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What is online banking?
customers can use the internet to access the bank account via a secure website
Why might someone use online banking?
Check their bank balance
View or print bank statements
Pay bills online
Set up new, separate accounts
Transfer money from their accounts
Pay using NFC
How does online banking work?
customers use a username and password to log on to the website
for additional security they may be asked security questions
once online they can carry out a range of activities
Advantages for the customer
Transactions can be done at home, work or on the move using mobile technology
The website is available 24/7
Access their bank account when abroad/ globally
Using faster payment allows money to be moved immediately
Disadvantages for the customer
Not able to deposit or withdraw cash
If the website goes down, customers cannot access their accounts
Difficult to sort problems regarding specific banking queries
Advantages for the bank
Fewer branches and staff are required as there is no need to visit the bank
Produce e-statements, which save on paper and postage costs
Attract a larger customer base, as they do not need to live close
Disadvantages for the bank
Security risks and cybersecurity threats
Not all customers have access to internet banking
Implement and maintain complex security systems for customer data
