Online Banking System Features
- User Login: The user login feature is a important component of online banking systems by providing a secure gateway for users to access their accounts. Users must authenticate themselves with a valid user ID and password and sometimes additional security measures like OTP or biometric authentication are used for added security.
- Check Balance: After logging in the users can check the available balance in their bank accounts. This feature provides users with real-time information about their finances and helping them to manage their funds more effectively.
- Send Money: Online banking systems allow users to transfer money from their account to another valid account. Users need to provide the recipients account number and other necessary details to complete the transaction securely.
- Add Beneficiary: To make fund transfers easier and faster users can add beneficiaries to their account. Adding a beneficiary requires providing the recipient’s account details and verifying the relationship, ensuring that the transfer is authorized.
- Receive Money: When a user receives money into their account, the transaction is recorded and the account balance is updated accordingly. This feature allows users to receive funds from other users or external sources.
- Transaction History: Users can view their transaction history, which includes details such as the amount, time and type of transaction like deposit, withdrawal, fund transfer. This feature helps users keep track of their financial activities and monitor their spending patterns.
How to Design a Database for Online Banking System
Designing a relational database for an online banking system is an important and interesting task that requires careful planning and consideration. The database serves as the backbone of the banking system that stores and organizes large amounts of financial data securely.
In this guide, we will explore How to Design a Relational Database for an Online Banking System by designing the entity relationship diagram and Database Model with the help of various required entities, attributes, and relationships.