Online banking refers to the use of internet-based and digital platforms provided by banks or financial institutions that allow customers to conduct various financial transactions and services over the internet. It enables customers to manage their accounts, transfer funds, pay bills, view transaction histories, apply for loans, and perform various other banking activities through a secure website or mobile application.
Key Features of Online Banking Typically Include:
Account Management: Users can view account balances, transaction history, and account statements.
Fund Transfers: Transfer money between accounts, to other individuals or businesses.
Bill Payment: Set up and pay bills online, often on a scheduled or recurring basis.
Mobile Deposits: Some banks allow customers to deposit checks by taking photos with their mobile devices.
Account Services: Apply for new accounts, loans, or credit cards, and manage existing ones.
Alerts and Notifications: Receive updates on account activities and changes.
Online banking provides convenience, accessibility, and flexibility, allowing customers to handle their financial needs remotely, without the need to physically visit a bank branch. It typically employs encryption and other security measures to protect users' information and transactions from unauthorized access, ensuring a secure banking experience.
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