Online Banking Definition
The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.
Online banking definition. Online banking lets you manage your bank account using a computer tablet or mobile device. Online banking also known as internet banking describes online systems that provide users access to their personal bank account information and functions including but not limited to account. For example it may include paying bills transferring money or checking one s balance online.
Online banking also known as internet banking e banking or virtual banking refers to carrying out banking operations on the internet. It also refers to setting up regular payments online. Online banking allows a user to conduct financial transactions via the internet.
Online banking typically is comprised of a secure connection to banking information through the depositor s home computer or another device. Online banking refers to banking services where depositors can manage more aspects of their accounts over the internet rather than visiting a branch or using the telephone. Online banking through traditional banks enable customers to perform all routine transactions such as account transfers balance inquiries bill payments and stop payment requests and some even offer online loan and credit card applications.
Online in this context means on the internet. It eliminates visits to a bank branch and lets you initiate transactions when it s convenient for you. Some online banks are traditional banks which also offer online banking while others are online only and have no physical presence.
Online banking also known as internet banking or web banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution s website. Some banks operate as a direct bank. Online banking offers customers almost every.