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E-Banking in India

E-Banking in India

E-Banking in India

E-Banking in India

E-Banking or Electronic Banking in simple words refers to various banking transactions over the internet, which is end-to-end encrypted making it convenient, safe, and secure to use. The primary purpose of e-banking services is to promote paperless and cashless transactions in the digital world. This blog highlights the key benefits and differences between e-banking and traditional banking.

E-Banking Features

Below are the key benefits offered by e-banking in India:

  • It promotes transparency since services are offered online
  • The user has access to the bank services 24/7
  • The user is sent notifications and alerts with updates relating to banking transactions and changes in the rules
  • It lowers transaction costs for the banks
  • It is convenient and easy for customers since a bank branch is not required
  • It also saves time, manpower, and resources for the banks

Advantages of E-Banking

E-Banking has different benefits for customers, banks, and businesses:

For Banks:

  • It enables lower transaction cost
  • It increases efficiency and reduces manual errors
  • Digital records reduces paperwork
  • Experience higher loyalty from its customers

For Customers:

  • It is convenient for the customers as they can access their account anytime, anywhere
  • Lower cost per transaction as the customer is not required to visit the branch for every transaction
  • There are no geographical barriers for the customers to use e-banking services

For Businesses:

  • E-Banking improves productivity with the help of automation
  • All the business transactions are recorded on a banking portal for future references
  • It helps to reduce errors in regular banking transactions
Traditional banking vs E-banking
Traditional banking vs E-banking

E-Banking Services

There are two types of e-banking services i.e., financial services and non-financial services:

Financial services

Take a quick look at the financial services offered by e-banking:

  • Enables the transfer of money to other private and national bank account holders instantly
  • Helps to purchase goods and services and use business-to-customer payment methods such as credit cards, debit cards, net banking, mobile banking, various payment gateways, wallets, etc.
  • Provides facility for making business-to-business transactions using electronic modes such as NEFT, RTGS, and IMPS options, etc. depending upon the business size and the transaction amount

Non-Financial Services

Below listed are non-financial services offered by e-banking in India;

  • Allows user to view the balance sheet for both the savings and current accounts
  • The customer can keep a track of the history of transactions done with huge historical archive limits
  • Submitting chequebook requests
  • Downloading Bank Statements as and when required
  • View loan status or EMI Summary, if any
  • Details relating to Mutual Funds, Demat Accounts, and insurance policy can also be monitored online

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E-Banking in India

E-Banking in India

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