ipl-logo

Advantages And Disadvantages Of E-Banking

1670 Words7 Pages

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 …show more content…

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.

Show More
Related

  • PSD2 Week 9 Final Paper

    797 Words  | 4 Pages

    Digital banks such as N26, Fidor and atom bank are giving more control to the customer over personal account data because of PSD2 and open banking initiative. According to the PwC Strategy& study on PSD2 88 percent of consumers use third-party providers for online payments, which indicates that there is a large, primed base of customers for other digital banking services. Moreover, 85 percent of the respondents are happy with companies like Amazon and PayPal controlling money transfers as reliably and securely as their banks. This shows us third party providers has earned consumer’s trust, giving an opportunity to fintech’s to expand due their simplicity (Strategyand.pwc.com, 2017). This is because app based banks simply running off a simple smartphone are becoming increasing present and contributing in removing the old, slow fashioned way of banking due to PSD2 and open banking, as now with just a few taps, friends and family can exchange money, track spending, freeze a card and set budgets.

    Read More

  • Business Relationship: TD Bank And Peoples Heritage Bank

    1627 Words  | 7 Pages

    Easy access to your bank account from anywhere to transfer money, view statements, business emails, person to person payment, and bill pay and quicken/QuickBooks. This system eliminates the hassle of standing in lines and traveling to a near location to perform a transaction. Customers can keep track of the accounts daily to detect any fraud of suspected activities. The mobile site has trusted security that included touch ID to log on securely. Mobile banking can be connected to any device to smart tool to access your bank

    Read More

  • Banks Before The Civil War

    2048 Words  | 9 Pages

    Over thirty years have gone by since the start of taking banking to the Internet and there have been many situations that reflect it as a good thing, and then others opposing it as a bad idea. In all, the online industry continues to grow and advance each year with researchers coming out with new ideas to improve the banking

    Read More

  • Bank Of America Mobile Banking Case Study

    1764 Words  | 8 Pages

    And was meant as an extension to already rapidly growing online banking with the added benefits like accessibility, where consumers could access their bank accounts on the move from their mobile devices. For many banks, that was yet another channel to attract and retain new customers and to increase their income. While online banking is still the most used banking method in the USA, mobile banking has increased its popularity by 7% and is preferred by 12% of consumers, according to a recent survey by the American Bankers Association. Having that in mind, let’s discuss the actual benefits consumers can gain from using mobile banking

    Read More

  • Cyber Attack On Barclays

    1164 Words  | 5 Pages

    Barclays is the 7th largest bank in the world having more than 48 million clients around the globe. Since the 1970’s the way of banking began to change worldwide: in 1966 the first credit card (Barclaycard) of Barclays was issued, a year after clients were introduced to the first Barclays’ “robot cashier” which is now better known as ATM. The following events of technological development had sound effect on banking and the way we see it now. With possibility to make almost every transaction, investment or other financial service online, all the banks, including Barclays, moved majority of its data ‘to the clouds’ – to groups of remote servers. This also includes all the confidential information about bank as well as its’ clients.

    Read More

  • The Pros And Cons Of Shadow Banking

    963 Words  | 4 Pages

    According to McCulley (2009), financing has got creative through the rise of securitization vehicles which has got momentum just before the financial crisis. Now the term represents a broader range of entities and activities. Moreover, ‘market-based financing’ instead of ‘shadow banking’ is preferred by some authorities and market participants. The term ‘shadow banking’ is sometimes deemed as too pejorative to characterize such an important and extensive part of the financial system despite the risks and lack of transparency involved in its activities (FSB, 2013).

    Read More

  • Case Study: Comcast

    658 Words  | 3 Pages

    1. Organization Overview Comcast is an American mass media conglomerate and is the largest cable and broadcasting corporation in the world by revenue. Comcast processes a large number of customer payments each day from various sources (credit cards, bank accounts, etc.). The acceptance of these payments is of the highest priority to ensure the safe, secure, and accurate collection of the customers’ money. Since the payments can come from many various sources, it is a complex system to monitor and ensure all systems are operational 24x7x365.

