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This website explains about the online banking like- what is online banking and how it works and what are the pros and cons of it. It briefly explains about services, bank accounts, transfer of payments,convenience to customers,Bill paying,checking balance in the account and credit scores. It also explains different types of pros and cons such as- in person services, technological issues. This website briefly describes the information about the security that online banking gives us.

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Online banking gives you the ability to manage your bank account over the internet using a computer or mobile device. There's no need to visit a bank branch, and you can do all of your banking tasks when it's most convenient for you, including outside of normal banking hours.

Learn more about online banking and why it is often easier, less expensive, and safer than in-person banking.

What Is Online Banking?

You can bank online through an online-only bank or online-only credit union or through the suite of online services that most brick-and-mortar banks and local credit unions now offer. You can typically pay bills, transfer funds, apply for a loan, deposit checks, and verify transactions and account balances.

The one advantage traditional banks and credit unions have had over their online counterparts is the ability to withdraw funds using an ATM. Increasingly, online banks and credit unions are providing access to a network of ATMs that won't charge you a fee. And some financial institutions will reimburse your ATM fees up to a certain amount each month.

How Online Banking Works

Online banking is designed to be convenient, saving you time and letting you do banking on your own schedule rather than only during the hours your local bank branch is open. Almost anything you can do at a traditional bank or credit union location you can accomplish online, starting with opening an account.

Opening Accounts

You can open checking, savings, and other types of accounts online, often without the hassle of printing or physically signing anything. With electronic signature capability, the entire process might now take less than 10 minutes.

If you're a customer of a financial institution that offers online banking, you can register for online access through that institution's website. At a minimum, you'll usually need the following items to get started online:

An internet connection

A device with a web browser: a computer, tablet, or smartphone

Your bank account number

Personal information to verify your identity, such as your birth date and Social Security number

You will need the same things, excluding the bank account number, to open an account with an online-only bank or credit union with which you do not have an existing relationship. You may be asked for additional ID verification, such as a driver's license.

Registration involves setting up a log-in-often your email address-and password. Once you complete registration, you can log in to your account and start banking online with only your internet-enabled device.

Paying Bills

Instead of writing checks to pay bills, your bank can print and mail a check for you month after month. But for greater convenience, it's also possible to send money to a payee electronically, even if the amount you owe changes every month.

Transferring Funds

If you need to move money from your checking account to your savings account or into a certificate of deposit (CD), you can carry out these intrabank transfers online. You can even link your accounts at different banks or send money to friends and family almost instantly through person-to-person services accessible through your bank.

Applying for Loans

Getting a loan is traditionally a paperwork-intensive process, but it doesn't have to be. Filling in your application online speeds the credit-check process, enabling your bank or credit union to respond with an answer more quickly. Some financial service providers with online loan applications make funds available the same day you get approved for a loan. Other lenders that operate entirely online can make near-instant lending decisions.

Depositing Checks

When someone pays you with a check, it's easy to deposit the check from home if you have a smartphone. Using mobile check deposit, you snap a photo of the check through the mobile app of your bank and submit it for payment. There's no need to mail the check.

Viewing Current and Past Transactions

Most credit unions and banks make it easy to check your available balance, verify your latest transactions went through, and review previous monthly statements online. You should be able to search transactions by time frame and type, such as a bank card payment.

Staying Informed

Another big benefit of online banking is the ability to set up alerts. You can receive a text or email when your bank notices potentially fraudulent activity or your balance goes below a certain amount. You can be notified when deposited money is available and when a check has cleared.

These alerts are great for informational purposes, but more important, they can help you quickly stop criminal actions. For instance, if you are notified of a change in your password and you did not make that change, you can immediately contact your bank and ask them to prevent the perpetrator from draining your account.

Online Banking vs. Traditional Banking

There are important benefits to be gained by using a bank through which you primarily or exclusively manage your account online. But traditional banks have advantages too.

Better Interest Rates

Online-only banks tend to offer a higher annualized interest rate, often referred to as the annual percentage yield (APY), on your deposits. That's because they don't have the overhead of brick-and-mortar banks and can pass some of the savings along to you. However, the online division of some traditional banks may also offer competitive rates. Online banks also tend to offer a lower interest rate on loans, which is called the annual percentage rate (APR).

