INTERNET BANKING Meaning and
Definition
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Internet banking, also referred to as online banking or e-banking, is a method of conducting various financial transactions and banking operations using the internet and digital platforms. It enables individuals and businesses to access their bank accounts and manage their finances without the need for physical visits to a bank branch.
With internet banking, customers can perform a wide range of financial activities such as checking account balances, reviewing transaction history, transferring funds between accounts, paying bills, making loan payments, and opening new accounts. These tasks are typically carried out through a secure website or mobile application provided by the bank.
Internet banking provides customers with convenience and flexibility, as it allows them to access their accounts and execute transactions from anywhere and at any time. This accessibility empowers users to efficiently manage their financial affairs, reducing the need for physical paperwork and manual processes.
Security measures such as encryption, secure login portals, and multifactor authentication are implemented by banks to protect customer information and guard against unauthorized access or fraudulent activities. These precautions aim to safeguard users' personal and financial data, ensuring privacy and data integrity.
The popularity of internet banking continues to grow as modern technology advances and individuals increasingly rely on digital platforms and mobile devices for everyday tasks. Internet banking presents a convenient, efficient, and secure way for customers to manage their finances and interact with financial institutions in the digital age.
Common Misspellings for INTERNET BANKING
- unternet banking
- jnternet banking
- knternet banking
- onternet banking
- 9nternet banking
- 8nternet banking
- ibternet banking
- imternet banking
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- ihternet banking
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- inyernet banking
- in6ernet banking
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- intwrnet banking
- intsrnet banking
- intdrnet banking
- intrrnet banking
Etymology of INTERNET BANKING
The word "Internet banking" is a combination of two terms: "Internet" and "banking".
The term "Internet" originated from the phrase "internetworking", which was coined in the 1970s to describe the concept of connecting multiple computer networks together. In the early 1990s, as the World Wide Web began to gain popularity, the term "Internet" became widely used to refer to the global network of interconnected computers.
The term "banking" can be traced back to the Middle Ages and is derived from the word "bank". In its earliest form, a "bank" referred to a bench or a table used by merchants or moneylenders for conducting financial transactions.
The combination of "Internet" and "banking" emerged in the late 20th century as banks started to offer online services and transactions through the emerging World Wide Web.
