What is online banking?
Online banking is a portal that provides access to banking services to customers via any device with an internet connection. The objective is to control your finances using a computer, a mobile phone, or a tablet. This has brought a significant amount of convenience to our oftentimes hectic lifestyles. It has made paying bills and managing household expenses much easier. Moreover, since online banking offers a complete history of your yearly income and how you used it (bills, investments, etc.), it is a vital tool for doing your own taxes. It is also possible to do so through more modern and revolutionary devices, such as smartwatches and other wearables.
Consulting data, operations related to banking products, contracting new products, and monitoring everything in real-time to improve finances are some of its keys. All with the most significant availability and immediacy possible.
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Why do some people call electronic banking to withdraw money from the ATM?
Thanks to today’s massive digitization, some people still understand that electronic banking encompasses any activity carried out by electronic means: ATMs, phone calls to the office, and other communication channels. I’m afraid that’s not right since the most realistic definition of electronic banking is the one that encompasses Internet banking.
For this reason, it is even more common that, when you read or hear about “what is electronic banking,” it is in the context of accessing your operations online. This immediately leads to another persistent question, answered in the next section.
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What is the difference between electronic banking and online banking?
The beginnings of electronic banking were established in Spain in 1995. At that time, it was simply a method of finding out what condition clients’ finances were in. You could check the status of the balance or a specific movement. Over the years, practically all banks allow this access and much more since more and more financial system services can be completed.
Meanwhile, online banking dispensed with the physical office as the hub of its operations and concentrated its activities on the Internet. These companies have physical branches, but they are reserved only for concrete actions since most transactions are carried out over the Internet.
Thus, online banks put the following possibilities at your fingertips with just one click.
Open an account
Accounts of this type of entity can be opened in just a few minutes, with hardly any documentation and without any need to step on the branch. They allow the simultaneous management of a current account linked to a savings account that gradually adds appreciable profitability. All this is managed automatically through electronic banking without user intervention.
Given that everything in these entities is done through the network, confusion regarding electronic banking is usually ordinary. Why? Because electronic banking is the natural environment of online banking. While traditional entities use it as a compliment, the more modern ones use it as their “habitat.”
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