web applications. The term Web 2.0 was first coined by Tim O'Reilly . The web has evolved into a platform offering services related to almost every aspect of daily activities and any hobby/interest you can imagine.



Web 2.0 is the extension of applications and web services that were popular in the early years of the Internet. The success of the Web 2.0 revolution is contributed not only to the tools that are constantly being created, but the manner and frequency in which people use them.

Web 2.0 services aim to increase accessibility and save people time by enabling users to complete tasks and activities at their convenience. People often turn to the web to read news headlines, check the weather, read their e-mail or even catch up on an episode of their favorite television show that they missed the night before. The web has transitioned to allow collaboration, user-participation and increased social interaction. Web 2.0 not only refers to the delivering of services to the needs of the users, but also the development of design patterns and techniques that make these services easier to use. Although you can join social or professional networking sites such theFacebook or LinkedIn, the Internet does not provide the means for parents to tuck in their children at night or allow one to brush their teeth. Therefore, the rise of Web 2.0 has provided a convenience for many individuals, but it is not the answer to everything.

One web service that is a result of the Web 2.0 revolution and has become increasingly popular is the introduction of online banking. It is a convenient online service offered by many financial institutions that have physical branches, but there are also banks that entirely exist online.
Online banking allows users to access their account information at any time. Previously, people only had the option of waiting in long lines to interact with tellers and perform financial transactions at their local branch. Accessibility was a major issue because bank hours are very restrictive and there are often long waiting hours on the telephone. Some banks, such as Bank of America, are now offering Mobile Banking in addition to online banking and physical branches, allowing users to keep track of account activity and perform tasks, on-the-go; no longer requiring the user to be in front of a computer. Either way is still better than waiting in a line on a Friday at a local bank.

With the increase of web technologies, the interfaces for online banking have improved, but some are much more interactive than others. I personally prefer Bank of America's site because it includes the use of graphics that are aesthetically pleasing and the content is organized which increases the usability of the site.
The addition of online bill paying has been a breakthrough for those who have many bills to pay each month and have trouble keeping track of their individual deadlines. This is also a way to ensure that companies are receiving your payments in a timely fashion, rather than the risk the chance of them getting lost in the mail. Through online banking, you can view statements, transfer funds to other accounts or people you want to give money to, and also keep track of pending transactions so your account does not get overdrawn.

There is always the question of security when doing anything online, especially financial transactions. Many banks have implemented the use of SiteKeys and security questions and answers to prevent identity theft and help users to protect themselves from fraudulent websites with similar web addresses. One of the other disadvantage of heavily relying on online banking is technical difficulties. This may present a slight inconvenience to those who have physical branches, but may very troublesome for those who belong to a financial institution that is solely online.

Online banking will not replace physical branches because there is no way the money you want to deposit will automatically appear in your account, if the cash is in your hand. There are many people, my mother for example, who do not feel comfortable putting personal information online and will never use the service of online banking. It is very convenient and significantly decreases the paper trail while you are managing your finances.