Online banking, also known as internet banking, is an electronic
payment system that enables customers of a bank or other financial institution to perform a range of financial
transactions through the financial
institution's website.It is a element of core banking system. The online
banking system will typically tie 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.
There are many advantages
to internet banking over branch banking.Some of the advantages are
·
Permanent access to
the bank
·
Access anywhere using
mobile or computer
·
Less time consuming
and we need not to go directly to the bank
·
Very safe and secure
method
·
Helps to transfer the
money directly and accurately
·
Easy to use
This
type of banking is very effective in today’s world.By using internet banking ,It
is now possible to buy and sell any product at anywhere in the world. A bank customer can carry out non-transactional
tasks through online banking, including:
·
Viewing account
balances
·
Viewing recent
transactions
·
Downloading bank statements, for example in PDF format
·
Viewing images of
paid cheques
·
Ordering cheque books
·
Download periodic
account statements
·
Downloading
applications for M-banking, E-banking etc.
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