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Online Banking is the processing of banking transactions through the medium of internet.

It's not to change your money habits. In its place, in order to manage your finances more quickly and efficiently, and to give you the option of bypassing the time-consuming, paper-based aspects of traditional banking, it uses today's computer technology.

Origin of Online Banking

For the banking industry, the beginning of the Internet and the popularity of personal computers presented both an opportunity as well as a challenge.

Financial institutions have used strong computer networks for years to computerize millions of daily transactions; today, at the point of sale, often the only paper record is the customer's receipt.

Now that its customers are connected by means of persona computers to the Internet, banks visualize similar economic advantages by adapting those same internal electronic processes to home use.

While helping to eliminate costly paper handling and teller interactions in a gradually more competitive banking environment, banks view online banking as a powerful "value added" tool to attract and retain new customers.

Brick-to-click banks

Most large national banks, many regional banks and even smaller banks and credit unions offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking.

Those that do are sometimes referred to as "brick-to-click" banks, both to differentiate them from brick-and-mortar banks that have yet to offer online banking, over and above from online or whatever "virtual" banks that have no physical branches or tellers.

Internet banking is usually conducted by means of a personal computer (PC) that connects to a banking Web site through the Internet.

For example, a consumer at home accesses a financial institution's Web site via a modem and phone line or other telecommunications connection, and an Internet service provider for example America Online, Microsoft's MSN Network, Earthlink, Juno or AT&T WorldNet.

Internet banking also can be conducted via wireless technology through either Personal Digital Assistants (PDAs) or cellular phones.

With the help of Automatic Teller Machines (ATMs), telephones (not via the Internet) or debit cards, electronic banking is conducted. Debit cards give the impression like a credit card.

But contrasting from a credit card, funds from your bank account will be removed immediately through a debit card.

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