You generally want higher interest rates on savings accounts to make your money work harder for you. On the flip side, lower interest rates are desirable for loans because they reduce the total cost of the loan. It's smart to shop around and compare online bank rates to traditional bank rates, but you'll almost always do better online.

Online-only banks typically charge lower fees than traditional brick-and-mortar institutions for the same reasons they pay more in interest. In fact, they are less likely to charge fees at all for certain services or for failing to maintain a minimum average balance.

In-Person Transactions

Despite offering the ability to deposit checks via mobile deposit or withdraw money through affiliated ATMs, an online bank may be impractical if you frequently make large deposits or withdrawals and need to do so through a bank teller. Some banks have a daily mobile deposit amount limit and ask you to visit an ATM or branch to make deposits exceeding that limit. This may prove difficult if your bank doesn't have a large network of free ATMs or a branch nearby.

Most banks also place daily limits on the amount you can withdraw from ATMs. If you need more cash and can't convince your bank to increase the limit, you'll need to request a cash advance in person, which you can't do if you can't visit a branch.

Traditional banks can also provide notary services, safe-deposit boxes, and cashier's checks. Online-only banks typically can't.

Technology Issues

If you're not comfortable with technology, banking online may come with a steep learning curve. Plus, glitches happen, and if your computer-or the bank's system-is down, you may have to put off a pressing transaction.

For complex situations like pesky customer service issues or discussions about different types of loans, you might benefit from a face-to-face meeting at a traditional bank.

Safety Issues

In many respects, online banking is more secure than traditional banking. Having your pay directly deposited into your bank account eliminates the risk of someone stealing your check from the mail. Plus, no one can copy your account information from checks that you send out; bank computers send that information back and forth securely, without storing it.

Online scams such as phishing schemes that use an email or text to get you to divulge important information are a cause for concern. But as long as you send information only to people you trust, and through authentic websites, you can avoid many of them. Be careful about what you click on, and contact your financial institution if you have any concerns.

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Online banking gives you the ability to manage your bank account over the internet using a computer or mobile device. There's no need to visit a bank branch, and you can do all of your banking tasks when it's most convenient for you, including outside of normal banking hours.

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The security of the bank accounts is very important for the betterment of the financial institution because most of the customers are using online banking and banks have to secure all the data of the accounts by which customers can securely transfer their funds to the other bank institutions.

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Every bank has their own online banking site as well as the mobile application too and every bank has their different styles, different colors, different name designs and many more. When we opened the sites of all banks we can see that they have many options on the left side and the top of the site but some have different names.

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This website tells us about some serious security concerns which the online banking may have. for example- issues with passwords,phishing(hacking of account),key loggers( malware and viruses),two factor-authentication. These are the some major issues from which people get feared due to online banking, but there are many new technologies and software's which can neglect the all these issues. So, i think online banking is safe than some people think.

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Banking via the Internet is an easy way to monitor your business's finances, allowing you to view payments and deposits on demand. This easy access to financial accounts makes Internet banking a common target for hackers and other online criminals, however. Understanding the security issues relating to Internet banking can help you keep both your personal and business accounts safe from intruders.

Passwords

The key to protecting your Internet banking account is protecting your password. Using a strong password -- one that contains mixed-case letters, numbers, and even symbols if the bank allows it -- will decrease the likelihood of a hacker cracking the password and gaining access to your account. You should also ensure that the password to access your company's accounts is not the same as any other password you use, since not every site maintains the same level of security a bank does. If a hacker manages to steal a password from an insecure site, he can access any account that password unlocks.

Phishing

One of the primary methods a hacker gains access to account information is through phishing, or tricking the victim into giving up the information voluntarily. A hacker might send an e-mail or even call, pretending to be a representative of the bank and informing you about some irregularities with your account. All you need to do to sort things out is to provide your password or other account information to verify your identity. If you ever receive a communication that appears to be from your bank and requests this type of information, contact your bank by phone immediately. Do not give out account information to a caller, and do not click any links provided in any e-mails that claim to be from your bank. You should also ensure that any employees with access to the company's accounts follow the same procedures.

