CYBERBANK Meaning and
Definition
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Cyberbank is a term that refers to the digitized version of traditional banking services, conducted through electronic means such as the internet or other computer networks. It encompasses the practices and techniques employed by financial institutions to deliver services like account management, funds transfer, payments, and lending, all within a secure online environment.
In a cyberbanking system, customers can access their accounts remotely by using electronic devices, such as computers, smartphones, or tablets. Through designated banking websites or mobile applications, they can perform various transactions, including checking account balances, making deposits or withdrawals, paying bills, applying for loans, or even investing in financial products. The cyberbanking experience aims to be convenient, efficient, and accessible to customers 24/7, eliminating the need to physically visit a brick-and-mortar bank branch.
Security is a crucial aspect of cyberbanking, as it deals with sensitive financial information and transactions. Cyberbanks implement multiple layers of security measures, including encryption protocols, firewalls, authentication systems, and fraud detection mechanisms, to protect customers' data and prevent unauthorized access or fraudulent activities.
Cyberbanking has had a significant impact on the financial industry by revolutionizing the way banking services are delivered. It has provided customers with greater convenience, flexibility, and control over their finances. Additionally, it has led to more efficient and cost-effective operations for financial institutions, as online transactions require fewer physical resources and manpower compared to traditional banking methods.
Etymology of CYBERBANK
The word "cyberbank" is a compound word composed of two components: "cyber" and "bank".
The term "cyber" originated from the word "cybernetics", which was coined by mathematician Norbert Wiener in the 1940s. It is derived from the Greek word "kybernetes", meaning "steersman" or "governor". In modern usage, "cyber" refers to anything related to computers, information technology, and the internet.
The word "bank", on the other hand, derives from the Old Italian word "banco", which originally referred to a bench or table. In medieval times, European moneylenders conducted their business sitting at these tables. Over time, the term "bank" evolved to represent financial institutions that accept deposits, provide loans, and offer other financial services.
