What is Internet banking or Online Banking?

Internet banking is also known as online banking, i-banking, or e-banking is a system that allows users to manage their accounts and perform transactions directly with a bank using the internet. Most banking institutions have some form of e-banking that is available both on mobile applications and desktop versions. To use online banking services, you will require to have a bank account, a computer, and a mobile device or a computer with web connectivity.

Benefits of Internet banking

Online banking enables customers to transfer funds between accounts, download transactions, monitor accounts, and many more. Unlike traditional banking, where you have to visit a bank branch, e-banking allows users to complete most of the basic banking activities online without the need to visit a local bank branch. That means you can manage your online bank account at any time of the day from wherever you are since you will need a good internet connection. The facility of i-banking is usually provided through banks, and a customer has to have an account number with a bank to use online banking.

Online banking transaction facilities provided vary from one institution to the other. The majority of banks and other financial institutions usually offer basic services such as bill payments, money transfers, and view account statements. Also, some banking institutions allow clients to use online banking portals to open new accounts and even apply for credit.

Read more:

How to register for internet banking?
What are the benefits of internet banking?

Leave a Comment