Examining The Major Functions Of Online Banking Information Technology Essay

Examining The Major Functions Of Online Banking Information Technology EssayOnline vernacularing is the practice of making bank dealings via the Internet. It will relegate you an outstanding chance to bypass the time-consuming, paper-based aspects of usual banking in order to manage your finances more competently.By switching to electronic bills, statements, and payments, the average Ameri piece of tail family bed save 6.6 pounds of paper in unrivaled year And you whoremaster grab any fake (scam) proceeding faster than if you received a statement by snail post.Thanks to pioneering technology and the Internet in particular, we no longer have to leave the house to make payments. Online banking is available 24 hours a day, 7 days a week, so you can do it anytime, anywhere.Online banking wholeows us to do various services with the click of a mouse. You can1. Pay a bill.electronic bill payment service allows a depositor to transfer money from his or her online lookto a creditor or merchant, for example to a public utility or a outlet. There is no withdraw to stand in a long queue on a weekend morning to oversee your legal proceedingThe paymentis practically instant, though some financial institutions can wait until the next business day to send out the payment. If it is necessary, the bank can disclose and mail a paper cheque or bankers draft to a creditor who is not set up to receive electronic payments. 2. Schedule payments in advance. near banks recommend clients the efficacy to schedule a payment on a particular date. Once the amount is entered and the payee is checked off, the funds are automatically deducted from your online bank account.It is mainly useful if you constantly forget payable dates. For example, you can schedule credit railcard or mortgage payments to make sure that you will not incur late fees and damage your FICO score.3. Transfer funds.Do you motivation to transfer money rapidly and unattackablely? With online banking, you c anmake moneytransfers between your professaccounts, or send money to a third party account as wellhead. in all you need is recipient/payee information and enough funds in your account. Quite often, the operations are performed in real time.4. Manage all your accounts in one place.Online banking is an enormous time saver because it provides a chance to handle a number of bank accounts (checking, savings, CDs, IRAs, etc.) from a single site. Most new accounts you open will be automatically added to OB (Online Banking).5. View images of your checks online.Do you need a copy of a paid check? With online banking, you can see and print scanned images of the front and back of all checks you have written. It is easy and convenient.6. Apply for a loan or credit card.By using an account online, you can apply for a credit card or a loan (a car loan, a student loan, a mortgage, a home equity loan, etc.) from the same bank. If you have a good credit score and long relationship account with your bank, your application is likely to be accepted. 7. Purchase and manage CD accounts.You can purchase a certificate ofdeposit from your bank If you have money you want to invest,. Online banking lets you compare all available offers as well as the terms, for example APY or maturity periods. When you confirm the purchase, the funds will be automatically deducted from your account.8. rule travelers checks.You can order American Express Travelers Cheques online. The bank will typically charge your online account for the sum of the cheques you bought and an express delivery cost.9. Increase your overdraft.Log in to online banking and click on Overdraft in the menu You can increase your overdraft online.10. Order a cheque take for.Save your time by ordering cheque book online. You will need to visit your bank once when you get a confirmation letter that your cheque book is ready for collection.11. View up-to-the-minute account statements and balance.There is no need to wait for the bank statement to get to your P.O.Box to check account balances. You can view all transactions and withdrawals every day just by logging in to your online account. Additionally, you can immediately report errors or unauthorized transactions in your statement.12. View automatically updated spending report.All of your purchases are sorted into common categories automatically no receipts to keep, no expenses to enter. It is straightforward to see where your money goes13. Track your payment history.Online banking provides an opportunity to look for your payments by transaction type, date, description or amount. When did you last pay Company X? When did you buy your computer? To whom did you make your or so recent payment? Your bank knows the answers.14. immix the data with personalfinanceprograms.Online banking lets you bring in electronic payment data in personal finance software such as compensate or Microsoft Money. You will be able to enter into your online accounts d irectly from your personal finance program. An Internet connection and online account log in information is all that needed.15. Change get to details.Have you moved to a new house? Changed your telephone number? You can log in to your online account and change meeting information (e-mail address, telephone number, password, etc.). It is more secure than to send this information by e-mail.16. Utilize investment research.You can receive real-time quotes, analytics, news and stock foodstuff information to make a more relevant and profitable decision.17. Take advantage of online brokerage.Internet banking lets you invest online. You can place and confirmtrades 24 hours a day, seven days a week. Most banks offer a wide range of money market instruments from various issuers.18. Get alerts.This service lets you to get seasonable e-mail messages from your bank about any critical changes related to your Internet accounts. For instance, you can get alerts when you make a withdrawal or change your contact information.19. Verify terms and conditions.You can verify all information about your account online whenever you forget your interest rates or payment due date.20. yap away