Banking refers to the transactions and services performed and offered by a bank for its customers.
A bank is a financial institution that is licensed to accept deposits from the public while simultaneously making loans. Banks also provide related services such as individual retirement accounts (IRAs), certificates of deposit (CDs), currency exchange, and safe deposit boxes or lockers.
It can be done offline, online or both ways. While it can be done offline through a bank’s brick and mortar branches, a new breed of banks that only maintain an online digital presence are making inroads into the modern banking system. These digital banks offer online services through web platforms and mobile apps.