Meaning of the word "online banking" in English

What does "online banking" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

online banking

US /ˈɑnˌlaɪn ˈbæŋkɪŋ/
UK /ˈɒnˌlaɪn ˈbæŋkɪŋ/

Noun

a method of banking in which transactions are conducted electronically via the internet

Example:
I use online banking to pay my bills and transfer money.
Many banks offer secure online banking services.