Features
Online banking facilities offered by various financial institutions have many features and capabilities in common, but also have some that are application specific.
- The common features fall broadly into several categories
- A bank customer can perform some non-transactional tasks through online banking, including -
- viewing account balances
- viewing recent transactions
- downloading bank statements, for example in PDF format
- viewing images of paid cheques
- ordering cheque books
- Downloading applications for M-banking, E-banking etc.
- Bank customers can transact banking tasks through online banking, including -
- Funds transfers between the customer's linked accounts
- Paying third parties, including bill payments (see, e.g., BPAY) and telegraphic/wire transfers
- Investment purchase or sale
- Loan applications and transactions, such as repayments of enrollments
- Financial institution administration
- Management of multiple users having varying levels of authority
- Transaction approval process
- Some financial institutions offer unique Internet banking services, for example
- 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.
Read more about this topic: Online Banking
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