What is Electronic Banking?
Electronic banking is a banking method that relies on electronic technology to conduct financial transactions, replacing traditional paper-based processes. It includes transferring funds between accounts or between financial institutions and firms using electronic methods. Electronic banking encompasses services such as debit card transactions, online banking, ATMs, direct deposits, and electronic check conversion. This contemporary banking approach provides customers with convenience, speed, and accessibility, enabling them to efficiently and securely manage their finances through electronic channels.
Geeky Takeaways:
- Electronic banking utilizes electronic technology to conduct financial transactions, replacing traditional paper-based methods.
- Types of electronic banking include online banking, electronic funds transfer (EFT), mobile banking, electronic bill payment, ATM banking, direct deposit, and online investing.
- Features of electronic banking include convenience, cost-effectiveness, accessibility, efficiency, security, enhanced services, and reduced errors and fraud.
Table of Content
- Types of Electronic Banking
- Features of Electronic Banking
- Advantages of Electronic Banking
- Disadvantages of Electronic Banking
- Examples of Electronic Banking
- Conclusion
- Electronic Banking – FAQs
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