A bank customer can perform non-transactional tasks through online banking, including –
- Viewing account balance
- Viewing current transactions
- Downloading bank statement
- Viewing paid cheques
- Ordering cheque books
- Download periodic account statements
- Downloading applications for Mobile-banking, internet-banking etc.
- Bank customers can transact banking tasks through online banking, including
- Funds transfer between the customer's linked accounts
- Paying third parties, including bill payments and third party fund transfers
- Investment purchase or sale
- Loan applications and transactions, such as repayments of enrollments
- Credit card applications
- Register utility billers and make bill payments
- Financial institution administration
- Management of multiple users having levels of authority
- Transaction approval process
- Some financial institutions offer special internet banking service
Personal financial management support, such as importing data into personal accounting software. Some online banking platforms support account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions. It's generally secure. But make sure that the website you're using has a valid security certificate. This lets you know that the site is protected from cyber-thieves looking to steal your personal and financial information.
You have twenty-four-hour access. When your neighborhood bank closes, you can still access your account and make transactions online. It's a very convenient alternative for those that can't get to the bank during normal hours because of their work schedule, health or any other reason.