Advantages And Disadvantages Of E-Banking

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Introduction

Definition of E-Banking
E-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet.
Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. While the risks and controls are similar for the various e-banking access channels
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Mobile Banking:
Mobile banking comes in as a part of the banks initiative to offer multiple channels banking providing convenience for its customer. A versatile multifunctional, free service that is accessible and viewable on the monitor of mobile phone. Mobile phones are playing great role in Indian banking- both directly and indirectly. They are being used both as banking and other channels.

Advantages of E-Banking:
•Convenience
- Unlike your corner bank, online banking sites never close they are available 24 hours a day, seven days a week, and they’re only a mouse click away. With pressures on time and longer travelling periods, more and more people find it tiresome waiting in queues. People want flexibility, and Internet banking offers just that.
•Ubiquity
- If you’re out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 247.
•Transaction speed
- Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
•Efficiency-
You can access and manage all of your bank accounts, including IRA’s, CDs, even securities, from one secure site.
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