Internet Banking, Online Banking – Definition, Importance, Functions, Features

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Internet Banking, Online Banking Definition

Internet Banking Internet banking popularly known as Online Banking or web banking, is an electronic banking platform, that allows banking customers carry out financial transactions and other various banking products and services over the internet through the designated financial institution channels and website. 

Internet banking allows customers to manage their finances swiftly and also allows customers to carry out vast financial transactions on a real-time basis conveniently at the comfort of their homes. Online banking is carried out on various electronic devices which includes Computers, Tables and smartphones.  

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Online banking offers an unlimited access to financial transactions, with an updated state-of-art technology. It is fast and contains various range of banking services which includes bills payment, transfers, statement requests, complaint logs and other services.  

Internet Banking, Online Banking – Benefits, Importance, Functions

1. It offers easy access to carry seamless banking transactions from anywhere in the world. 

2. It offers secure access to financial transactions.

3. It saves time compared to traditional banking services.

4. Vast range of financial services and product.

5. Easy way to make online and bill payments.

6. It offers real-time online transaction monitoring. 

7. It provides an effective and cheap way for customers to make communication with banks. 

8.Customer can apply for Loans, Investments and security.

9.Provides lower transaction processing fees. 

10.It provides customers with privacy and security while carrying out banking transactions.

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