Interbank Market is the term given to the market where all commercial transactions in financial instruments are carried out between banks and other financial institutions. The Internet is also a vast multi-connecting network which connects all computers all around the globe. Through the Internet, individuals are able to share information about their banks and financial institutions, as well as communicate with others about current market prices of financial instruments. To be more specific, people use the Internet to carry out online trading.
One of the advantages of using the Internet for business transactions is that it can save the cost of traveling across various geographical locations. In the traditional business setting, it was necessary for employees to travel from one place to another, making it more costly in terms of fuel consumption. Using the Internet, they can communicate with each other even though they are on different sides of the globe. Using time-sharing systems, one does not have to share the cost for the transportation of data between different computer networks. This saves them a lot of money.
It is very easy to share the required data and information through these systems. One does not need any special software or hardware installed in his computer to access the Internet. All one needs is a high-speed Internet connection and a computer that have data support. Before, sharing data between computers used to be a cumbersome task; but with time-sharing systems, this has become a simple task.
The Internet facilitates instant communication between two or more users. This is possible because all the computers in a LAN belong to one company. These companies establish their own networks, which contain all the information needed by all their clients. The communication within such networks is fast and secured. One can send any type of information through email and chat programs, which are much easier than using the mail system or other traditional means of communication.
The internet also offers the facility of online storage. This makes it possible for people to store all their important data on a computer. They can use it for any purpose that makes sense to them. Moreover, people can also access their stored data from any other location, provided they have internet connection.
Apart from the commercial companies, many educational institutes also use the InterNet for storing students’ research information and work files. This makes it easier for the students to access necessary information at any point of time. Different countries also connect to each other using various modes of the internet. This has helped them to share information among themselves and also developed international businesses.