with your customer assistant department.If you need protagonist, you can send message to your banks customer assistant department. They will be in touch with you and try their best to help you solve your problem.Now that I described various functions of Online banking it is the time to discuss Citibank functions and how they do them and what is the purpose of doing such functions.Here is the Citigroup Mission StatementCitigroup Inc. (Citi) recognizes that foreclosures affect the individual, the family and the community. We besides understand that early intervention and a full understanding of the available options are important for mitigating or minimizing the impact of foreclosures.Citis Office of Homeownership Preservation (OHP) is dedicated to purpose solutions that preserve homeowne rship and help mitigate the challenges faced by borrowers. We work directly with borrowers at risk of losing their homes. We also work with any and all stakeholders who advocate on behalf of borrowers, including non-profit organizations, elected officials, government agencies, regulators and others. Our strong partnerships with these stakeholders help us to develop and implement homeownership preservation solutions and modify us to magnify our outreach and assistance to borrowers. For example, OHPs hotline for housing counselors greatly enhances their ability to work with us on behalf of our borrowers. And our borrower and counselor outreach programs, which we conduct in collaboration with partners in numerous locations about the U.S., bring help directly to at-risk communities.First I will explain the definition of e-banking. e-banking is defined as the automatise delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enablefinancial institutioncustomers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. While the risks and controls are similar for the various e-banking access channels, this booklet focuses specifically on Internet-based services due to the Internets widely accessible public network. Accordingly, this booklet begins with a discussion of the two primary types of Internet websites informational and transactional. Citibank offers vast amount of electronic banking products and services which enables customers fast and secure access to banking through Citibanks portfolio of bank. CitiDirect Online Banking business bankings new direction and is defined as a powerful new way to bank that puts customers banking functions all in one place at your fingertips and within reach of your entire organization. For small companies, it means accessing global capabilities from your desktop and for multinationals its about getting a handle on your world. CitiDirect is the floor of Citibanks vision of the future of banking. CitiDirect lets you access your accounts-real-time -and an ever-expanding portfolio of industry-leading products and services through the Web, so you can be more efficient, more flexible and more in control of your banking.Customers can access their information on bank balances, initiate both local and foreign currency payments and would shortly be able to initiate trade transactions and customer service requests.BenefitsBanking that changes as you changeCustomer Banking ServicesLeading Edge SecurityOnline SupportFast, Efficient and Easy to UseEasy bother, full( a) ControlCitibank Paylink is Citibanks premier payment product, enabling an absolute outsourcing of the payment route to Citibank for efficiency, time and cost savings to our customers. Citibank Paylink needs data creation, approval at customers offices and airing via on-line modem to Citibank where payment is authenticated and securely practiced each as cheques or Electronic Funds Transfers to receiver at Citibank or other banks.Citibank Paylink can also be edged with accounting systems to be given payment data prior to transmission on-line to Citibank. SAP R/3, JD Edwards, SUN and most major accounting systems have been successfully interfaced with Citibank Paylink. Citibank Paylink also incorporates a perform at library, which can be used for regular payment instructions of dealers, and beneficiaries.Citibank Paylink suggests a fast, suitable, consistent and secure way to effect payments, includingForeign Currency/ Money Market Deal initiationMass Payments Processing for Divid ends, etcAccounts Payable Process solicitudeRegional Payments ServicesElectronic Payroll ProcessingCustoms and Duty PaymentsBenefits of Citibank PaylinkSecurity and control.Facilitates straight through processingEnhanced reconciliationConvenient, Flexible and pliable systemElimination of check order, printing and signing processTime and cost savingsCitibanking Online deals with cash management which is an progressively more important ingredient in overall business performance. Information on your bank accounts must be exact, up-to-date and instantly reachable. Citibanking Online is Citibanks Windows based electronic banking display place providing unified access to account information. This system allows you to see, in a matter of seconds, the very modish of information on accounts you hold worldwide via a computer last-place in your office. Citibanking Online s competence and power provide a clear competitive edge wherever whenever you do business.BenefitsHistorical DataSimp le Access and User Friendly SoftwareComprehensive DataProvides Instant InformationReal-time Online InformationCitibanking is considered as a product that offers admission to all Citibank branches around the globe. You can easily and from your own office, you can get connected to Citibanks network in a few seconds. You can also view the very latest information on accounts held globally. You can also transmit or transfer instructions to any Citibank location or branch in the world. Citibanking performs in either a single workstation or multi-user surroundings providing features and attributes adapted to meet your specific needs.BenefitsSecurity.Rapid, cost effective communications.Reliable, accurate records.Enhanced productivity.Citibanking is well-matched to financial institutions and global corporations It is also well suited to trade transactions and works well with cash management.