INB Abbreviation

Looking for INB abbreviation? We have got you covered in this guide. We have listed down different possible abbreviations of INB in various groups like Banking, Airport Code, Business, Medical, Academic & Science, and File Type.

FullFormFactory is the largest source of abbreviations generated in different ways using AI and verified by our community. You can see all the abbreviations in different categories popularity-wise followed by the most popular abbreviation of INB in the image.

Popular abbreviations of INB:

Searching for INB abbreviation / INB full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

You can download this image and share it on social media. If you are a website owner, you can add appropriate citations to use this INB full form, meaning image.

What does INB mean?

Internet Banking refers to a system that allows a customer of a bank or a financial organization to perform various functions such as financial transactions and other banking services such as checking balances on the internet.

Typically an Internet banking platform of a specific banking or financial institution is created which is usually directly connected to the core banking system. It allows easy access to the customers.

History

The early form of internet banking traces itself back to the service provided by United American Bank which was headquartered in Knoxville, Tennessee. The bank in association with Radio Shack, a retail company, produced a modem that was considered secure to use. 

The modem was used to allow customers to access their account information and pay bills. Services such as newspapers and magazines were also added. The system worked on a subscription model wherein subscriptions cost around 25 to 30 United States Dollars.

Advantages of INB

There are different advantages of internet banking. Internet Banking makes the banking process much more easily accessible as it helps to overcome the requirement of physically visiting the Bank Branch for different transactional and non-transactional services.

The various transactional services which can be usually availed on Internet banking are as follows:

• Transfers of funds between different bank accounts.
• Transfer of funds to third parties, in case of bill payments.
• Loan applications.
• Payments of Equated Monthly Installments (EMIs).
• Credit Card applications and bill payments.
• Internet Banking is also an important part of E-commerce.

The various non-transactional services which can be availed non-Internet banking are as follows:

• Viewing Bank Statements.
• Ordering Cheque Books.
• Viewing account balance.
• Viewing recent transactions.
• Tracking the status of different applications.

Disadvantages

There are certain disadvantages of internet banking such as the following :

Technological problems: Internet Banking relies heavily on bank servers. While internet connectivity issues may limit an individual’s access to internet banking, the banking servers are also prone to technical glitches and often leave the internet banking services to a standstill for certain periods of time.

Security: The security of valuable banking information of numerous customers of banks is very important. Although Banks and Financial institutions rely on high standards of security, the data breach is a potential disadvantage for internet banking.

Internet Banking Scams: Internet Banking frauds and scams are a very big disadvantage of internet banking. Such scams use various methods to steal individuals’ banking details and eventually steal their money.