E-BANKING: MEANING - DEFINITION PROFIT AND ADVANTAGE - AND DISADVANTAGE

E-BANKING: MEANING - DEFINITION - PROFIT AND LOSS


E-banking Refers To Electronic Banking, Also Know The Meaning, Definition, Benefits, And Disadvantages Of Its Elements; E-banking Is Also Known As Internet Banking Or Online Banking;  Today And In The Coming Times, UPI Payments Are Employed Like Online Banking; It Is Like E-business In The Banking Industry; E-banking Is Also Called "Virtual Banking" Or "Online Banking"; 


E-banking Is The Result Of Increasing Expectations Of The Bank's Customers; Nowadays E-banking Is A Common Trend In Our Country; Everyone Should Be Aware Of All The Positive, And Negative Side Of Technology.


E-BANKING:  MEANING - DEFINITION PROFIT AND ADVANTAGE - AND DISADVANTAGE



E-BANKING:  MEANING - DEFINITION PROFIT OR ADVANTAGE, AND DISADVANTAGE


Online Banking, Also Known As Internet Banking, E-banking, Or Virtual Banking, Is An Electronic Payment System That Allows Customers Of A Bank Or Other Financial Institution To Conduct A Series Of Financial Transactions Through The Financial Institution's Website. Enables For.


Internet Banking Is A Term Used To Describe The Process Whereby A Customer Executes Banking Transactions Through Electronic Means; This Type Of Banking Uses The Internet As The Main Mode Of Delivery By Which Banking Activities Are Executed; The Activities Customers Are Able To Carry Out Can Be Classified As Transactional And Non-transactional.


ADVANTAGES OR BENEFITS OF E-BANKING


E-BANKING:  MEANING - DEFINITION PROFIT AND ADVANTAGE - AND DISADVANTAGE

There are various advantages or benefits of e-banking that improve the banking system, these are as follows - 


Facility:


In this hectic and hectic schedule, it is difficult for a person to make time to go to the bank to check his account balance, interest rates, successful transfer of funds and any other updates; Banking system For the convenience of customers, a virtual banking system has been developed where an individual can use his banking system anytime and anywhere.


There are many scenarios when there is a banking holiday due to which your money cannot be transferred; The online banking system has provided ease by providing 24-hour and 365-day services; It solves the issues customers face during the traditional banking system; A person does not have to stand in queue for any money being deported and transferred.


Transfer Service:


The virtual banking system allows the transfer of money 24 hours in 365 days; You do not need to stick to do any transaction within working hours; You can do as per your convenience in 24 hours.


Monitoring service:


Customers can use their updated passbook anytime to monitor their transactions to manage their financial plans.


Online Bill Payment:


You do not need to stand in a queue to pay bills as it has the facility to pay any type of bill including electricity, water supply, telephone and other bills.


Quality Service:


Internet banking has improved the quality of services by providing them with the facility to conduct their transactions any time of the day; Consumers can apply for loans, insurance and any other services without physically going to the banks, which shows that the quality of e-banking is fast and effective.


High Liquidity:


You can transfer money and use it anytime which is the biggest benefit of accessing internet banking; You do not need to visit banks to transfer money, which can be done from anywhere without physically going to the banks.


Low-Cost Banking Service:


Internet banking enables lower operating costs with better quality of services; It provides convenience with high customer service at a low rate; The bank charges a minimum amount for the operation which shows that e-banking services are fair and efficient.


High-Interest Rates:


Internet banking offers lower interest rates on mortgage loans than banks; Operational cost is also low which helps in saving beneficial amounts for customers; There is no minimum balance account that helps to maintain an account with zero balance. There are various other facilities like; This increases the total disposable income of consumers without worrying about maintaining a minimum balance.


DISADVANTAGE OF E-BANKING


E-BANKING:  MEANING - DEFINITION PROFIT AND ADVANTAGE - AND DISADVANTAGE

This Article Describes The Various Advantages Of E-banking That Improve The Banking System, But There Are Disadvantages To Using Internet Banking. These Are As Follows:


safety issues:


Internet banking is completely unsafe as there are many problems associated with the website; And, data can be hacked by hackers; This can cause financial loss to users; Financial information can also be stolen which can also lead to financial loss.


High start-up cost:


E-banking requires high initial start-up costs; This includes internet installation cost, cost of advanced hardware and software, cost of maintenance of modems, computers and all computers.


Lack of direct contact between the customer and the banking officer:


Online banking requires effective customer service to handle user-facing issues, But the lack of customer support creates frustration among customers; Some online payments may not be reflected in the system due to technical issues; This also creates insecurity among customers; Thus the lack of support from customer service officers is a hindrance in online banking.


Transaction problem:


There are various issues facing the user during online banking; As if the transferred payment is not reflected, the payment fails; And, there are other issues due to technical support.


Long process to access e-banking:


In some countries, government banks are providing internet banking by filling internet banking forms, then after approval, you can access the security password to log in; A person is required to download a specific banking app; Then all the credentials need to be filled in for successful login.


Training & Development:


Training for employees to provide quality online services to banks; And, there is a need to conduct development programs that enhance the customer experience; there is a huge investment required to train them to provide effective services.


Lack of personal contact between the customer and the banker:


Customary banking allows the creation of personal touch between a bank and its customers; Personal contact with the bank manager may enable the manager to change the terms in our account; Because he has some discretion in the matter of any individual circumstantial change; This may include reversing the undesired service charge.

AKASH TIMES

I AM AN ENGINEER BY PROFESSION BUT BLOGGER IS MY OLD DAYS DREAM TO CREATE MY OWN SITE FOR THOSE WHO ARE CURIOUS ABOUT MY BIRTHPLACE THEN I AM COMING FROM (INDIA). THE CURRENT CITY LIVES IN NAVI MUMBAI, INDIA

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