Navigating Online Banking Essentials

What is the primary purpose of online banking?

• To offer financial advice to users

• To replace all forms of traditional banking

• To provide a physical bank branch experience

• To manage bank accounts and financial transactions over the Internet

What can you NOT do with online banking?

• Apply for loans or credit cards

• Pay bills online

• Transfer money between accounts

• Withdraw physical cash directly from the app

Which feature is commonly used in online banking for enhanced security?

• Public Wi-Fi access

• Password only authentication

• Multi-factor authentication

• Simple encryption

How do banks ensure the safety of online banking?

• By employing state-of-the-art security measures like encryption

• By sharing passwords with third parties

• By using outdated security measures

• By avoiding digital banking options

What should users avoid when using online banking to ensure security?

• Avoiding public Wi-Fi for banking transactions

• Using multi-factor authentication

• Regularly updating their banking app

• Using strong passwords

What is a major advantage of online banking?

• It limits the types of transactions you can perform

• It requires visiting a bank branch

• It is only available during business hours

• It offers 24/7 banking convenience

What is essential for accessing online banking?

• Physical banking tools

• A bank branch nearby

• A stable internet connection

• A landline telephone

How do users typically start with online banking?

• By sending a mail request to the bank

• By setting up an account online with identity verification

• By visiting a bank branch in person

• By calling a toll-free number only

What is a challenge mentioned for new users of online banking?

• The requirement to use a bank branch for all transactions

• The high costs associated with online banking

• The need for a stable internet connection and overcoming a learning curve

• The absence of any customer support

Why is online banking considered a fundamental shift in managing finances?

• Because it offers unmatched convenience and robust security features

• Because it offers fewer services than traditional banking

• Because it is less secure than traditional banking

• Because it requires physical bank visits