Internet Banking or Online Banking or Web Banking System is one that allow individuals to perform banking anytime, anywhere via the internet. This service offers almost every service like the local banks. The service of internet banking was developed by the Financial institution named Stanford Federal Credit Union. This service allows any user to get connected with the browser to his/her respective bank's website to perform any kind of banking functions virtually. In India, ICICI was the first bank to initiate internet banking during the year 1997 with the brand name of “Infinity”.
Internet Banking allows all the virtual banking functions just by connecting to the respective bank’s websites.
- Balance Inquiries
- Perform Transactions
- Online Payments of bills
- Any accrued interest, fees, and taxes
- Transactions details
- Account Balances
- Credit card balance
- Home loan details, etc.
How Internet Banking Works?
Know how to get access to Internet Banking?
- Register with your bank for internet banking
- Get your registration number or login ID from the respective branch
- You will also need a unique password for the access of internet banking
- Get approval from the bank for registration.
- Once approved, the user can get access to his/her account online.
How to perform Internet Banking?
- Step 1 - Make sure you are properly connected to the internet
- Step 2 - Visit the bank’s website
- Step 3 - Click on the Internet banking option
- Step 4 - Click the Login button
- Step 5 - Provide the User ID and Password Correctly
- Step 6 - If all details provided are correct then the user will gain access to the account and be allowed to use the internet banking services.
- Step 7 - Once finished do not forget to logout.
Advantages of Web banking:
- Convenience
- 24x7 availability
- High Transaction SPeed
- Efficiency
- Costless
- Vast coverage
- Effectiveness
Disadvantages of Web Banking:
- Trust issues
- Start-up is time taking
- Learning curves
- Upgrade of the banking sites
- Security Risk
- Risk of fake emails/ hackers or loss of passwords, etc.
List of Top Banks for Internet Banking Services 2020:
According to the recent survey, these are the banks that are listed to be the best in Net banking services.
- ICICI Bank - 4.4 ratings
- HDFC Bank - 4.3 rating
- City Union Bank - 4.2 rating
- Union Bank of India - 4.1 rating
- Kotak Mahindra Bank - 4.4 rating
- SBI - 4.4 rating
Conclusion:
Internet Banking is one of the best ways of banking for both the user and for the banking sector. As it offers all the facilities like the local bank branch, it is one of the best ways for transactions from anywhere, anytime just by accessing your account with the internet. But remember security and safety is must, comforts always comes with troubles, one has to be alert and aware of such issues to enjoy the comforts.