Choice and convenience are often the main draws for Internet shopping. And convenience is a major benefit of Internet banking. And balancing an account is certainly a lot simpler when you can access the bank's records daily rather than waiting for the monthly statement. An important distinction that sets Web consumers apart from their offline counterparts is that they have access to better and more complete information about products and services they want. It's much easier for a consumer to compare the rates and services of different banks at home and in one sitting that it is to call or visit each institution.
Discounts are another reasons consumers opt to shop via the Web.
Although Internet commerce and competition is still underdeveloped, some Internet retailers do offer lower prices. Not all business do this, such as retailers who don't want to take sales from their store-based business. According to the Department of Commerce report, however, if retailing continues to grow on the Internet, competition and the favorable economics of the Internet are likely to translate into lower prices for the average consumer. Consumers have greater opportunity to pick and choose through the Internet, whether they are ordering a customized computer system or joining a new bank. Just as consumers can compare rates at different financial institutions, so they can seek out the institution that provides the exact combination of services they need.