Benefits of Online Banking – What is Online Banking

Benefits of Online Banking - What is Online Banking

Online banking allows a user to make financial transactions through the Internet. Online banking is also known as internet banking or web banking. Online banking offers customers almost every service available at a bank branch. Like deposit, money transfer, online bill payment etc. Almost every banking institution offers online banking through desktop and mobile apps. Due to online banking, the customer does not have to visit the bank branch to complete most of his basic banking transactions. know Benefits of Online Banking.

Online banking requires the customer to have a device, internet connection and be registered for online banking. After registration, customer can start online banking by setting username and password. With Online Banking, customers can do their basic banking transactions at their convenience whenever they want, sitting at home or at work or from anywhere.

The number of banking transactions that customers can do under online banking varies with different banking institutions. Common services available under online banking include bill payments, money transfers, opening savings accounts, applying for credit or debit cards, changing passwords, etc.

Benefits of Online Banking

Customers can do banking transactions anytime from anywhere as per their convenience. Online banking is fast and efficient. Funds transfer from one account to another is almost instant, especially when both the accounts are with the same bank. Customers can play accounts like Savings Account, FD, RD online. Customers can regularly monitor their accounts through online banking, which helps in early detection of frauds.

Disadvantages of Online Banking

First-time internet or computer users may find it difficult to access online banking. Those who do not know how to operate a smartphone or computer, cannot use online banking. It is difficult to do online banking in places where internet is not available or internet is not working properly. Security is still a concern in the case of online banking. Despite the continuous improvement, the risk or online fraud in online banking remains.

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