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Everything To Know About Online Banking Going Into 2023

With the new year looming, it’s important to make sure you are up to date on all things to know about the online banking world, and whether or not you are correctly protecting your financial assets. 

Online banking has been a popular form of banking for several decades now, however it is a constantly changing industry. What could have worked for you several years ago may no longer be serving your best interests.

In this article, we’re going over everything you need to know about online banking today and for the foreseeable future. It’s important to keep yourself updated on cyber security as well, so we’ll be covering that tool.

Just What Is Online Banking?

If you’re new to the concept of online banking, and you’re looking to open an online account, then this section will be helpful to you.

Online banking is the most popular form of banking, as it allows people to manage their finances electronically through the internet. People can send each other money from their computers, phones, and other devices. 

For example, here is an online banking website that allows you to manage all your finances online. 

Online Banking Security

With the added convenience of managing all your money on a computer or phone, there is unfortunately an added security risk. If you rely on a simple username and password to get access to your finances, then there’s a chance your account could be accessed by someone other than yourself. 

Many online banking sites offer two factor authentication however, and we highly recommend utilizing this feature. 

Two factor authentication, or 2FA, adds another layer of security to your login attempts, making it near impossible for hackers or people other than yourself to breach your account. To learn more about how two factor authentication protects your account, check out this guide on 2FA.

One of the most common forms of 2FA is the integration of your cell phone. After logging on with your username and password, you may also be asked to enter a code texted to your phone in order to login. If someone has your username and password, they would not be able to access your account without also having your phone.

Another popular form of two factor authentication utilizes the fingerprint scanner on many smartphones. Some online banking services, such as Bank of America, offer fingerprint scanning as an additional security layer for accessing accounts. 

Finding the right bank for your needs

While there are many great online banking services, they each come with their pros and cons. It is important to evaluate several different options, that way you can find the best bank for you.

We recommend checking out the following online banks and comparing their advantages and disadvantages:

  • Discover Bank
  • Quontic 
  • Axos Bank
  • Ally Bank
  • Nbkx Bank
  • American Express

There are many other great choices for online banking, just be sure to do the proper research before signing up for an account. A great method of narrowing down the search is to identify what you will mostly be using your bank account for, and then looking for banks with focuses on those needs.

Ahsan Khan
Ahsan Khan
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