APPLICATIONS
Theory9. 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