The impact of e-banking over the personal and business life of a person or institution
Growth of Electronic banking in a country depends on many factors, such as success of internet access, new online banking features, household growth of internet usage, legal and regulatory framework. E-banking can offer speedier, quicker and dependable services to the customers for which they may be relatively satisfied than that of manual system of banking. E-banking system not only generates latest viable return, it can get its better dealings with customers. Electronic banking plays a vital role in the economic development of a country also. Due to immense advances of information and communication technology (ICT), it certainly introduced new dimensions for the global E-banking community. It provides some attractive features for the customers than those offered by traditional banking system such as to open an account; it takes less time than traditional system. Other services offered like free fund transfer and free payment cards etc. (http://www.american.edu/initeb/rw9257a/banking.htm) In case of traditional banking system a fund transfer, for instance, used to take several days whereas electronic banking is capable to perform the same operations within few seconds. Customers are getting better services now because of the development of ICT in E-banking and so bank now can perform its function with high speed and accuracy.
The data for this paper have been collected both from primary and secondary sources of information. Primary data have been collected from the different banks of Dhaka City, Bangladesh and secondary data have been collected from various published materials and Internet resources. Major findings of the study are represented in the tabular and text format.
OBJECTIVES OF THE STUDY
The main objectives of this study are as follows:
❖ To shed light on the concept of e-banking.
❖ To describe the different types of electronic banking system ❖ To examine the present status of existing e-banking in Bangladesh ❖ To know the adoption of e-banking in Bangladesh context.
What is Electronic Banking?
E-banking” refers to systems that enable bank customers to access accounts and general information on bank products and services through a personal computer (PC) or other intelligent device. Its products and services can include wholesale products for corporate customers as well as retail and fiduciary products for consumers. The main focus of this study is to examine the performance, problems and prospects of E-banking in Bangladesh. The study is descriptive in nature. It reveals that E-banking mostly depends on IT. At present, IT is a subject of widespread interest in Bangladesh. The government has declared IT as a thrust sector. The study recommends that a comprehensive E-banking will be possible only when there will be political commitment with better IT infrastructure, internal network, country domain and, above all, a high speed fiber optic link to the information superhighway.
E- Banking products and services
E-Banking products and services can include wholesale products for corporate customers as well as retail and fiduciary products for individual customers. Ultimately, the products and services obtained through internet banking may mirror products and services offered through other bank delivery channels. A brief description of retail and wholesale products and services is given below:
Automated Teller Machine (ATM)
An automated teller machine (ATM) is a computerized telecommunications device that provides a financial institution’s customers with a method of financial transactions in a public space without the need for a human clerk or bank teller. Debit Card
A debit card is a plastic card which provides an alternative payment method to cash while making purchases. The amount of a...
References: 2. Islam, Monirul,( March 06, 2005) “Proposed ICT infrastructure for E-banking in Bangladesh published in website (http://www.dsv.su.se/research/seclab/pages/pdf-files/2005-x-254.pdf) Raihan A. 2001. Computerization and IT in the Banking Sector of
7. Electronic Banking in Bangladesh: Potential and Constraints (D. U. Journal of Marketing, Vol. No. 10, June 2007)
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