9. Characteristics of online banking systems

There used to be time, not so long ago, that banks only had high street branches where you had to go to conduct your business. And they shut at 3 o clock.

But with the rise of the internet, both banks and customers saw the benefit of being online.

Banking online has now become something which millions of people do on a daily or weekly basis.


Characteristics of an online banking system

Characterisitcs of an online banking system
Customer must go through a series of security steps in order to log on. Such as PIN number, password, position of random characters in a phrase, maybe a random number entry from hand-held card and so on.
Customers can see details of their accounts online
Customers can select an account and see the cash balance of each of their accounts and the available money on each account
Can select account they want and transfer money between their accounts or to another person / business
Can view their direct debits
Can set up standing orders
Can view historical statements by week/month for the previous six months
Make one-off payments or transfers
Will automatically log customer out if no action for a short period of time
Message facility to communicate with bank about account or security issues. Response usually from bank within 24 hours


challenge see if you can find out one extra fact on this topic that we haven't already told you

Click on this link: Online Banking Systems