Example of Online Banking. Online banking/Internet banking allows customers to conduct financial transactions on a secure website operated by their retail bank, virtual bank, credit union or building society.
Online banking is a system that allowed individuals to perform banking activities at home or office via internetOnline banking is another important facility or product of E- banking. The commercial banks provide following facilities through on line banking.
10 Example of Online Banking
- Depositing the Money:
In on line banking the customer can deposit money in his account at any place or city provided that the branch in which he is depositing the money has on line banking facility.
- Withdrawal from Bank:
In on line banking, the accountholder of bank’s one branch can withdraw money by presenting cheque to another branch. The branch of bank where a cheque is presented for payment certifies the balance and specimen signature of the accountholder through fax machine or Internet and then makes the payment of cheque.
- Transfer or Payment of Money:
In on line banking, an accountholder can transfer money from his bank account to another account without using a cheque. Thus, an amount can also be transferred from one account to another to settle the transaction or for payment.
Here’s an example of how online banking might work for a user: Example of Online Banking
- The user logs in to their bank’s website or mobile app using their username and password.
- Once logged in, the user can view their account balances, transaction history, and other account details.
- The user can transfer funds between accounts, pay bills, and make other transactions, all from within the online banking platform.
- The user can set up alerts and notifications to stay informed about their account activity, such as when a deposit is made or a bill is paid.
- The user can also access other services, such as ordering checks, applying for loans, or opening new accounts.
- Online banking may also offer additional security features, such as two-factor authentication, to help protect the user’s account from unauthorized access.
Overall, online banking provides a convenient and secure way for users to manage their finances and complete transactions from anywhere with an internet connection.
