What is online banking

Online banking enables users to carry out a number of financial transactions that would usually take place physically within a local branch. Thanks to advances in internet safety measures, the use of online banking has exploded in recent years, as more and more people trust the internet to carry out their financial transactions. As online banking has boomed in popularity, mobile banking has also become increasingly appealing to customers, as technology advances.

Features of online banking

The vast accessibility of online banking has made it increasingly appealing to customers from all over the world. Online banking can be carried out 24 hours a day and from any computer or laptop that has internet connection. In most cases, it is extremely straightforward to use and simply requires that the customer inputs their personal information, such as a user name and password, into the area provided.

Online banking safety measures have improved significantly over the years, as fears of hacking and identity theft become more commonplace. Today, most banks require that their customers complete a number of password authentication stages before reaching their account, and these measures are generally very effective in managing security concerns.

Online banking also features a range of transactional and non-transactional services to customers. These range from viewing personal transactions and account balances, to transferring funds. With online banking, payments for goods can also be made and bills can also be paid.

Online banking is becoming more appealing as an alternative to traditional banking because it enables users to carry out the above services, and more, from the comfort of home. Users do not need to visit their branch, thus avoiding long queues and wasting time.

As the appeal of online banking increases, many companies are setting up fully functional online banks without a physical branch. These offer competitive interest rates, lower fees and higher yields, as they are not required to pay operational and overhead costs, such as maintenance fees and tellers’ salaries.