Life is very busy nowdays. For banking purposes we do not even get the time to go to bank branches. Thanks to the technological innovations! An inquiry or transaction can be handled online any time without any reference to the branch through Internet banking. Internet or Online or e-banking is becoming a need for every common man. It uses Internet as a medium for delivering banking services.
Mainly there are three types of Internet banking:
Informational: You want to know the information about the products and services offered by the bank. Use this service of internet banking.
Communicative: There are some cases when you communicate with the computer system through email to know account details, loan applications and to update name and address changes. This is performed by communicative banking.
Transactional: You can use transactional banking in performing transactions like accessing account, paying bills, transferring funds, etc.
Why Internet banking?
E-banking provides benefits to both banking systems and customers in the following ways:
Because it is fast: In the banking other than online banking the customers needs to wait in queue for request of statement or transaction. But in online banking transfer of money takes place from one account to other in few minutes. Therefore it is faster than normal banking which is slow and time consuming.
Because it is convenient: Customers just require internet to carry out financial transactions comfortably from home. They are able to access multiple accounts in a bank efficiently if they have an Internet banking account.
Because it is cost effective: Thousand of customers can be handled at a time by Bank through Internet Banking. It also reduces the administrative work of bank.
Available anytime: Customers are able to transfer money from their accounts or receive money in their accounts electronically at any time 24 hours a day, 7 days a week and from any location.