Keyloggers

Keyloggers are malware programs that record keystrokes and other data, allowing a hacker to capture your password as you enter it. Maintaining up-to-date antivirus suites on your company computers can prevent these malicious programs from gaining a foothold, and setting up your network's firewall to monitor outgoing traffic can help you determine when an infection occurs. Many keyloggers and viruses use email to travel from computer to computer, so adding anti-virus protection to your company's email server can help filter out these attacks.

Two-Factor Authentication

If your bank offers two-factor authentication, adopting the technology is a great way to keep your account information safe. Two-factor authentication requires a second code when logging into your account, either provided by an electronic token, or via message sent to a registered cell phone or other device. The extra layer of security renders your password useless to a hacker without the accompanying code.

About the Author

Milton Kazmeyer has worked in the insurance, financial and manufacturing fields and also served as a federal contractor. He began his writing career in 2007 and now works full-time as a writer and transcriptionist. His primary fields of expertise include computers, astronomy, alternative energy sources and the environment.

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Security Issues Relating to Internet Banking

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Banking via the Internet is an easy way to monitor your business's finances, allowing you to view payments and deposits on demand. This easy access to financial accounts makes Internet banking a common target for hackers and other online criminals, however. Understanding the security issues relating to Internet ...

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We know online banking is already very adcance system of technology,but for more convenience of customers banks are providing more new innovation. In this website here are some predictions of advancement in technology of online banking such as- Blockchain technology, Upgraded ATM's, proliferation of Non-Banks,Apple store- Style experience,Automated financial services employees,Mobile and digital banking, partnerships, wearables. Instead of all these there will be some more advancement in online banking system.

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New technology in banking is already transforming the financial sector, and the traditional banking landscape is set to rapidly change in the next five years. Safety features, such as advanced cryptography and biometrics, will help protect against bank scams, and remote applications will make it easier than ever to do your banking without visiting a branch - but if you do, the experience is likely to be much more customer-friendly.

Here's a look at the how banking technology will change data sharing and the way your money is handled.

1. Blockchain Technology

Blockchain technology is set to fundamentally transform banking and financial services. It decentralizes financial management from a central authority to a widespread network of computers. Financial transactions are broken down into encrypted packets, or "blocks," which are then added to the "chain" of computer code and encrypted for enhanced cybersecurity - it's been compared to "email for money" by blockchain startup CEO Blythe Masters. Because the technology has the potential to improve numerous facets of banking - and is the basis for other banking technology trends like bitcoin - it's no longer a question of if blockchain will change the banking industry, but when, according to the Wharton School of the University of Pennsylvania.

2. Upgraded ATMs

ATMs transformed the bank tech system when they were first introduced in 1967. The next revolution in ATMs is likely to involve contactless payments. Much like Apple Pay or Google Wallet, soon you'll be able to conduct contactless ATM transactions using a smartphone.

Some ATM innovations are already available overseas. For example, biometric authentication is already used in India, and iris recognition is in place at Qatar National Bank ATMs. These technologies can help overall bank security by protecting against ATM hacks.

It might take some time to see ATM upgrades in the U.S. financial system because of the strict regulations governing North American banks, according to Bayometric, which is a leading global provider of biometric security systems.
Eliminate Unnecessary Fees: ATMs That Don't Charge Fees
3. Proliferation ofNon-Banks

Banks are hoping that technology will allow them to deliver a faster, more transparent experience to consumers. A large portion of their resources, however, is necessarily dedicated to security, compliance and other industry-specific requirements, which has allowed non-banks - or financial service providers that are not regulated by the banking industry - to flourish, according to a 2016 report from market intelligence firm Greenwich Associates.Since these companies can devote a greater percentage of their assets to cutting-edge financial technology, they might be able to innovate more rapidly than traditional banks, attracting tech-savvy customers in the process.

