Online banking, known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
| FactSnippet No. 1,642,172 |
Online banking significantly reduces the banks' operating cost by reducing reliance on a branch network, and offers greater convenience to some customers by lessening the need to visit a branch bank as well as the convenience of being able to perform banking transactions even when branches are closed.
| FactSnippet No. 1,642,173 |
Internet banking provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts, and making payments.
| FactSnippet No. 1,642,174 |
Precursor to the modern online banking services was distance banking electronically and by telephone since the early 1980s.
| FactSnippet No. 1,642,175 |
Developers of United American Bank's first-to-market computer Online banking system aimed to license it nationally, but they were overtaken by competitors when United American failed in 1983 as a result of loan fraud on the part of bank owner Jake Butcher, the 1978 Tennessee Democratic nominee for governor and promoter of the 1982 Knoxville World's Fair.
| FactSnippet No. 1,642,176 |
The attraction of online banking is fairly obvious: diminished transaction costs, easier integration of services, interactive marketing capabilities, and other benefits that boost customer lists and profit margins.
| FactSnippet No. 1,642,177 |
Additionally, online banking services allow institutions to bundle more services into single packages, thereby luring customers and minimizing overhead.
| FactSnippet No. 1,642,178 |
Across Asia, more than 700 million consumers are estimated to use digital Online banking regularly, according to a 2015 survey by McKinsey and Company.
| FactSnippet No. 1,642,179 |
Online banking customers proved more loyal and profitable than regular customers.
| FactSnippet No. 1,642,180 |
Since it first appeared in the United States, online banking has been federally governed by the Electronic Funds Transfer Act of 1978.
| FactSnippet No. 1,642,181 |
Virtual or online banking became a reality in Slovenia in 1997, when SKB bank launched this service under the name of SKB Net.
| FactSnippet No. 1,642,182 |
Virtual Online banking first became a possibility in 1996 with the Bank of Montreal's mbanx.
| FactSnippet No. 1,642,183 |
One of the most popular services in which Internet Online banking users are interested in the ability to pay remotely for utilities.
| FactSnippet No. 1,642,185 |
The customer visits the financial institution's secure website, and enters the online banking facility using the customer number and credentials previously set up.
| FactSnippet No. 1,642,186 |
Attacks on online banking used today are based on deceiving the user to steal login data and valid TANs.
| FactSnippet No. 1,642,187 |
Method to attack signature based online banking methods is to manipulate the used software in a way, that correct transactions are shown on the screen and faked transactions are signed in the background.
| FactSnippet No. 1,642,188 |
Digital certificates are used against phishing and pharming, in signature based online banking variants the use of "Secoder" card readers is a measurement to uncover software side manipulations of the transaction data.
| FactSnippet No. 1,642,189 |
Online banking requires robust, stable and affordable access to broadband services.
| FactSnippet No. 1,642,190 |