Banking services which a retail customer of a financial institution can access using a telephone, television set, terminal or personal computer as a telecommunication link to the institution’s computer centre.
Banking transactions that retail customers can perform from their homes or offices. Services typically include obtaining the current balance in a checking or savings account, moving funds between accounts at the financial institution, and paying bills. Sometimes services include purchases of deposit or mutual fund shares, and applying for loans. Customers can use telephones, screen phones, or PCs, depending on how the services are structured. Also referred to as cyberbanking, electronic banking, remote banking or online banking. See also Cyberbanking, Electronic banking, Remote Banking.