How Can We Bank At Home Using Internet Banking?

What internet banking does is to bring banking right into your home. All you need is a computer with an internet connection.

Let us see what this is about..

Customers are allowed to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society. There are many common features and capabilities for online banking in common, but some are application specific.

The common features of online banking are broadly classified into two. They are:

Transactional Features

Performing financial transactions which include:

1. Funds transfer between a customer’s own checking and savings accounts or to another customer’s account.
2. Electronic bill presentment and payment-EBPP.
3. Loan applications and transactions like the repayments.
4. Investment sale or purchase.

Non-transactional Features

This includes Bank statements like the online statements, check links, support tickets, etc. Certain banks also allow you to request new cheque books, new debit cards etc using the net banking system. There are some banks that allows you to link your demat / credit card / loans etc to one interface thus providing easier access to all the information when you need it.

For business users, banking institution provides some additional features including:

1. The support of multiple users having varying levels of authority
2. Wire transfer.
3. Approval process of transaction.

The other important feature of internet banking is: Personal financial management support – Importing data into a personal finance program such as Quicken, Turbo Tax, or Microsoft Money. To allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions some online banking platforms have account aggregation.