4. Apple Store-Style Experience

The in-bank experience of the future might be more like shopping at an Apple store. Because so many people now can download user-friendly banking apps or easily find an ATM to handle basic banking transactions, the typical in-bank customer today is seeking help involving a personal interaction. Banks hoping to increase sales in the future are considering this transformation as a way for customers to engage more directly with the bank and its products, just like in an Apple store, directing customers to interact with tech kiosks for some transactions and reserving person-to-person interaction for answering questions or addressing needs unique to the individual consumer.

5. Automated Financial Services Employees

Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said up to 30 percent of banking jobs could disappear within the next five years due to developments in technology, in a 2017 interview with Bloomberg television. Many employees of Wall Street's largest firms are already having to adapt or look for other positions due to the use of technologies such as machine learning and cloud computing, which automate their operations, according to Bloomberg.

6. Mobile and Digital Banking

The mobile and digital transformation in the banking system has only just begun and growth is already explosive. Banks are investing heavily in digital banking technology, in which customers use mobile, web or digital platforms to use banking services. Artificial intelligence solutions, such as chatbots, often assist customers in simple tasks such as making payments. In a Forbes survey on banking customer engagement from late 2016, 86 percent of banks indicated that these types of services represent their top technology investments.

7. Partnerships

Although banks can pour lots of money into technology, the fastest way to deliver financial innovation in the future is likely going to involve strategic partnerships. Fast-growing companies that already have new-wave fintech or social media platforms in place could make excellent partners for traditional banks seeking to enhance customer experience. Card-linked marketing company Cardlytics, which engages in data analytics, is partnering with several financial institutions like Bank of America to leverage secure purchase data in order to tailor marketing based on consumers' card use.
Read More:9 Ways to Simplify or Streamline Your Money Life
8. Wearables

Wearables - such as smartwatches - are poised to become the future of the retail banking experience, according to Samsung Insights. One example is that banks could use Bluetooth beacons to push personal greetings to customers' smartwatches when they enter a banking location.

Another type of wearable might be smart glasses for bank tellers, according to a report from Deloitte, which could process customer banking information for the employee as the employee is simultaneously doing other customer service tasks.

Overall, consumer behavior and smart device trends are steering banking technology advances in the direction of convenience. An increasing number of remote technologies will allow you to interact with your bank right from the palm of your hand. And from your email inbox to visiting an actual branch, you can expect to encounter a whole new customer experience, perhaps even sooner than you think.
Up Next: 5 VIP Private Banking Services You Never Knew Existed

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8 New Banking Technologies You'll See in the Next 5 Years

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New technology in banking is already transforming the financial sector, and the traditional banking landscape is set to rapidly change in the next five years. Safety features, such as advanced cryptography and biometrics, will help protect against bank scams, and remote applications will make it easier than ever to do your banking without visiting a branch - but if you do, the experience is likely to be much more customer-friendly.

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The Tangerine bank is serving one of the best services in Canada. Tangerine gives many free online banking services to their customers and some special services at very fewer prices. Now every customer of Tangerine can take a picture of their cheque and bank deposit that amount in few seconds. Customers can send their money to any bank in Canada with no fees buy after some transactions they have to pay a little bit of charges.

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The Credit score rule of the banking institutions is the important rule for all the customers to get a credit card, loan, car loan, mortgage loan and many more. There are some levels of credit score like if a person has credit score more than 600, then he/she will get any type of loan from the bank. Now, customers can check their credit score on their online banking site or mobile application.

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Video #1         Free banks vs Bank fees

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Video #1         Free banks vs Bank fees

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There are many banking institutions in Canada like TD Bank, Scotia Bank, Royal bank of Canada, CIBC, BMO and many more. Most have the Banks have same fees and transactions charges for online banking but some of the banks have more charges like HSBC bank and National bank. All the banks are providing good online services to their customers which is very important for the banking institution in Canada for better future.

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Bhavin Merchant gives us very important information about the Canadian banking institution like the online banking is important for the banking institution but the other factors of the banking is also important like customers also use the in-branch services with the online because there are some services which can complete in a bank not online. He also gives us latest information about all banks by which customers can't face any problems with their banks

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An Introduction to Canadian Banking System