Internet banking is also called mobile banking or online net banking. It is an electronic payment system that allows the customers of a bank or other financial institution to carry out a number of banking transactions. When doing internet banking the banking system available online will automatically connect to the central banking system and are able to access banking systems.
The first and foremost thing that a customer would require to access internet banking will require a computer with a working internet connection. Once that is established he/she has to register with the website of the bank in which his/her account is and that has to be done by a username and password and other credentials for customer verification purposes. The verification procedures are not at all similar to the verification procedure done on the telephone.
The banks provide a unique customer identification number to a customer which he or she can use in order to access the internet banking. The services that can be accessed via internet banking includes, fund transfers to other bank account and other financial institutions, keeping a track of the number of accounts in the bank and obtaining account summaries and transaction details, credit card payments, utility bill payments, opening a fixed deposit account downloading of bank account statements. The ,kind and amount of services that a particular bank allows through internet banking varies from every bank while the above services are quite common for internet banking facilities in almost all banks some banks might additionally let a customer to order a chequebook, change a telephone number or address, stop payment on a cheque and report loss of credit card.
Internet banking has been developed in order for the customer to enjoy the convenience of banking at his/her fingertips instead of having to visit the bank branch and wait for one’s turn in long queues. Nowadays the world has become a busy place and it is not feasible for anyone for that matter to be stand in long queues in banks in order to deposit a cheque for transfer of funds to another account or put a request for an account statement. With the advent of internet banking, all of these meagre works has become simple. Nowadays one can access every detail of one’s bank account in the comfort of one’s own home and all he ’she would require is the internet.
With internet banking a customer has a permanent access to his/her bank account, the transaction costs are less and less worrisome, one can access internet banking from anywhere, the time taken to do a banking procedure is reduced. One doesn’t have to be bothered about the security of these transactions as they are very secure and no personal information or password is divulged anywhere. The transfer of funds from one bank account to another is done safely, accurately and immediately and needless to mention internet banking allows security of the bank account as well.