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Online Banking is a new concept in the banking world. Internet Banking is a service that allows a user to perform banking activities at home through a secure website on his/her personal computer. Online banking allows customers to conduct financial transactions on a secure website through internet.
Features and functions of Online Banking
We can broadly categorized common features provided by the online banking in below -
* Transactional (e.g., performing a financial transaction such as an account to account transfer, paying a bill, wire transfer... and applications... apply for a loan, new account, etc.)
* Electronic bill presentment and payment - EBPP
* Funds transfer between a customer's own checking and savings accounts, or to another customer's account
* Investment purchase or sale
* Loan applications and transactions, such as repayments
* Non-transactional (e.g., online statements, check links, cobrowsing, chat)
* Bank statements
* Financial Institution Administration -
* Support of multiple users having varying levels of authority
* Transaction approval process
* Wire transfer
* Personal financial management support, such as importing data into personal accounting software.
History of Online Banking
The term online became popular in the late '80s and referred to the use of a terminal, keyboard and monitor to access the banking system using a phone line. Online services started in New York in 1981 when four of the city’s major banks offered home banking services using the videotex system.
Security issue in Online Banking
Protection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Basically there exist two different security methods for online banking. Online Banking - Bank at your door step
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