Question

Which of the following is not the benefit of e- banking to the customers?
1 point
Inculcates a sense of financial discipline
Provides competitive advantage to the bank
Facilitates digital payments and promotes transparency
Customers can make permitted transactions from office or house via mobile phones.​

Answer 1

Answer:

The growth of internet and e-commerce is dramatically changing every day, with the model World Wide Web and e-commerce the world is transforming into a digital global village. In simple terms, internet banking means any user with a PC and a browser can get connected to the banks website to perform the banking functions and avail the bank's services. e-banking refers to electronic banking or banking using electronic media. Thus, e-banking is a service provided by banks that enables a customer to conduct banking transactions, such as checking accounts, applying for loans or paying bills over the internet using a personal computer, mobile telephone or handheld computer. e-banking includes a range of services like Electronic Funds Transfer (EFT), Automated Teller Machine (ATM), Electronic Data Interchange (EDI), Credit Cards, and Electronic or Digital Cash. Advantages of e-banking (i) e-banking provides 24 hours, 365 days a year services to the customers of the bank. (ii) It lowers the transaction cost. (iii) It inculcates a sense of financial discipline and promotes transparency. (iv) It reduces the load on bank branches.

Answer 2

Option b)Provides a competitive advantage to the bank is not the benefit of e- banking to the customers.

Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction.

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.