Advantages And Disadvantages Of E Banking

Words: 939
Pages: 4
Open Document
Internet banking is an electronic payment system that enables customers of banks to conduct transactions on a website operated by the them, such as a retail bank, virtual bank, credit union etc. Internet banking is also referred as online banking, e-banking, virtual banking and by other terms.
To access a financial institution's internet banking facility, a customer with Internet access would need to register with the institution for the banking services, and need to set up a password and other credentials for customer verification. The credentials for online banking are normally not the same as for telephone banking. Financial institutions now routinely allocate customers numbers to customers, whether or not customers have an intention to …show more content…
You can use electronic funds transfer to: • Have your salary deposited directly into your bank • Withdraw money from your account from an ATM machine with a personal identification number (PIN), at your convenience. • Instruct your bank to automatically pay certain monthly bills from your account, like your auto loan or your mortgage payment. • Have the bank transfer funds each month from your account to your mutual fund account. • Have your government social security benefits or your tax refund deposited directly into your account.
• Buy groceries, gasoline and other purchases at the point-of sale, using an electronic card instead of paying cash. E-BANKING VARIOUS FORMS OF E-BANKING: INTERNET BANKING: Internet Banking allows you to handle many banking transactions via your personal computer. For example you may use your computer to view your account balance, request transfers between accounts, and pay bills electronically. The system is capable of distinguishing between those customer service requests which are capable of automated realization and those requests which require handling by a customer service representative. The system is connected with the host system of the bank so that the remote customer can access other programmed services of the bank …show more content…
The microprocessor is under a contact pad on one side of card.. The microprocessor is there on the smart card for security. The host computer and card reader actually "talk" to microprocessor. The microprocessor enforces access to the data on the card. The chips in these cards are capable of many kinds of transactions. For example, a person could make purchases from his/her credit account, debit account or from some other account. The enhanced memory and processing capacity of the smart card is many times that of traditional magnetic-stripe cards and can accommodate various different applications on single card. Smart cards can also used with a smart card reader attachment to a personal computer to authenticate a user. Smart cards are very popular in Europe. In Europe the health insurance and banking industries use smart cards
Show More

Related Documents: Advantages And Disadvantages Of E Banking

My Relationship With Technology

in the framework. Technology has changed my relationship with my bank now is going online because community banking history is filled with more personal approaches such as calling me by my name and knowing my personal banking preferences. Most community banks have done a pretty good job doing that. Now they must adapt to my needs as customer, who is doing banking on-line or by automatic transactions (Thomas, 2013). Has it strengthened or weakened your relationship? I would say…

Words 742 - Pages 3

Essay about P3 Security Risks and Protection Mechanisms

PROTECTION MECHANISMS Over the years, Internet has become very popular for those of all ages and as a result, criminals and hackers have created many techniques to affect web servers. In the past few years, there have been a number of high profile hackings taken place, for example, Sony and their PlayStation 3 records were hacked in which personal details from almost 77 million people were stolen which prevented users from playing online through the service. This essay has been produced to identify some…

Words 948 - Pages 4

Computer Is Blessing Or Curse

experiences. Essay 6: Computer is blessing or curse. Computer has become a part of luxury for one and all, from kids to old people all have some or the other need from computer. Couple of years back personal computers was found very rarely in houses where as today you can find PC in about 2 out of 5 homes, the ratio has increased drastically. Internet was unknown to common people, now without internet our lives will halt as we need internet for almost in all arenas it might be banking, paying bills…

Words 398 - Pages 2

Online Business Essay

Online business The aim of this essay is to express what is online business and the different kinds of online businesses.Online business is any kind of business activity that happens over the internet.Online business is one of the most common ways of doing business nowadays.The global network is involved in evreything and you can do everything on it.It gives you the opportunity to express your ideas,share your experiences and even startup a profitable business.A business owner or a manager who…

Words 2647 - Pages 11

health and social care Essay examples

FMFI Essay Explain why developments in wholesale banking since 2000 have contributed to problems to problems in the more advanced wholesale banking during the 2008-2009 crises. (Question 2 July 2012) INTRO ‘Wholesale banking is a collective term that, as its name would imply, refers to the bank-to-bank markets and instruments, often termed the inter-bank market. More often this definition is extended nowadays to include any inter-financial institution dealings including those of hedge funds…

Words 881 - Pages 4

World Wide Web and Internet Public Library Essay

Introduction; The term internet was practically anonymous to most of the people. And today internet has become the most ever powerful tool for man throughout the world. The internet is a collection of various services and resources. Although, many people still think e-mail and World Wide Web as the principle constituents of internet, there is lot more in store than e-mail, chat rooms, celebrity web sites and search engines. Internet has great potential and lot to offer… however, like every single…

Words 697 - Pages 3

Essay on Mass Media

stratum of socio-economic and political power. Write an essay that explains this transformation in detail. How does this change relate to the growth and reach of major corporations? What roles have technology and mass media played in the extension of this influential echelon? Always keep in mind that it is important to use specific examples from discussions, readings, and screenings to embellish your response. In C. Wright Mills’ classic essay “The Mass Society” there is a distinction made between…

Words 539 - Pages 3

Essay about Are We Better Off With The Internet?

Now, can we say the same about the Internet? Over the course of this essay, my goal is to exclude my own opinions as much as I can while provoking thoughts that might form new questions and opinions of your own. The Internet has had a colossal impact on our world no doubt. The big question is what have we lost and gained along the way, and are we better off? We could start this discussion in any number of ways, so why not start at the beginning? What is the Internet and what was its original purpose…

Words 1442 - Pages 6

Essay Consumer Behaviour In Digital World Andrii Polishchuk

Essay “Consumer behaviour in digital world” Consumer Behaviour 18 February, 2015 The invention of the Internet has changed the world we live in, the way we communicate, learn and make purchases. Being ‘plugged-in’ is the part of our everyday life. The changes are so substantial that sudden disappearance of the word ‘digital’ to some extent would be equal to the end of our world. Considering that technology had so significant impact on people’s lives, it probably changed their behaviour…

Words 2170 - Pages 9

Banking: Paragraph and Key Findings Essays

The Essay Word Count: 1,000 words +/- 10% The essay must be on one of five topics: 1. Banking failures and the precipitation of financial crises 2. The structure of financial intermediaries and their role in credit market 3. The need for capital adequacy: Basle I versus Basle II accords 4. Board compensation and corporate governance implications from risk-taking in banking 5. Risks faced by banks and regulatory countermeasures The essay will be graded as a piece of independent academic research…

Words 1985 - Pages 8