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VIRTUAL BANKING in this type of banking system while the banks are trying to strengthen customer relationship, the customers are slowly moving away from the traditional branch banking but under branch banking system the large banks operate through a large number of branches, there is personal direct relationship between the banker and customer. now the customers wish to avoid going to the bank for transacting their business because of their busy life.the success of internet banking services provided by traditional commercial banks lead to the development only banks or virtual banks this banks are designed without a traditional banking infrastructure. the important types of virtual banking services include automated teller machines(ATMs) ,shared ATM networks, electronic funds transfer at point of sale, internet banking, mobile banking smarts cards etc. with the help of this modern devices the customer can transact banking business from anywhere in the world.
the world’s first fully virtual bank was the SECURITY FIRST NETWORK BANK (SFNB) which began operations on 18 october 1995 at atlanta, georgia, USA. It was the first bank to be insured by the FEDERAL DEPOSITE INSURANCE CORPORATION (FDIC).
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4 Comments. Leave new
short yet informative 🙂
Good one
Short and crisp article.
Short and sweet.. well done..