ONLINE BANKING Meaning and
Definition
-
Online banking refers to a service provided by financial institutions that allows individuals to carry out a variety of banking transactions over the internet. It provides an efficient and convenient alternative to traditional brick-and-mortar banking, enabling users to manage their finances remotely at any time, from anywhere with an internet connection.
Through online banking, customers can access their bank accounts and conduct various activities such as checking their account balance, reviewing transaction history, transferring funds between accounts, paying bills, and even applying for loans or mortgages. Additionally, online banking often provides users with the ability to download statements, set up and manage automatic payments, link external accounts for transfers, and receive email or text alerts regarding account activity.
The security of online banking is typically ensured through robust encryption techniques and authentication methods, like passwords, PINs, or even biometric identification. This helps protect users’ personal and financial information, preventing unauthorized access.
With the proliferation of smartphones and tablets, many financial institutions also offer mobile banking applications as part of their online banking services, bringing additional convenience to users by allowing them to perform banking tasks from their portable devices.
Overall, online banking has revolutionized the way individuals manage their money by providing a fast, accessible, and user-friendly platform that simplifies financial transactions and enhances the banking experience.
Common Misspellings for ONLINE BANKING
- inline banking
- knline banking
- lnline banking
- pnline banking
- 0nline banking
- 9nline banking
- obline banking
- omline banking
- ojline banking
- ohline banking
- onkine banking
- onpine banking
- onoine banking
- onlune banking
- onljne banking
- onlkne banking
- onlone banking
- onl9ne banking
- onl8ne banking
- onlibe banking
Etymology of ONLINE BANKING
The word "online banking" is a compound term made up of two constituent words: "online" and "banking".
The term "online" originated in the 1950s as a blend of "on" and "line", referring to data or information transmitted or accessible over a network or computer system. The concept of being "online" gradually gained popularity with the emergence of the internet.
The term "banking" can be traced back to the 17th century and comes from the word "bank", referring to a financial institution that holds, manages, and lends money. The word "bank" has roots in the Old Italian word "banca" and the Middle French word "banque".
Therefore, the etymology of "online banking" simply combines the concept of being connected or accessible through a computer network with the traditional term "banking", referring to financial activities and services provided by a bank.
Infographic
Add the infographic to your website:
