Definition of Home banking:
Home banking is the practice of conducting banking transactions from home rather than at branch locations. Home banking generally refers to mobile banking, web banking, banking over the telephone, or banking by mail. The first experiments with online banking started in the early 1980s. However, it did not become popular until the rise of the Internet in the mid-1990s. Many Internet banks maintain few, if any, physical branches.
A system of banking whereby transactions are performed directly by phone or via a computer and modem.
The increasing popularity of home banking has fundamentally changed the character of the banking industry. Many people can arrange their affairs so that they seldom need to visit a physical branch. Online-only banks have profited from this shift in the industry. The absence of brick and mortar locations allows many online banks to offer favorable interest rates, lower service charges, and other incentives for those willing to bank online.
Facility to securely access funds, account information, and other banking services through a PC over a wide area network or internet. Also called electronic banking.
How to use Home banking in a sentence?
- Home banking includes mobile banking, web banking, banking over the telephone, and banking by mail.
- Besides home banking through Internet and telephone banking, the banks use a variety of channels to connect the client with its sales force and its operations.
- Saving time and reducing physical risks are the main benefits of home banking.
- However, home banking can also expose users to cybersecurity risks.
- Home banking is the practice of conducting banking transactions from home rather than at branch locations.
Meaning of Home banking & Home banking Definition