Explain electronic banking and state its three benefits?
Online banking also known as internet banking, e-banking, or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. Internet banking is a term used to describe the process whereby a client executes banking transactions via electronic means. This type of banking uses the internet as the chief medium of delivery by which banking activities are executed
Benefits are as follows:
1. E-banking facilitates digital payments and promotes transparency in financial statements
2. Banks that offer internet banking are open for business transactions anywhere a client might be as long as there is internet connection (Apart from periods of website maintenance)
3. E-banking helps in reducing the operational costs of banking services. Better quality services can be ensured at low cost.
Online banking also known as internet banking, e-banking, or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. Internet banking is a term used to describe the process whereby a client executes banking transactions via electronic means. This type of banking uses the internet as the chief medium of delivery by which banking activities are executed
Benefits are as follows:
1. E-banking facilitates digital payments and promotes transparency in financial statements
2. Banks that offer internet banking are open for business transactions anywhere a client might be as long as there is internet connection (Apart from periods of website maintenance)
3. E-banking helps in reducing the operational costs of banking services. Better quality services can be ensured at low cost.
