Business Accounting Tutorial | Electronic Banking

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Computer has eased human life. Every day new dimensions of its utility are emerging. Electronic Banking is a boon to the society by computer technology. Use of computers have automated banking process and thus has given birth to eBanking. eBanking is a fast spreading service that allows customers to use computer to access account-specific information and possibly conduct transactions from a remote location – such as at home or at the workplace.

 

Benefits of Electronic Banking

–           Real time banking : Unlike traditional banking which suffers from time consuming procedures, eBanking provides real time banking to the customers.

–           Obtain relevant information about your account instantly.

–           Access all the details about your account sitting at home or at any distant location. eBanking has turned whole world into a small village.

–           24/7 banking: eBanking has removed the time constraint from banking.

–           Safe and secure Banking: Electronically enabled banking is more immune to security and safety related problems. Password Based Encryption (PBE), Secure Socket Layer (SSL), electronic signatures and electronic tokens gives a high level of security.

–           Any malfunctioning or any inconsistency in your account can be traced easily. This makes eBanking more reliable.

–           Easy Loans: Use of smart cards, debit cards, credit cards saves time consuming loaning procedures.

–           High Performance and flexibility

Services Offered by E-Banking

  • Answering routine queries
  • Bill payment service
  • Electronic Fund transfer(ETF)
  • Electronic Clearing System(ECS)
  • Credit card customers
  • Railway Tickets
  • Investing through internet banking
  • Recharging your prepaid phone
  • Shopping

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