A whole new concept of online banking has arrived- the performance of banking activities via the Internet. Banks use a variety of names for online banking services, such as PC banking, home banking, electronic banking, internet banking or web banking. Regardless of the name, these systems offer certain advantages over traditional banking methods.
- Consumers can use their computers and a telephone modem to dial in from home or any site where they have access to a computer.
- The services are available seven days a week, 24 hours a day
- Transactions are executed and confirmed quickly, although not instantaneously. Processing time is comparable to that of an ATM transaction.
- And the range of transactions available is fairly broad. Customers can do everything from simply checking on an account balance to applying for a mortgage. Services vary from bank to bank.
- Online banking through traditional banks enable customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer online loan and credit card applications.