Introduction to E-Banking
Electronic Banking is more commonly referred to as internet banking or simply netbanking. It is an electronic payment system supported by a website that offers an array of products and services of any bank that is possible to work electronically, like payments, transfers, deposits and more.
Understanding E-Banking
E-Banking services are available on all 7 days all round the hours of the day. It is a convenient way to access account information and allied services related to the account from the comfort of your home and a stable internet connection. These services are made to be secure against cyber attacks too. These netbanking portals can only be availed through User IDs and passwords, by generating OTPs and captchas while logging in. Internet banking has reduced the stress on banking institutions as well as its customers. A customer may not need to go to the bank each time they want a different query addressed; in fact, the accessibility of chatbots and support services on the site make understanding and executing processes on the site easier for both the user and the provider. A customer can access their account information, avail loans and keep check on the balance, make payments and transfer funds with security and ease. Nowadays, when an account is opened with a bank, online banking services are automatically offered. Opening an account with a bank is also possible online. Online banking also keeps and provides a track on all the transactions and activity done during an active session. E-Banking is secure and quick to access and process. Non-financial information such as bank news, checking statements, filling and submitting applications and more is possible with only a click of a button.
Highlights of E-Banking
In the current day, there is little difference between netbanking and e-Banking and the terms are often used interchangeably. However, internet banking is only one of the many services of e-Banking, while e-Banking encompasses all the services, financial and non-financial, are provided. The regular don’ts apply to e-Banking, even more so since the information handled here is very sensitive. It’s best not to use e-Banking services on a public Wi-Fi, or even public computers.
