Question

What is e-banking? Explain the benefits of e-banking.​

Answer 1

E-banking or Electronic banking is a form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, checks, or other types of paper documents. Transfers of funds occur between financial institutions such as banks and credit unions.

The main advantages of electronic banking are: –

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.