What is e-banking? What are the advantages of e-banking?

Explanation

E-banking refers to electronic banking. It’s like e-business in the banking industry. Electronic banking is also known as “Virtual Banking” or “Online Banking”. Electronic banking is based on banking based on information technology. Under this I.T system, banking services are delivered through a computer-controlled system. This system involves a direct interface with customers. Customers do not have to visit the bank’s facilities.



The main advantages of electronic banking are: –


1.)The cost of operation per unit of services is lower for banks.

2.)Offers convenience to customers since they are not required to go to the bank’s facilities.

3.)There is a very low incidence of errors.

4.)The customer can obtain funds at any time from ATMs.

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