You may transfer your funds from one of your account to the other accounts for the similar bank. Moreover, you can also send funds to your seller by money transfer and there's no need to come on to the bank just to send money since you may do it anyplace with Online business banking. 4. Pay bills online Paying bills is other distinctive benefit of this kind of banking. There are list of companies in your banking account to which you can pay bills such as cables, credit card companies, utility companies or paid memberships you have like golf clubs.
Online payment is very important. Customers and businesses can use the credit card account to implement the payment. The overhead of a lot of people can be omitted in the Internet by using the electronic payment method. Online payment will require more reliable transmission of information security controls to prevent fraud, hacking, fraudulent and other illegal acts. Online payment will need to have the electronic finance to support, that is, the bank or credit card companies and insurance companies and other financial institutions to provide financial services to provide online services.
In the electronic banking system, the bank has the main attention on a database that is the web-based product. All the services that the bank has offered on the Internet explained in the menu of the bank. Any service can choose and the type of service connects the further connection. Once the branch office of the bank is inter-connecting through Internet or home links, there would be no physical visit for any branch. ELECTRONIC BANKING ATM’s is introducing in the electronic banking, which provides the facility of electronic transfer of fund, payment of bills etc.
Also online banking has grown in a big way in nations like France, Canada, Australia, Poland, South Africa and Belgium. 1.2 BENEFITS OF E-BANKING There are numerous benefits of Online banking undoubtedly. It saves time by allowing direct transaction from office, home or any place. The virtual medium relieves customers from visiting the bank and waiting in a queue and provides a mental and physical relief from the unwanted rushes in the bank. The second important advantage is the convenience.
In any case electronic managing an account includes numerous diverse sorts of exchanges, rights and sometimes charges. Do your exploration. You may discover some electronic banking benefits more for your way of living than other ways. Other thing in e-banking is “ATM” which are electronic terminals that let you bank practically basically anytime. To withdraw money deposits or exchange funds between accounts, you only insert an ATM card and enter your PIN and then you can get cash or access your account so that is a very way to attract more clients by providing them with more ATM machines.
Not only do banks issue debit cards that allow account holders to pay for goods with the swipe of a card, they can also arrange wire transfers with other institutions. Banks essentially underwrite financial transactions by lending their reputation and credibility to the transaction; a check is basically just a promissory note between two people, but without a bank's name and information on that note, no merchant would accept it. As payment agents, banks make commercial transactions much more convenient; it is not necessary to carry around large amounts of physical currency when merchants will accept the checks, debit cards or credit cards that banks
The Level of Awareness of the Selected CBEAM Students on the Extent of E-Banking Security Technology plays an important role in the society nowadays and is already used in the different aspects of business like banking. According to Acevedo (2015), businesses rely on the access to bank information to perform the accounting tasks for the monitoring of the status of a business. In addition, E-Banking offers easy access, secured transactions and 24-hour banking. Moreover, as said by Titrade, Ciolacu, and Pavel (2008), the evolution of E-Banking started through automatic teller machines (ATMs), electronic funds transfer, and online payment. Based on the history presented by the article The History Of Internet Banking (2012), the innovations in online banking started in the early 1980’s and were giving easier job for the people who have access to it.
According to Furst et al. (2000) some of the reason for the increase in this aspect of banking are the notion that electronic banking and payments will grow rapidly, more or less in tandem with proliferating electronic commerce; industry projections that Internet banking will cut banks’ costs, increase banks’ revenue growth, and make banking more convenient for customers; and some vexing public policy issues. Chaven (2013) adds that internet offers customers faster access, more convenient and around the clock access to banking irrespective of the customer’s location and time. Salawu et al. (2007) adds that internet offers faster delivery of information from the customer and service provider, this adding to the importance of internet banking.
Based on data from the Indonesian Banking Statistics, in 2015, 8383 branches become more than the amount in 2011. The government-owned regional bank regions and even doubling the number of branches throughout the years 2011-2015. Foreign banks are the only group of banks that reduce the number of offices during that period in
Awad (2002) noted that while the basic types of risks generated by electronic banking and electronic money are not new, the specific ways in which some of the risks arise, as well as the extent of their impact on banks, may be new for banks and supervisors. Some of the risks and difficulties banks may face apply both to electronic money and electronic banking activities. However, there are likely to be variances in the degree to which a specific risk is applicable across diverse electronic money and electronic banking activities. According to Kalakota and Whinston (2000), operational risk, reputational risk, and legal risk are the most important risk categories for most electronic banking and electronic money activities, especially for diversified