What Is the Definition of Online Banking?

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Online banking is offered for free by many major bank branches, and a multitude of simple transactions can be completed online, such as bill paying, transfers and balance checks. Ask your bank about online banking options with information from a freelance computer specialist in this free video on the Internet.

Part of the Video Series: Internet & Computer Viruses
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Video Transcript

Hi, I'm Noah, and I'm going to tell you about the definition of online banking. Basically, online banking is a system that allows you to perform tasks, which would traditionally be performed at a bank's local branch, simply from your computer using the Internet. This means you can pay your bills, transfer money, just check how much money's left in your account, and do all kinds of simple transactions like that from your computer. Now, there are two different types of banks using online banking. In other words, the traditional banks which offer a complementary online banking service, but also banks which are exclusively online, meaning they don't have physical branch offices. Most large banks now have a login screen for their online banking service right on their homepage. All you have to usually do is enter your ID and password, and you can log on very quickly. A lot of banks now even have the option to use different languages with online banking, like Spanish. Finally, a good thing to check with online banking is what insurance you have. A good online banking service will have a guarantee of zero liability on unauthorized activity originating from your online account. This means that, if for some reason, your password were breached or something like that, you wouldn't be held responsible for any money that was stolen from your account. The good thing is banks are always coming up with new ways to protect your identity with online banking. This French bank, for example, has a virtual keyboard which is used for entering your password so that your keystrokes can't be detected from your keyboard.

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