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E Banking Essay

1941 words - 8 pages

Electronic Banking Definition
[pic]
The concept of electronic banking systems began when the first ATM machines were installed.

Electronic banking, also known as e-banking, virtual banking and online banking, is a service that allows customers to access their bank information, conduct financial transactions, make deposits, withdrawals and pay bills through the Internet without having to physically visit their bank. It provides the convenience of accessing banking facilities from the comfort of their home or office.

History

The concept of electronic banking systems began when the first automated teller machines (ATMs) were installed in the 1970s. ATM machines allowed deposits to be ...view middle of the document...

Transactional services include EBPP (electronic bill presentment and payment), transfer of funds between different user accounts, investment sale or purchase, loan transactions and applications. Non-transactional services provided by electronic banking systems include web chat with online bankers, viewing online statements and accessing bank information services online. Administrative services are also provided online, including interest rate calculation, depreciation, adjustment of fees and others.

Advantages

Electronic banking systems offer a multitude of advantages over traditional, physical banks. They provide a convenient, reliable and safe method of online transactions, allowing customers to access their financial records from anywhere in the world at any time. Electronic banking saves time, costs and allows information to be processed quicker than at standard brick-and-mortar banks.

Disadvantages

While electronic banking systems ensure the provision of the highest levels of security by installing high-end firewalls and encryption software, breaches do occur. Hackers and malicious software can break into even the toughest of online vaults and steal personal information. System failures or technical hitches in servers can cause an electronic banking network to go offline temporarily, which can prove a nuisance, especially if a bill or payment is to be made or cash transferred urgently.

E-Banking Status, Opportunities, Various forms of E-Banking in Bangladesh:

[pic]There are currently 53 Banks working together in Bangladesh. The competition is going up day by day, especially between the private commercial banks. They are trying to exposure themselves as the better one to their customers by proving new banking services, developing the existing services and so on. E-Banking is known to Bangladesh since 1990. Electronic Banking has got tremendous importance in banking sector and banking customers too.

Status of E-banking in Bangladesh:
Currently in Bangladesh, there are 4 state owned Banks have 34% branches, 5 specialized banks have 1311 branches, 30 local private commercial banks have branches all across the country.

Various Forms of E-banking available:
1. Automated Teller Machine (ATM): An ATM is simply a data terminal with two input and four output devices. Like any other date terminal, the ATM has to connect to, and communicate through a host processor. Now only DBBL (Dutch Bangla Bank Limited) has more than hundred of ATMs in Bangladesh.

2. SMS Banking: SMS allows you to do some banking inquiries on your mobile from anywhere under the mobile network coverage in a country. SMS Banking is developed to provide transactions related to client’s car number via SMS using cell phones. Bangladesh needs to develop SMS banking as most of the area of Bangladesh is already covered by Mobile networks.

3. Tele Banking: Tele Banking is form of remote banking which is essentially the delivery of branch financial...

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