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What is Online Corporate Banking?

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  • Written By: H. Bliss
  • Edited By: W. Everett
  • Last Modified Date: 23 September 2016
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    Conjecture Corporation
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Corporate banking is basically banking geared toward business banking functions, particularly those used by corporations. Businesses that need extra service besides those an individual would use might seek corporate banking services. Banking online means conducting banking transactions through the Internet. Likewise, online corporate banking is web-based banking designed to handle the needs of corporate banking customers over the Internet. Some banks with retail locations offer online banking services in addition to their retail services.

Online corporate banking services generally include multi-account functions that allow a business to manage several financial accounts through one bank login. They handle payments and transfers of corporate money to other businesses or accounts. Many corporate online banking services also offer protections that help guard a company against unauthorized account access or fraud.

The advantages to using online corporate banking include convenience and the cost of services. Online corporate banking institutions are often able to offer their services at a less expensive price because they have no physical banking locations. Banks without brick-and-mortar bank branches pay less in overhead costs like staffing and building maintenance.

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The disadvantages to using online corporate banking include a lack of personal service and interfaces that might be difficult to use. A corporate banking customer who does not handle technology or websites well may benefit from banking at a branch, where an employee can assist him with face-to-face help on a transaction. This may be particularly important for older banking clients who are used to working with bank branches. Some banks offer accounts with a combination of online access and in-person banking services.

Online corporate banking can also present some security concerns. A business executive using online corporate banking would need to keep passwords secure and log in only on computers with secure connections to the online banking interface. In extreme circumstances, hackers can attempt to access banking information and passwords through the Internet. Any reputable online bank has security measures in place designed to prevent hackers from unauthorized access.

Banking online is not just for chains. Many local banks and smaller credit unions offer online service in combination with their bank branch services. Using online banking services from a small, local bank can offer the convenience of online banking with the personal service of a small bank branch location. Smaller banks can be limited in the number of locations available for in-person transactions or teller machine transactions.

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