What is Internet Banking?

internet banking
internet banking | Source

Internet banking, which may also be known as online banking or e-banking, is one of the many ways of conducting or managing financial transactions on a secure banking website that is operated by credit unions, banks, or virtual banks. Instead of going to banks personally, you go to a secure website that offers features and capabilities that regular banks offer. E-banking offers features like paying bills, fund transferring, investment purchasing or sale, to applying for loans. These are typical features that are also offered by traditional banking. Online banking is transacting with the use of technology present today to make your life easier.

How did internet banking start? Well, it may be odd to say this but internet banking started way back in the ‘80s when people were using their computers with its big monitors to access bank accounts with the use of telephone lines that was then called home banking. Home banking then used videotext, which transfers information usually in pages of text of computer language and then was displayed in a television. Conducting of transactions then was only to viewing bank transfers, statements, and payments. Today, everything you can do within a traditional bank can also be done online.

Some other interesting features of e-banking are; being able to pay your bills whenever you want and wherever you like. This include transferring your money from one bank to another, resetting your password online so as to not wait for any confirmation anymore from the mail, cell phone, or e-mails, so you can easily access your account immediately. Customers can view their posted checks images and print them at the same time, and you can view your checking and savings statements without waiting for the mail anymore.

Internet banking is indeed more convenient with all of its easy to use functions. You don’t have to be troubled anymore since you can access your baking account anywhere at any time. Also, banking fees will depend on the online banking service that you choose since some offer their services for free. So knowing what internet banking service is best will depend on what you research on. It wouldn’t be that hard anyway since internet banking today is becoming more and more popular.

Is e-banking safe? The answer would be in the affirmative if we talk about the security of the online banking service since these services a different and safe kind of internet connection known as secure socket layers. The question of security would fall on the security of your own computer. Most personal computers have holes which hackers can take advantage of. Once they have hacked into your computer, they can use your bank account without the internet banking service being sure if it is you who is conducting transactions. It is recommended that before applying for an internet banking account, at least have the most up-to-date security software for your personal computer or for your laptop. If you want something done, do it yourself. Same goes with how you protect your valuables and belongings.


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