Internet banking or banking is also known as online banking. It enables the customers of a financial institution or a bank to conduct a range of financial transactions through the bank’s website. It is an electronic payment system of the bank which is a part of the banking system. It is very different from the traditional branch system of the bank.
Ibanking provides personal and corporate banking services to the customer in the comfort of his home or workplace without having to visit the bank at all. It offers services of obtaining statements, viewing balance, transferring and receiving payments and much more. Ibanking software is designed to provide a secure environment for the customer to use. The customer is assigned a username and password to access the banking services. Most banks have an authentication system that is foolproof.
Internet banking offers low transaction costs, interactive marketing capabilities, integration of services and many others. It also allows the banks to club many other features and offer it to their customers, thereby making the proposition a lucrative one and maintaining bank loyalty as well.
To start an account with the bank online you need to register with the bank and set up a password and other credentials for verification. On verification, a customer can operate the account via the internet. The functions that can be performed online are:
- Account Balances
- Recent transactions
- Downloading bank statements
- Viewing images of paid cheques
- Ordering cheque books
- Download periodic account statements
- Downloading applications for M-banking, E-banking etc.
- Funds transfers between the customer’s linked accounts
- Paying third parties, including bill payments and third party fund transfers
- Investment purchase or sale
- Loan applications and transactions, such as repayments of enrollments
- Credit card applications
- Register utility billers and make bill payments
- Administrative Purposes
- Management of multiple users having varying levels of authority
- Transaction approval process
Internet banking provides virtual banking facilities to customers. You can access your bank account through devices like your smartphone, tab, laptop etc. via the bank’s website or a mobile application.