Online Banking : The Next Stage in Banking .......

 

Online banking  also known as Internet banking, web banking or home banking  is an Electronic payment system that enables the customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the Core banking system operated by a bank to provide customers an access to banking services in place of traditional branch banking. Online banking significantly reduces the banks' operating cost by reducing reliance on a Branch network, and offers greater convenience to the customers at a certain time and  the convenience of being able to perform banking transactions even when branches are closed. Internet banking provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money to any accounts, and making payments.


                                   What is Banking and how its work?

Some banks operate as a "Direct bank" (or “virtual bank”), where they operate entirely via internet banking while some banks operate exclusively online, with no physical branch. These banks handle customer service by phone, email, or online chat. Online banking is frequently performed on mobile devices, laptops and computers also just because of  the availability of  Wi-Fi networks.

To access a bank and online banking facility, a customer with internet access will need to register with the bank for the service, and set up a password and other credentials for the customer verification. The credentials for online banking is normally not the same as for the  mobile banking. Financial institutions now routinely allocate customers numbers, as customers have indicated an intention to access their online banking facility or not. The customer visits the financial institution's secure website, and uses the online banking facility by following the proper guidelines and verifying it.


                                                Types of Bank Accounts


There are many benefits and features of an Online banking in today’s scenario, as our work is mostly completed through online banking whether it is bill payment, school fee, grocery or anything. We cannot think without Online banking. Some of the features of Online banking include :

·         A bank customer can perform non-transactional tasks through online banking, including:

o    Viewing account balances

o    Viewing recent transactions

o    Downloading Bank statement

o    Viewing paid cheques

o    Ordering cheque books.

o    Downloading applications for M-banking, E-banking etc.

·         Bank customers can transact banking tasks through online banking, including:

o     Fund transfers between the customer's linked accounts

o    Paying third parties  including the bill payments  and  third party fund transfers 

o    Loan applications and transactions

o    Credit card applications

o    Register utility billers and make bill payments


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