online-banking

Vocabulary Word

Definition

Online banking, also known as internet or electronic banking, is the use of digital technology to carry out financial transactions and manage accounts from a computer or mobile device.

Examples in Different Contexts

In business operations, 'online banking' facilitates efficient management of company finances, including payroll processing, invoice payments, and financial reporting. A business owner might mention, 'Online banking has streamlined our financial operations, allowing for real-time financial management and decision-making.'

Practice Scenarios

Marketing

Scenario:

Since security is one of the top concerns with online services, we should focus on emphasizing the safety measures we employ.

Response:

I agree, our marketing strategy should highlight the robust security features of our online banking system.

Business

Scenario:

Our banking institution is looking for ways to enhance our digital platform in order to accommodate customers' needs more efficiently.

Response:

We should consider partnering with a tech firm to revamp our online banking platform.