Very simply, online banking refers to the performance of banking activities (deposits, withdrawals, transfers, loans and saving management) via the internet.
Generally, the better the online bank, the more branch-level services the bank is able to offer via the internet. |
Online banking through traditional banks enable customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests. Account information can be accessed anytime, day or night, and can be done from anywhere.
A number of online banks allow for file transfer between their application and accounting software packages, to facilitate their banking client's record keeping.
Online backing is also known as web, internet or e- banking.