Internet banking refers to an application of the Internet that allows customers to dial into bank networks or their websites, by using their own telephones and computers, and to get a host of banking services directly on their home.
Net banking offers the customer easy chair convenience and access to their account information from anywhere in the world, at any time of the day or night. That means, as long as you have a computer, a phone, a modem line and an Internet connection, you don't need to worry about bank holidays or taking time out to go to the bank, or standing in long queues for a simple transaction. You can access most of the bank's services from the comfort of your home/office Internet banking, Internet bank, online banking, virtual bank, cyber bank are some of the jargons being bandied about everywhere. But can all these terms be used interchangeably? Answer is yes and no. There is a slight difference. An Internet bank, or rather, an Internet-only bank is a virtual bank, or a cyber bank, one that does its business entirely on the web. Internet banking is a branchless banking. Internet banking and online banking can of course be used interchangeably. The fundamental principle here is the same that is, using the internet to perform banking transactions. An important difference between an Internet Bank and online banking is that you don't need any special software to access the Internet banking services. You just need a computer and an Internet connection. But to access the services of an online bank, special software is necessary, at least for some services. What attracts people to Internet-only banking is the convenience, as in free bill paying and the fact that there is no need to change banks if you relocate. Another important is the free service they offer.
Internet banks are technologically capable and may give more information than a traditional bank. Suppose you withdraw money from an ATM, the transaction will be revealed within an hour on the bank's website. If you have more than one account, transferring money to and from the accounts will be very easy.
See Also: What is Electronic Banking?
A successful Internet banking solution offers
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