Internet banking is increasingly becoming a popular mode of banking that enables an account holder in a bank to conduct various bank transactions remotely, through the Internet, using a personal computer or a similar personal gadget.
Internet banking offers a lot of convenience to busy individuals, since they can bank anytime, anywhere, eliminating the need for travel, physical appearance and long waiting time just to have their intended transaction processed.
A bank account holder (savings, current or checking account, credit card, debit card, investment policies, and other bank product subscribers) is required to create an Internet banking account in the bank’s website. A unique access code or combination of codes and passwords are issued to the account holder upon enrollment of his or her account in the Internet banking program, before he or she can access the Internet banking site (also called the “virtual bank.”)
The host of banking services that Internet banking offers include access to one’s account for status updates (balance inquiries), transaction verifications, due date monitoring, and access to information on various products and services that the bank offers.
Likewise, actual financial transactions that were previously conducted only in actual bank branches can now be done through Internet banking. They include bills payment, fund transfer, and deposit account management. Modern Internet banking applications now also enable users to personally manage their finances using the data available on their accounts by linking their Internet banking account to compatible financial management softwares, like Microsoft Money or TurboBox.
After a confirmation of each successful Internet banking transaction, the Internet banker is issued a transaction reference code in place of bank receipts, which is unique to the time and nature of the transaction made, and used to verify and confirm the transaction made at a later time.