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How successful is e-banking in the country?
A sound and effective banking system is the backbone of an economy. The economy of a country can function smoothly and without any hassles if the banking system backing it is not only flexible but also capable of meeting the new challenges posed by the technology and other external as well as internal factors. With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, the structure and nature of banking and financial services have gone for a big change.
Internet banking or e-banking is the latest in this series of technological changes in the recent past which involves use of internet for delivery of banking products and services. Technology is enabling banks to provide the convenience of anytime-anywhere-banking. Banks are now reengineering the way in which their services can be reached to their customers by bringing in flexibility in their “distribution channels”.
The internet has developed level playing field and thereby afforded open access to customers in the global marketplace. Internet banking is a cost-effective delivery channel for the modernized financial institutions.
In the form of ATM’s and phone transactions , internet banking has played a major role. Recently it transformed to internet a new channel between customers and banks which benefits both. The main aim of e- banking services is to provide the customers a much faster services with low cost. From the last twenty years, banking sector has chosen a new method of banking based on the progress of information technology. In addition to these , transaction and communication abilities are fastened based on information technology. Internet banking has made provision for transfer of any amount of fund from one account to another of the same or any other bank. Accordingly, customers can send money anywhere in India. Internet banking provides the facility of credit card to its customers. With internet banking, customers can not only pay their credit card bills online but also gets a loan on their cards. Internet banking provides facility of shopping at fingertips. Leading banks have tied-up with various shopping websites. Through Internet banking, opening a fixed deposit account has become easier. A customer can now open an FD account online through funds transfer.
The main advantages of e-banking is that it saves time spent in banks. It provides ways for international banking and throughout the year 24/7 days from any place have internet access. It provides convenience in terms of capital, labour, time all the resources needed to make a transaction. Taking advantage of integrated banking services, banks may compete in new markets, can get new customers and grow their market share. It provides some security and privacy to customers, by using state-of-the-art encryption and security technologies.
Hence , e-banking has transformed the banking activities in India and people are accepting it wholeheartedly.