Internet Banking (E-Banking) - Essay Example

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This paper will analyze the concept of E-banking. More specifically, it will try to provide answers to the following questions in relation to E-banking. What is E-banking? What are the advantages and Disadvantages of E-banking? How are people accepting and using E–banking?…
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Internet Banking (E-Banking)
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Download file to see previous pages This paper will analyze the concept of E-banking. More specifically, it will try to provide answers to the following questions in relation to E-banking. What is E-banking? What are the advantages and Disadvantages of E-banking? How are people accepting and using E–banking?Internet banking is another concept of web based banking. The deployment of whole sale or retail banking services can also be referred to as E-banking. It involves individuals, and corporate customers. The deployment of whole sale or retail banking services can also be referred to as E-banking. It involves individuals, and corporate customers. E-banking involves payments and settlements, bank transfer, household lending, documentary collection and credits and card businesses. E-banking services and products are accessed by customers who own accounts with E-banks. Customers make a request for information and conduct most of their retail banking transactions through computer, television and cell phones . E-banking also describes the electronic connection between customers and bank so as to help in preparing, managing and controlling financial transactions. From a broader perspective, electronic banking is the provision of banking services through other means rather than the physical bank branches. E-Banking provides financial services to customers through various means. These means include home banking, telephone banking, Internet banking, mobile banking and Automated teller machines .(Sarlak and Asghar, 2010). The driving force behind the adoption of E-banking by banks is to provide high interest rates and reduce service charges on the customers’ saving accounts. E-banks help to eliminate costs associated with virtual banks branches. This increases competitive advantage of e-banking with other banks (Sarlak and Asghar, 2010). Advantages and of E-banking Internet banking has numerous advantages as discussed below. More efficient bank rates The absence and reduction of virtual branches to serve customers has reduced overhead costs. This allows banks to pay higher rates of interest on customer savings and consequently, reduces charges on the loan rate on the mortgage and loans. Some banks have resorted to offering a high yield certificate of deposit (CDs), high yielding checking accounts and even non-penalty certificate of deposit (CDs) for making an early withdrawal. Additionally, minimum deposits are required to open bank accounts. The bank accounts do not carry any minimum balance or service charges (Koskosas, 2012). Customer Convenience E-banks operate full time at various locations provided internet connections are available. Electronic banks operate 24 hours in a day, 365 days a year if internet services are available. Mobile phones are used by customers to access services. The real-time accounts information and balances are readily available through the internet. Banking transaction services are made easier, faster, and more efficient. The changing of mailing address by a customer on his or her account facilitates the updating and maintaining of a direct account. Through account update, the request of market interest rates and ordering of additional checks is made easy (Koskosas, 2012). Services E-banks have more websites that provide more feature than the website of physical banks. These features are forecasting and budgeting tools, financial planning capabilities, loan calculators, investment analysis tools and equity trading platforms- banks website also offer online tax forms, tax preparation and free online bill payments (Koskosas, 2012). Mobility Internet banking services are mobile. This means one can access them even when traveling. The designing of new applications, smart phones and other mobile accessories has improved mobility of E-banking services (Koskosas, 2012). Transfers Money can easily be transferred from the physical banks account in various branches ...Download file to see next pagesRead More
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