E-banking or electronic banking comprises of several facets, including:
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Online Banking: Online banking allows customers to access their bank accounts, view account balances, transaction histories, and transfer funds between accounts, pay bills and apply for loans or credit cards. It is accessible through a web browser or a dedicated banking app.
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Mobile Banking: Mobile banking allows customers to access banking services through their mobile devices. It offers features such as balance inquiry, bill payment, money transfer, and account management.
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Automated Teller Machines (ATMs): ATMs offer 24/7 access to cash withdrawals, balance inquiries, and other banking services without the need to visit a bank branch.
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Telephone Banking: Telephone banking provides customers with access to their accounts through a phone call. It is an automated system that allows customers to perform basic banking tasks such as balance inquiries, bill payments, and money transfers.
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Electronic Fund Transfer: Electronic fund transfer (EFT) is a secure way of transferring money between bank accounts electronically. It can be initiated through online banking, mobile banking, or other electronic channels.
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Point of Sale (POS) Terminals: POS terminals allow customers to make purchases at retail stores using their debit or credit cards. The transaction is completed electronically, with the amount debited from the customer’s account.
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Online Trading: Online trading allows customers to buy and sell stocks, bonds, and other securities through an online trading platform. This offers a convenient way to manage investments without the need for a broker.
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Digital Wallets: Digital wallets are virtual wallets that store payment information, such as credit or debit card details, for online and mobile transactions. They allow customers to make payments securely without the need to enter their payment details for each transaction.
Overall, the facets of e-banking provide customers with a range of convenient and secure banking services, which can be accessed anytime and anywhere, making banking transactions easier and faster.
