lectronic banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution. The following terms all refer to one form or another of electronic banking: personal computer (PC) banking, Internet banking, virtual banking, online banking, home banking, remote electronic banking, and phone banking. PC banking and Internet or online banking are the most frequently used designations. It should be noted, however, that the terms used to describe the various types of electronic banking are often used interchangeably.
Is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty four hours, seven days a week, regardless of the bank’s working hours. Today, most banks offer online banking services.
Characteristics of e-banking
E-banking is poised to fill the void. In today's competitive world economy there are few opportunities to make a big difference and many opportunities to make a little difference. Banks land other financial organizations can easily strive to seize all these opportunities.
In the modern age the whole world has become as a global village and people are getting closure day by day through information and communication technologies based on digital system. So, modern age is also termed as digital age.
E-banking mainly depends on computer and different types of information technologies. Now day's different types of e-banking operations have been introduced. Transactional websites provide customers with the ability to conduct transactions through the financial institution's website by initiating banking transactions or buying products and services. Banking transactions can range from something as basic as a retail account balance inquiry to a large business-to- business funds transfer. E-banking services, like those delivered through other delivery channels, are typically classified based on the type of customer they support. The following table lists some of the common retail and wholesale e-banking services offered by financial institutions.
Common E-Banking Services
|Retail Services |Wholesale Services | |Account Management |Account Management | |Bill payment and presentment |Cash management | |New account opening |Small business loan applications, approvals, or advances | |Customer wire transfers | | |Investment/Brokerage services |Commercial wire transfers | |Loan application and approval |Business-to-business payments | |Account aggregation |Employee benefits/pension administration |...