Internet banking allows customers to conduct financial transactions electronically over the internet. It provides convenience by allowing banking from any internet-connected device. Customers can pay bills, transfer money, and check account transactions online. While offering accessibility, internet banking also presents security risks if passwords are stolen or servers go down, allowing unauthorized access to accounts.
4. What is Internet Banking?
It is a method of banking in which transactions are conducted electronically via the
Internet.
It is also known as online banking, e-banking or virtual banking.
It is an electronic payment system that enables customers of a bank or other
financial institution to conduct a range of financial transactions through the
financial institution's website.
7. Advantages
The biggest advantage of internet banking is the convenience. ... You can use any
device with internet access for your bank activities - phones, laptops, desktops &
tablets - anything. Banks offer a wide range of services - payment of bills, transfer of
money, checking account transactions via the internet.
8. DISADVANTAGES
Security of transactions is a big issue. Your account information might
gethacked by unauthorized people over the internet.
Password security is a must. After receiving your password, do change it and
memorize it otherwise your account may be misused by someone who gets to
know your password inadvertently.
You cannot use it, in case, the bank’s server is down.
