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.
Telephone banking times can be managed than branch regular times, and many banks offer the service on a 24 hours basis. From the bank’s point of view, telephone banking minimizing the price of managing the transactions of clients by controlling the need for clients to go to a bank branch for the non-cash price. On-line banking On-line banking helps clients of a bank to perform financial transactions on a safe website performed by the bank, which can be older or traditional bank. It may add any event, which has online motivation methods. Mobile banking Mobile banking (also known as M-banking) is utilized for performing balance checks, bank account events, payments, loan request and other banking transactions with the help of a mobile phone such as a mobile.
INFORMATION DIMENSION: This is the compulsory level of Internet banking. Fortunately, on a link of the intent; the bank has data about the bank’s products and services. Since data systems currently have no path between the link and the bank’s Internet structure, the risk is almost low. COMMUNICATION DIMENSION: The internet managed the relationship between the bank’s network and the client. The relationship may be explained to electronic mail, information related to the account, loan forms, are numeric file update (name and address).
Debit cards are processed through an EFT or ATM network upon the customer entering a personal identification number, or PIN, at the time of the initial transaction. Debit cards are similar to credit cards except that debit cards pull money out of the account. Debit cards do not create or increase a loan like credit cards do. A debit card allows transfer of money electronically from one bank account to another. It also allows withdrawal of money from ATM's or bank machines with ease and makes available the option to pay at stores.
Online business banking is a kind of banking service catered for clients with online or Internet enterprise. Usually, people with online stores such as those transacting in Ebay, Craiglist or other online stores have this type of banking amenity. There are many benefits a client can get from having an Internet business banking. Despite you're miles from your bank or out of the homeland, you can still use this kind of banking account as far as you have Internet access. The top common benefits of having this type of banking account can be seen below.
The advancement in technology has brought various means to elevate human effort in doing things with the use of computer, especially in the area of buying and selling. This advancement with numerous benefits is not without challenges. Electronic banking is simply the use of computers with the internet to carry out banking transactions such as withdrawals through cash dispensers or transfer of funds at point of sale as well as depositing money. The e-banking constitutes an electronic alternative network of payments and benefit of services. The problem with the existing system is that despite the benefit of electronic banking, it also faced with some challenges like phishing, cyber crime, and electronic spam mail etc.
Financial institutions of today have entered the digital age. There are numerous factors promoting that push, such as improving sales and conducting more focused marketing. In fact, according to Accenture, digital technologies have more potential to transform the financial services industry than almost any other industry. Research carried out by Avaloq also found that banking and wealth management professionals see the implementation of a digital strategy as their top business priority. A major pull of adopting analytics in banking and financial institutions would be the agility in making customer-centric decisions.
The incumbent systems in the Indian Banking sector incorporate technology to an extent that marks the transformation from the traditional banking to the online banking. However there are some areas where information technology has not fully penetrated. Banking being a data driven industry, IBA wants a BIS which fully explores the advantages of new technologies in order to make use of the voluminous amount of data to understand its customers better and to connect with them round the clock on social platforms. Its key requirements from the banking system
Today the Internet is the best way, was a supply channel and distribution complete and walking in consumer-oriented in the forefront of this development is the electronic applications of financial products and services. Due to the rapid spread of cyber EFT is an alternative channel for the provision of banking services and products. In Sri Lanka, the banks are now online services and ETF as head of the Bank of Ceylon, Sampath Bank Commercial Bank of Sri Lanka, are beginning to appear. Electronics is now considered a strategic weapon and will revolutionize the way banks operate, deliver and compete with each other, especially when the competitive advantages of traditional branch networks is rapidly eroding (Nehmzow, 1997; Seitz,