The top common benefits of having this type of banking account can be seen below. 1. Control your money conveniently Smooth management of your money is the top benefit of having Internet business banking. You have the access to your account 24 hours a day, seven days a week. You may also know how much is your balance and
The e-banking is also known as Internet banking or online banking. The banks now represent a part of the wide world Web and have managed to stay competitive in the rapid changing business world and also have benefited so much from it. This innovation (achieved by globalization and technology growth) has “obliged” the business entities to remodel and redefine their operations. Electronic banking is the future wave. It offers tremendous advantages to consumers in terms of the cost and ease of
Internet Banking has been regarded as the most important way to reduce cost and maintain or enhance services for consumers (Hua, 2009). Internet Banking is an emerging technology that permits conduct of banking transactions through the Internet. By offering Internet Banking services, traditional financial institutions seek to lower operational costs, improve consumer banking services, retain consumers and expand share of customer. It also can improve the efficiency and effectiveness of corporate business processes through elimination of paper work.Internet is the cheapest delivery channel for banking products as it allows the entity to reduce their branch networks and downsize the number of service staff. The navigability of the website is a very important part of Internet Banking because it can become one of the biggest competitive advantages of a financial entity (Ortega, Martínez, & Hoyos, 2007).
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.
c. Advanced transactional websites allow customers to execute financial transactions for example transferring funds from one account to the other, including to third parties and bill payments. Since there is no face-to-face conclusion of transactions and they are authenticated by directives or instructions over non-personal means, the risk profile on this platform is the highest and it needs careful and well planned monitoring as it can result in a total bank collapse if not given due attention. 22.214.171.124 Benefits of electronic banking Electronic payment platform is likely to impact importantly in the expansion of electronic business; retail electronic banking services and products, which comprise of electronic money and it provides substantial innovative prospects for banks. Electronic banking allows banks to expand their markets for ordinary deposit-taking and credit allowance undertakings, to propose new products and services or reinforce their economic position in offering existing payment services. Moreover, electronic banking reduces operating costs for banks but there are always consequences for that in the form of amplified exposure to risks which needs sufficient attention to avoid banks
Introduction E-Banking is an electronic banking. Electronic banking is used through computer and associated network of systems. Electronic banking also refers to the banking done through the computer based devices. In electronic banking, the bankers utilize information technology (IT) machines to present improved and proficient services to their customers. The conventional banking is paper based banking; whereas, the e-banking is paper free banking.
INTERNET BANKING Online banking, also known as internet banking, e-banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the bank’s website. To access a bank’s online banking facility, anyone with internet access would need to register with the institution for the service, and set up a password and other credentials for customer verification. Advantages of Internet Banking • Online account is simple to open and easy to operate. • It is quite very easy as you can easily pay your bills, can transfer funds between accounts, etc. Now you do not have to stand in a queue to pay off your bills; also you do not have to keep receipts of all the bills as you can now easily view your transactions.
E-COMMERCE Electronic commerce or e-commerce is the buying and selling of goods and services through internet. It can be transmitting funds or data also. These transactions mainly occur between business to business, businesses to consumer, consumer to consumer or consumer to business. ICICI BANK’s INTERNET BANKING In the 21st century internet banking is a convenient way to do banking operations from the comfort of your home, office or wherever you are. It simply avoids unnecessary formalities and reduces delay in transactions.
As evaluated in the above report through the PESTEL, 5 forces and SWOT analysis one can conclude that the development of digital banking systems will be beneficial for FIMBank since although the emergence of the digital consumer gives rise to new opportunities most banks have not yet developed a consolidated offering that equals those offered by other industries. Hence, by providing an innovative digital banking service FIMBank can still attain first mover advantage, increase its market share and in turn increase its profits. Moreover, it is important for FIMBank to recognise the fact that digital banking is more than getting customers to use the service provided it is rather a matter of how to run the whole organisation since all delivery channels should be configured in order to provide a virtuous customer
The relationship may be explained to electronic mail, information related to the account, loan forms, are numeric file update (name and address). TRANSACTION DIMENSION: Clients can run transactions with this mode of Internet banking. This is the much difficult structure and must have the greatest control since a normal type exists between the Internet and the banks or Internal organization. BENEFITS OF E-BANKING