    Read More

  • Well's Fargo Case Study

    256 Words  | 2 Pages

    When your organization is responsible for keeping track of the money and property of approximately 70 million individuals, you can be sure that customer service is going to be one of your most pressing concerns. Such is the case with Well’s Fargo, one of the “Big Four” banks in the United States. When your organization is responsible for keeping track of the money and property of approximately 70 million individuals, you can be sure that customer service is going to be one of your most pressing concerns. Such is the case with Well’s Fargo, one of the “Big Four” banks in the United States. When your organization is responsible for keeping track of the money and property of approximately 70 million individuals, you can be sure that customer service

    Read More

  • Speech On How To Prevent Identity Theft

    1165 Words  | 5 Pages

    Identity Fraud Was At An All Time High in 2017 - Here's How to Prevent It/Protect Your Company Let’s talk about identity theft – it’s the biggest current threat to personal security in America, causing immense loss for both consumers and businesses alike. The sheer scope of identity fraud crimes is enormous; it touches every sector, every industry, and every level of business from the tiny mom and pop shop to sprawling global corporations. Identity theft crime statistics are on the rise, especially for businesses. It is now a significant risk mitigation issue for recruiters, salespeople, and service providers in every sector, every level of business, and every niche.

    Read More

  • The Banking Concept

    834 Words  | 4 Pages

    In “The ‘Banking’ Concept of Education” Paulo Freire addresses the inefficient and oppressive nature of modern education. Freire explains that the way in which teachers conduct educating is harmful to the students as well as the teachers. He proposes an alternative method to the banking concept called the problem-posing method. This method treats the teacher and students the same and allows for knowledge to flow in both directions. What Freire tries to convey in his work is that the way the act of educating is performed has a profound impact on the way the students materialize into the real world and how education can be used, intentionally or not, to control the students.

    Read More

  • Advantages And Disadvantages Of Electronic Records Management

    1153 Words  | 5 Pages

    Nowadays, technology is changing rapidly around the world. Technology is also making a simple matter of difficulty. For example, in the management of their own records. Records management repositories, archives or organization, there are a number of difficulties to manage it in a better way. But, nowadays, electronic records have been created and used to manage it in a good way.

    Read More

  • What Are The Advantages And Disadvantages Of Online Banking

    919 Words  | 4 Pages

    Disadvantages of Internet Banking • Understanding the usage of internet banking might be difficult for a beginner. So, a person who is new to the system might face some difficulty. • An uneducated person who has a bank account but due to illiteracy he cannot avail the bank’s online facility. • You cannot have access to online banking if you don’t have an internet connection; thus without the accessibility of internet access, it may not be useful.

    Read More

  • Benefits Of Online Shopping Essay

    1142 Words  | 5 Pages

    The most valuable reason for the popularity of online shopping among the people is its high convenience. First of all, online shopping allows the customers to buy products at any time that is convenient for them. While traditional brick-and-mortar selling businesses tend to work during specific time periods, online shopping is accessible at any time. An immense benefit of online shopping is that it is available 24/7. As a result, the customers do not need to think that they will not manage to buy something since the shop is already closed.

    Read More

  • Essay On E-Commerce

    708 Words  | 3 Pages

    E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used. Or what we know and familiar with as online shopping.

    Read More

  • Disadvantages Of Digital Business

    1600 Words  | 7 Pages

    Introduction “Companies today are rushing headlong to become more digital… This often results in piecemeal initiatives or misguided efforts…[regarding their use of social media platforms]” (Dorner and Edelman, 2015:1) In a society where social media has a profound impact on businesses we ask ourselves just how effective can it be? And if not effective, what are the negative impacts?

    Read More

More about Advantages And Disadvantages Of E-Banking

Open Document