Internet Banking: The New-age Banking Process

By Author: Vijay K Shetty
Total Articles: 2541
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Internet Banking allows its consumers to carry out financial transactions via a secure website maintained and operated by the bank. It has many features which are broadly divided into two categories which are – financial transactions and non-financial transactions.

Financial transactions are done by the customer using internet banking facilities. Some of the services are:
Fund transfer for paying a bill, or EMI, or some dues
Fund transfer from one account to another of the same user.
Purchasing a commodity or service and making payment for the transaction
Loan applications and transactions
Payment to third parties
making e-transactions using third party payments and wire-transfer process

Non-financial transactions include:
Checking account statement
Downloading account statement
Ordering for new cheque book
Providing information about address change, request for new PIN, telephone identification number, etc.

Internet banking has many advantages – Through this, the bank provides its customers a hassle-free banking experience and is beneficial ...
... for both consumers and banking authorities. The major benefits of internet banking are mentioned here.

Internet banking is simple. Through internet banking, you can access your bank account right from the comfort of your home.

Internet banking can be done at any time from any corner of the world with the help of a computer connected to the internet. Therefore it is considered a hassle-free transaction and does not require a visit to the local branch. Through internet banking, it is also possible to pay bills. This saves a lot of time and paper work.

With internet banking, monitoring the bank account and the related payment details is easier. This promptness and seamless banking is soon becoming the most preferred way to bank for masses at large.

To help prevent cyber crime, banks are known to protect their internet banking services with the best tracking and software security services available. This helps in carrying out transactions over the internet in a safe and secure environment.

However, it is always better to do Internet Banking in a secured environment and avoid doing it from a public place. Changing your internet banking password regularly is a healthy internet banking practice. Another safe practice for internet banking is avoiding the use of public computers for banking transactions over the internet. This will keep your transactions secure and for-your-eyes-only.

Vijay K Shetty,
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