What is Online Banking

Online banking, also known as internet banking or e-banking, refers to the digital platform provided by banks that allows customers to perform various financial transactions and banking activities over the internet. It enables users to access their bank accounts, check balances, transfer funds, pay bills, and much more, all from the convenience of their computer or mobile device.

Advantages of online banking

1. Convenience: Online banking offers unparalleled convenience as it allows customers to conduct banking activities anytime, anywhere, eliminating the need to visit physical bank branches.
2. 24/7 access: With online banking, customers have round-the-clock access to their accounts, enabling them to check balances, review transactions, and make payments at any time.
3. Cost savings: It can lead to cost savings for both customers and banks by reducing the need for paper-based transactions and physical infrastructure.
4. Ease of transaction: Transferring funds between accounts, paying bills, setting up recurring payments, and managing finances becomes effortless with online banking.
5. Real-time monitoring: Users can monitor their account activities in real time, helping them identify any unauthorised transactions or suspicious activities promptly.

What do you need for online banking?

1. Internet access: A stable internet connection is essential to access online banking services.
2. Registered account: You need an active bank account with a financial institution that offers online banking services.
3. Device: A computer, laptop, tablet, or smartphone with a compatible operating system to access the bank's online portal or mobile app.
4. Login credentials: Username, password, and sometimes additional authentication factors like OTP (One-Time Password) or security questions are required to log in securely.

How can you use online banking safely?

1. Strong passwords: Create strong, unique passwords for your online banking account, and avoid using easily guessable information.
2. Two-factor authentication (2FA): Enable two-factor authentication for an additional layer of security, usually involving a code sent to your registered mobile number or email.
3. Secure connection: Ensure you are using a secure network connection (avoid public Wi-Fi) and look for the padlock symbol in the address bar indicating a secure website (https://).
4. Regular updates: Keep your devices, including computers and smartphones, updated with the latest security patches and antivirus software.
5. Beware of phishing: Be cautious of phishing attempts through emails or messages asking for sensitive information. Banks never ask for such details via email.

Online banking continues to evolve, offering more advanced features and enhanced security measures to cater to the growing needs of customers in a digital era. By embracing online banking while adhering to best practices for security, individuals can enjoy the convenience and efficiency it offers while safeguarding their financial information.