CBSE Class 11 Business Studies - e-banking
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e-Banking:-It means using the electronic media.e-banking is a service provided by many banks that allows a customer to conduct banking transactions such as managing savings,checking accounts,applying for loans or paying bills over the Internetusing personal computer or laptop or mobile phone.
e-banking /range of services offered by e-banking are:
• Electronic Funds Transfer System(EFTS)—It is a system by which a bank transfers wages and salaries directly from the company’s account to the accounts of employees of the company.
• Automated Teller Machine(ATM)—It is a self service terminal open 24 hours a day.The customer inserts his plastic card into the terminal and then inserts the identification code.The machine responds by giving cash.
• Point of Sales(POS)—A Point of Sale terminal is located in the shop/store. It is tied electronically to a bank computer.When a customer presents his debit card,the terminal automatically transfers money from the customer’s account to the seller’s account.
• Credit Cards—It is a plastic card issued by a bank to its customers,containing name,photo and signatures of the customer and the name of the bank.The customer can buy goods and services at specified outlet by showing his credit card upto the credit limit which depends on the credit-worthiness of the customer.
Benefits of e-Banking to Customers
1.e-Banking provides 24 hours a dayx365 days a year services to the customers.
2.Customers can make transactions from office or house or while travelling via mobile telephone.
3. There is a greater customer satisfaction through e-Banking as it offers unlimited access and greater security as they can avoid travelling with cash.
4. It includes a sense of financial discipline by recording each and every transaction.
Benefits of e-Banking to Banks
1. E-banking provides competitive advantage to the bank,adds value to the banking relationship.
2. E-Banking provides unlimited network to the bank and is not limited to the number of branches.
3. Load on branches can be reduced by establishing centralized data base.
4. E-Banking lowers the transaction cost.
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