There is no official definition of this term, but it generally implies a service that allows customers to use some form of computer to access account-specific information and possibly conduct transactions form a remote location – such as home or at the workplace. The obvious advantage to the consumer is convenience – one bank recently used the advertising motto “bank naked” to emphasize the customer’s freedom to conduct routine banking transactions from the comfort and security of his/her home 24×7.(Richard Insley)
Popular services covered under E-Banking:
The popular services covered under E-banking include:-
1. Automated Teller Machines.
An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer for cash withdrawals and other banking services. An obtain ATM cash dispenser (ATM) Computer is an electronic telecommunications device that can be a financial institution customers to directly use a secure method of communication to their bank accounts to open, order or cash withdrawals (or cash advances with a credit card) and check their balances without the need for a human bank clerk. Many ATMs also allow people to cash or checks, transfer money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps landfill. On most modern ATMs, the customer identifies him or herself by inserting a plastic card with a magnetic stripe or aplastic smart card with a chip that contains his or her account. The customer then verifies their identity by entering a passcode, often referred to as PIN (PERSONAL IDENTIFICATION Number) of four or more digits. After successfully entering the PIN, the customer can perform a transaction. If the number entered incorrectly several times in a row (usually three attempts per card insertion), some ATMs try to retain the card if a security precaution to prevent unauthorized user from discovering the PIN...