First of all we must distinguish that electronic banking is not only what is done online. Electronic banking is the activity outside the bank and by telephone, ATM or other electronic communications networks.
One of the great advantages of electronic banking is the convenience of being able to make transactions anytime and anywhere. Obviously this brings big time savings for the user and the bank. The bank doesn’t have to use personal finance for those transactions and client performs these at any time.
Features of Using Electronic Banking
- View your bank account balance and transaction history at any time or anywhere.
- You can do online shopping.
- You can pay your Electricity, Phone, Internet Bill, Tax payments, Credit Card Bills online.
- Transfer funds between your accounts or third party transfer, Inter Bank transfer, International funds transfer, make donations from your online banking account given by your bank.
- You can reissue a new check book, update your bank information.
- You can check your bank account savings accounts, credit cards, term deposits, term loans information.
- You also receive your bank account transactions history in your phone or email instantly as any single transaction occur.
- You can use electronic banking with no cost. There is no such registration or monthly usage fees, however, standard account fees and service fees apply.
- You have full access to your account like modify or delete automatic future payments.
Online banking also brings great benefit of transparency in information sharing. Since there is nothing hidden in networks, it is very easy to track money movements, operations and even when there are security threats. Users can also enjoy personalized services tailored to the needs they have.
Along with the great benefits there are also things that customers need to consider adopting electronic banking. They have to be much more careful because there are risks of viruses, hacking information or confusion at online banks. If someone takes the disclosure of personal information of another person, can be very serious and even punishable by law. However, banks have strong networks extranet security measures and have the customer can take to avoid this problem. These measures include keeping strong passwords, clear the cookies from your computer to not remember from data and not use public computers for personal banking.
Electronic banking was one of the smartest inventions of our time. It has revolutionized how things are made, how money is handled and how customers are identified by their banks.