Internet Banking

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Internet Banking

“Internet banking” refers to systems that enable bank customers to access accounts and general information and other financial transaction on bank products and services through a personal computer (PC) or other internet connected device over the internet.

Internet banking products and services are offered to companies and individual customer. It can include wholesale products for corporate customers as well as retail products for individual consumers. The products and services offered through Internet banking usually mirror as those offered through other delivery channels like telephone or mobile.

Wholesale products and services offered under internet banking includes

• Cash management
• Wire transfer
• Automated clearinghouse (ACH) transactions
• Bill presentment and payment

Retail products and services offered under internet banking includes

• Balance inquiry
• Funds transfer
• Downloading transaction information
• Bill presentment and payment
• Loan applications
• Investment activity
• Other value-added services

Various factors like cost-effectiveness, enhanced customer service and demographic considerations are pushing banks to evaluate opt for internet banking. Various types of internet banking products offered to the customers are

• Informational — It is the basic level and the bank’s marketing information about the bank’s products and services are provided over the internet.
• Communicative — It allows some interaction between the bank’s systems and the customer but, the interaction is limited to electronic mail, account inquiry, loan applications, or static file updates (name and address changes).
• Transactional — It enables customers to execute financial transactions after logging into their bank account. There is an active connection between the user’s internet connected device and the bank’s or outsourcer’s internal network. Customer transactions can include accessing accounts, paying bills, transferring funds, etc.