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

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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