Online banking, also known as internet banking, web banking or home banking, is an electronic

payment system that enables customers of a bank or other financial institution to conduct a range
of financial transactions through the financial institution's website.
Some benefits of online banking are:
1. You will be able to deposit cheques online rather than driving to the bank branch and
waiting in line, you may be able tom deposit cheques online in minutes
2. Paying bill may be one of the top advantages of online banking, because you don’t have
to take time out of your day to go to the bank you could simply log into your account and
make the transaction.
3. 24/7 account and service access. As long you have internet connections some online
banks take this perk one step further by giving you 24/7 phone access to a real life
customer service agent.
4. Transfer of money, if you have to transfer money to an account or repay a client you
could easily do so by logging into your account and securely transfer the money online.

Some limitations of online banking are:

1. Privacy and security concerns, financial institutions have very good security, but no
system is foolproof. Valuable information is always prone to hacks.
2. Technology disruptions, online banking relies on strong internet connection, if your
internet is disrupted by power outage, server issues at your bank, or if you’re in a remote
location you might not be able to access your accounts.
3. Limited services, online banking features a lot of services but some of them still require
business owners to go into the bank to “wet sign” documents, some of these include load,
credit applications and large withdrawals of cash
4.