Key Concepts Of Electronic Banking

876 Words Jun 2nd, 2016 4 Pages
I. Introduction
The Internet has opened up numerous possibilities like never before for both individuals and businesses in the trading of goods and services and a crucial distribution channel for all kinds of industries. With the access to the World Wide Web, consumers now have a limitless amount of choices and businesses are aided with different methods to promote products and approach customers. Goods and services not only can be displayed and advertised, through online banking, selling and acquiring products has become much less complicated and troublesome. Cyberbanking, or online banking, has rapidly expanded in the past decade and proposed faster and easier ways for businesses to manage theirs banking and financial transactions. II. Key Concepts
Electronic banking, also known as cyberbanking, “involves conducting various banking activities from home, at a place of business, or on the road instead of at a physical bank location” (Rainer, Prince and Cegielski, 2014). Electronic banking can be used from paying bills to applying for a loan. For customers, it saves time and is convenient. For banks and business, it offers an inexpensive alternative to physical banking. It also enables banks to attract remote customers. In addition to regular banks with added online services, virtual banks, which are dedicated solely to Internet transactions, are emerging.

III. Advantages of Cyberbanking

Speed and Convenience
Online banking processes transactions almost instantaneously…

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