online banking

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online banking

Transacting business with a bank, savings & loan or other financial institution over the Internet rather than in person at a branch or drive-in location. Customers can view their account balances, transaction history and cancelled checks, as well as pay bills, transfer funds and apply for loans. Most banks offer online banking as an option, whereas a "virtual bank" has no physical branches and conducts all business online. See mobile check deposit and virtual bank.
References in periodicals archive ?
E-banks are working on integrating information with financial services, says Tam.
At year-end, Vilniaus Bankas had 11,262 e-bank customers - three times greater the volume anticipated by its management.
At the beginning of April 2001, the number of e-bank customers had grown to 20,108 nearly doubling the customer base in just three months.
Some 80 percent of Lithuania's e-bank customers are customers of Vilniaus Bankas, which is the country's largest bank, with a market share of slightly more than 40 percent.
Vilniaus Bankas Doubles Number of e-Bank Customers in Just Three
SEB now has e-bank operations, with a total of 670,000 customers, in seven countries.
SEB's decision to give Norwegian customers the opportunity to connect themselves to an e-bank is in line with SEB's strategy to be the leading player within Internet-based financial services in Europe.
The e-bank in Norway is based on SEB's European e-bank model.
By using a uniform e-bank model in Europe, we generate synergistic gains through the transfer of know-how, experience and services, all of which can be used throughout SEB e-banking's European organisation.
Despite the efficiencies and convenience of e-banks, most customers prefer their own bank's online services over those offered exclusively on the Web.
Although the realm of these new e-banks is the Internet, there are countless requirements for traditional printed documents, including local, state and federal laws that demand that transactions be recorded on paper," said LeCrone.
This makes SEB one of the leading e-banks in the world.