Online banking refers to the customer using secure internet access, with 128-bit encryption, to perform banking tasks related to his account. The customer is provided with a unique customer ID and password so as to access his account online. The password is changed at regular intervals. Online Banking offers conveniences that are beneficial for business use and personal use. Some of the benefits of online banking include 24 hour a day access, a monthly cost savings of roughly $6,, and security that matches the security of banking in person.

Despite the convenience, cost savings and high security of online banking, recent studies have shown that less than 25% of Americans are taking advantage of their bank\'s online banking options. In addition to these benefits, many banks are trying to squeeze their clients into online banking in an effort to reduce their administrative costs. Yet despite all of these benefits and efforts, in the more than six years since its inception, online banking has not yet become the standard practice.

Many busy professionals are often too busy during normal banking hours to attend to their finances, but online banking takes away this concern by offering 24 hour access to all of the banking options that the local bank branch can handle, as well as a few additional perks such as instant statements for specific date ranges. No longer do private citizens or businesses have to request information in person and then wait several weeks for the information to be processed and mailed out. The conveniences of online banking cannot be matched for business or personal use. Most of the major banks now offer online banking.