Online Banking
Online banking also known as internet banking or e-banking which refers to the process of conducting banking transactions & accessing banking services over the internet. It allows customers to perform various financial activities remotely without having to visit a physical bank branch. Online banking has become increasingly popular and convenient due to advancements in technology and the widespread use of the internet.
Here are some common features and services provided by online banking platforms:
Account Management: Customers can view their account balances, transaction history, and statements online. They can also manage multiple accounts, such as checking, savings, and credit card accounts, in one place.
Fund Transfers:- Online banking allows customers to transfer funds between their own accounts or to accounts held by other individuals or businesses. This feature enables convenient and quick money transfers without the need for paper checks or visiting a bank branch.
Bill Payments: Customers can pay their bills online through the banking platform. This feature eliminates the need for writing and mailing physical checks, as well as the hassle of visiting various bill payment centers.
Online Statements: Instead of receiving paper statements through the mail, customers can access their bank statements electronically. This feature allows for easy storage and retrieval of past statements and helps reduce paper waste.
Mobile Banking: Many banks offer mobile apps that allow customers to perform banking activities using their smartphones or tablets. Mobile banking offers similar features as online banking but with the added convenience of accessing services on the go.
Deposit Services: Some online banking platforms provide options for remote check depositing. Customers can use their mobile devices to capture images of their checks & deposit them electronically, eliminating the need to visit a physical branch.
Alerts and Notifications: Online banking platforms often offer customizable alerts and notifications to keep customers informed about important account activities, such as low balances, large transactions, or due dates for bills.It’s important to note that online banking platforms prioritize security to protect customer information and transactions. Banks employ various security measures, such as encryption, two-factor authentication & monitoring systems, to ensure the safety of online banking activities.
To access online banking services – customers typically need to register for an online banking account with their bank. This involves providing personal information and creating login credentials, such as usernames and passwords. Once registered – customers can log in to the online banking portal or mobile app using their credentials to access the available banking services.
