Netchap internet directory home » Business Directory » Banking » Online Banking

Online Banking

By online banking we mean to activate transaction of banking through the help of internet. As internet becomes an indispensable part of our life, it becomes easier ans comfortable to perform al the banking works through internet in the relaxing comfort of home. All the banks are now opting for the online banking as it helps to reach out to a wide range of customers throughout the world. Here we will be discussing about the online banking and its related issues.

Online banking is also known as e-banking as the transactions are done through the help of electronic devices. The features of online banking that you can enjoy includes the following:

Transactions such as financial deal such as account to account transfer, paying of bill, wire transfer, applications and other facilities that includes opening of a new loan, new account and more.
Electronic bill presentment and payment
Transfer of funds between a customer's savings accounts to another customer's account
Investment purchase or sale
Loan applications and transactions

Non-transactional which includes online statements, check links, co-browsing and chat
Bank online statements
Financial Institution Administration which allows the financial institution to manage the online experience of their end users
ASP/Hosting Administration

Apart from these, there are some features and characteristics of online banking that are unique as you will not get to enjoy these in direct banking transactions. These features are given below:

Support of multiple users along with varying levels of authority
Transaction approval process
Wire transfer
Personal financial management support

As more and more people opt for online banking, the concept of e-banking is spreading far and wide enabling the banks to acquire more and more customers. Like all developments, e banking also has its share of advantages as well as disadvantages. Scroll down to know about the advantages and disadvantages of online banking:

Advantages of online banking:

Convenience: The service of online banking is available at any hour of the day. Online banking sites are never close; hence you can opt for transactions at any time with just a click of the mouse.

Ubiquity: You can log on to online banking from any part of the world. Online banking operates for 24X7.

Transaction speed: You can have your banking transaction done quickly and easily through online banking

Efficiency: You will get to manage all your banking transactions and accounts from the online sites as these sites are safe.

Effectiveness: Any modern tools are provided at the online banking sites such as account aggregation, stock quotes, rate alerts and portfolio managing programs that will help you manage your assets better.

Disadvantages of online banking:

Start may take some time: To perform online banking, you have to register yourself as the registered user. Provide with a valid user name and password which takes up time.

Learning curve: If you are visiting a banking online site for the first time, it can be quite confusing to navigate.

Bank site changes: As banks update their online sites periodically, you may face new tools and features. In some cases, you need to enter the information more than once.

The trust thing: Many people donot trust online banking to be safe and secure.

Advantages of Online Banking

Banks in Europe

Banks in North America