What Are The Advantages And Disadvantages Of Electronic Banking

Our Internet Banking Solutions make it easier to control your payables and receivables. For instance, you can arrange to receive alerts when payments are due or pending your approval.

Time factor: Liu and Arnett in their study identified time factor as one of the prime factor that in E-banking service quality feature for the customers. Saving time is an importance factor which influences the customers prefers to use e-banking. (Beer, 2006). Banks can make the information of products and services available on their site, which is, an advantageous proposition. Prospective customer can gather all the information from the website and thus if he comes to the branch with queries it will be very specific and will take less time of

We can do our banking at home through the internet. For example we can set up and cancel standing orders through our online banking account. Transfer funds to other people, not just on a computer but now on our smartphones too. This technology has replaced the need for us to visit our bank and deal with a teller.

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

Banks that offer financial products and services through the Internet must be able to meet their customers’ expectations. Banks must also ensure they have the right product mix and capacity to deliver accurate, timely, and reliable services to develop a high level of confidence in the customers. Customers who do business over the Internet are likely to have little tolerance for errors or omissions from financial institutions that do not have sophisticated internal controls to manage their Internet banking business. Likewise, customers will expect continuous availability of the product and Web pages that are easy to navigate.

Since the 1980’s, online banking has made the lives of everyday people more convenient. With the new innovations and creations to computers, online banking has grown to become the most used form of banking in the US (5). From the first ATM to mobile banking technology has helped shape One of the first computerized innovations to online banking, the credit card, revolutionized how cash was money was used in society.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

The good news is that almost all the popular banking products are also available online. You can pay bills, view your account balances, and locate ATMs, transfer funds and even deposit cheques, all at any time to your convenience. In short, it is fast, safe, flexible, convenient and secure.

Customer always have twenty-four-hour and seven days access to the bank website. They can easily access to the account to make payment, to transfer fund, to check their account balance when the bank is not in the operation hour.

Online banking facilities so that the applicant can do all their transactions from the comfort of their home.

Current technology is evolving fast, which brings new dimensions to people’s daily life. Moreover, network technological innovation not only brings huge economic benefits to the bank, but also has brought new needs for the requirements of online banking. The interaction between user and bank has been substantially enhanced by deploying computer operations, which not only reduce the cost of bank service, improving the efficiency of service, but also achieve a new kind of operation without using paper .However, Online banking transactions can be a double-edged sword. These conveniences give also rise to a series of safety problems such as phishing sites and cyber crime. Thus customer’s behavior has been limited on account of the unsafe e-commerce environments. This essay will argue that there exist risks in online banking which can lead to criminal behavior, and a number of reasonable solutions have been developed to reduce the risk for customers such as improving online banking system, raise citizens’ internet knowledge and workers’ professionalism to a new and higher level.

In the cutting edge world the utilizing of web can be elevate business method, items and administrations is mandatory for business. Electronic keeping money is a most effortless and speedier approach to execute with the banks staff. The primary reason for this proposed examination is resolved the points of interest and inconveniences of E-keeping money. This

Web saving money is slightly advancement in innovation and moves the managing an account industry into new universe of engineering. Internet managing an account that empowers budgetary establishment client, people or business to get to record, transaction, gets monetary data, pay bills & impose through the web.

Internet/Computer Experience: 4.7% of Internet bank account holders had less than 6 months of experience using the Internet; 12.5% had 6 to 12 months experience; 39.1% had used the Internet for 1 to 3 years; 28.1% for 4 to 6 years and 15.6% used the Internet for at least 7 years. Therefore, of those with Internet bank accounts, nearly 83% had used the Internet for at least one year. However, of the respondents without Internet bank accounts, 75.8% had used the Internet for at least one year.

electronically. Although clients have enjoyed great convenience of ebanking and bankers have improved cost efficiency of banks (Lin and Lin,