What is online banking?

Online banking, also known as internet banking or e-banking, refers to the use of electronic platforms and the internet to conduct various banking activities and transactions remotely. It enables customers to access their bank accounts and perform financial tasks through a secure website or mobile application provided by their financial institution.

With online banking, customers can conveniently manage their accounts and perform a wide range of banking activities without having to visit a physical branch like what is done at www.rg.co.ke .

Features of online banking

1. Account management

Customers can view their account balances, transaction history, and detailed statements online. They can also monitor their account activity in real time.

2. Fund transfers

It allows customers to transfer funds between their own accounts, as well as to other accounts within the same bank or to accounts held at other financial institutions. This includes making payments to individuals, businesses, and bill payments.

3. Online bill payment

Users can pay their bills electronically through the banking platform. This feature enables customers to set up recurring payments, schedule future payments, and manage their bill payments efficiently.

4. Mobile check deposit

Many online banking apps offer the ability to deposit checks by taking a photo of the check using the camera on a smartphone or tablet. This eliminates the need to visit a physical branch or ATM to deposit a check.

5. Account alerts and notifications

Online banking provides the option to set up alerts and notifications to stay informed about important account activities, such as low balance alerts, transaction alerts, and payment due reminders.

6. Online statements

Instead of receiving paper statements in the mail, customers can opt for electronic statements, which are accessible online. This helps reduce paper waste and provides easy access to past statements.

Security is a significant aspect of online banking, and banks employ various measures to ensure the confidentiality and integrity of customer information. These measures typically include encryption, secure login procedures, two-factor authentication, and monitoring for suspicious activities.

It’s important for customers to use secure internet connections and protect their login credentials to ensure the safety of their transactions.

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