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What Are The Advantages And Disadvantages Of Electronic Banking

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ELECTRONIC BANKING AND ITS ADOPTION BY CUSTOMERS: AN EMPIRICAL STUDY ABSTRACT Due to technological innovations and competition among banks customers have a wider choice of banking products and services through electronic distribution channel referred to as E-Banking. E-Banking has a global acceptance due to the convenience it is providing, many of the services can be availed at the click of a mouse. Innovations in banking processes have reduced possibilities of human error. Banking has become more customers friendly and flexible.Every coin has two sides so does E-Banking with its various advantages has disadvantages too. The study is an investigation on the advantages, security problem of E-Banking and perception of customer towards E-Banking.…show more content…
Phone Banking 7. Tele banking 8. Electronic Fund Transfer Advantages of E-Banking (1) Anywhere Banking- Customer can do online banking, balance enquiry, request services, instructions are just one click away. (2) Any time Banking- Time is no longer constraint (3) Convenience –It is very convenient as person can access it from the comfort of his home, office everywhere. (4) Online Shopping can be done with the help of online banking (5) No Geographical Barriers- E-Banking provides unlimited network to the number of branches. World has become a global village (6) Transparency in Transactions- E-Banking has improved transparency in transactions. E-Banking allows customers to open accounts, pay bills, view account balances, complete loan applications, calculate interest, etc. (7) Paperless work- Paper is saved as transactions can be done electronically. SECURITY ASPECT OF E-BANKING Banking sector is the most susceptible sector regarding the breach of internet security as monetary transactions are there. This may contain sensitive data. It may pose some serious security concerns if data goes public. Fraud is a global occurrence that exploits the security gaps. It also possesses and targets banks which have less sophisticated security infrastructure. To prevent and deter fraud, banks must regularly upgrade its infrastructure. Several types of security breaches
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