What is e banking and its advantages and disadvantages
Answers
Answer: It us a method of banking in which the transactions are electronically conduct
Advantages of E banking: There is a no need to standing in a big line.
We transact when we want, means any time.
The biggest advantage is that our country is being the digital.
Disadvantages of E banking: disadvantage is only that if we not properly secure our account then it is a chance to hacker to hacked it
ADVANTAGES AND DISADVANTAGES OF E-BANKING
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Advantages and Disadvantages of E-Banking
27
Sep
2017
adminMBA, MediaAdvantages of e banking, Disadvantages of e banking, E-Banking, Electronic banking, Mobile Banking, Online Banking, Virtual Banking
E-BANKING
E-Banking now-a-days is the common trend here in our country. Everyone should be aware about all the positive and negative side of the technology. There was a workshop organized at Mangalmay Institute of Management & Technology, where the students got information about how to use this facility properly.
E-banking refers to electronic banking. It’s like e-business in the banking industry. Electronic banking is also known as “Virtual Banking” or “Online Banking”. Electronic banking is based on banking based on information technology. Under this I.T system, banking services are delivered through a computer-controlled system. This system involves a direct interface with customers. Customers do not have to visit the bank’s facilities.
Popular services covered under E-banking include : –
ATMs,
Credit cards,
Debit Cards,
Smart Cards,
Electronic Funds Transfer System (EFT)
Check the truncation payment system,
Mobile Banking,
Internet Banking,
Telephone Banking, etc.
Advantages of E-Banking : –
The main advantages of electronic banking are: –
The cost of operation per unit of services is lower for banks.
Offers convenience to customers since they are not required to go to the bank’s facilities.
There is a very low incidence of errors.
The customer can obtain funds at any time from ATMs.
Credit cards and debit cards allow customers to get discounts at points of sale.
The customer can easily transfer the funds from one place to another place electronically.
Disadvantages
Savings and credit cooperatives, and in particular small local cooperatives, strive to match the level of convenience (ATMs and branches) that many banks offer their customers, although many are part of shared networks that increase channels available to its members
Some Credit Units are limited in their product offerings
One must qualify for membership
One must pay a membership fee to join