What Is Online Banking And What Is Its Purpose – 2 Introduction e-banking is very important because of the benefits management derives from it. Some of these key benefits are briefly outlined below.

Choice and Convenience for Customers: Offering additional service delivery channels means wider choice and convenience for customers; That in itself is an improvement in customer service.

What Is Online Banking And What Is Its Purpose

Delivering banking products and services to customers Reducing the use of cash for transactions Providing 24/7 banking services Preventing customers from carrying cash, which can be attractive for robberies This approach is achieved in the following ways:

Sofi Banking: Personal Checking And Savings Accounts

5 Self-Enquiry Station: Provision to access designated self-inquiry terminals in the branch to query and view transactions in the account. Remote Banking: Remote terminals at the customer site connect the customer to the respective bank branch through a modem, allowing the customer to make inquiries online without moving from his office.

6 Anytime Banking: Anywhere Banking: Nonstop Withdrawals; Installation of ATM machines providing money transfer and inquiry facilities. Branch Networking: When intra-city and intra-city computerized bank branches are interconnected, customers of those branches will be allowed to transfer money from those branches. Also through Tele-banking, a 24-hour phone service for inquiries about account balances and money transfers.

7 Electronic banking enables the bank to provide corporate or high-net-worth customers with graphical user interface (GUI) software on PCs. to inquire about their financial transactions and accounts; cash transfers; To inquire about publication and rates; Bank. Also LC text and invoice details can be sent by the customer and the same can be downloaded from the bank. The technology used to provide this service is called Electronic Data Interchange (EDI). It is used to transact business.

Attracting high-net-worth customers E-banking tends to attract high-net-worth customers with higher than average income and education levels, increasing the size of revenue streams. For a retail bank; Therefore, e-banking customers are of particular interest, and those customers are likely to have a higher demand for banking products.

Online & Mobile Banking

9 Most of them regularly use online channels for various purposes, and for some, banking is an expensive channel that does not require regular personal contact with the bank’s branch network (Berger & Gensler, 2007).

10 Better Image E-banking helps to improve the image of the organization as an innovative organization that focuses on customers. This is especially true in the early days when only the most innovative organizations implemented this channel.

11 Although commonly available today. An attractive banking website with a wide range of innovative product portfolios continues to enhance the bank’s image. This image also helps in becoming effective in e-marketing and attracting a young/professional customer base.

12 Increased revenues As a result of offering e-channels, increased revenues are likely to increase the number of customers; Increased retention of existing customers and cross-selling opportunities. Whether these revenues are sufficient for a reasonable return on investment (ROI) from these channels is an ongoing debate.

Identity And Privacy Risks Of Mobile Banking And Payment Apps

E-banking has changed the traditional retail banking model in many ways, making it possible for banks, for example, to separate the production and delivery of financial services into different business activities.

14 This means that banks can sell and manage services provided by other banks (often foreign banks) to increase their revenues. This is a particularly attractive possibility for smaller banks with a limited product range.

15 Easier Expansion Traditionally, when a bank wanted to expand geographically, it had to open new branches. This results in high start-up and maintenance costs. E-channels such as the Internet do not require this in many cases. Banks with a traditional customer base in one country or part of the world are now able to attract customers from other parts as most transactions do not need to be located near where the customer lives/work.

16 E-marketing in the financial services sector may be due to the arrival of e-banking. E-marketing builds on the e-channel’s ability to provide detailed information about customers’ financial profiles and purchasing behavior. A detailed understanding of customers leads to personalized advertising; Enrich relationships with customers through activities such as personalized products and sales.

Pros And Cons Of Embracing Online Banking: Exploring Its Benefits And Drawbacks

E-channels are mostly automated; Most of the routine activities like account checking or bill payment can be done using these channels. This reduces the load on other delivery channels such as branches or call centers.

18 Cost Reduction The main economic argument of e-banking is the reduction of costs from other channels such as branches that require expensive facilities and staff. It seems that the cost per transaction of e-banking often drops once a critical mass of customers is achieved than that of traditional banks.

To implement e-banking; Organizations to re-engineer their business processes; Systems need to be integrated and agile work practices promoted. These steps, often pushed to the top of the process by a desire to succeed in e-banking, often lead to greater efficiency and agility in organizations.

20 Accounts are given to Managers and Chief Managers, so customer queries are promptly answered without reference to the keeper of the ledger. Automatic and prompt standing orders on due date and report generation date. Generation of various MIS reports and periodic submission on due dates. Fast and modern information transfer by interconnecting computerized branches and control offices.

Bankera Launches Its Online Banking Platform

21 for employees. Accurate calculation of difficult and time-consuming tasks such as balancing due dates and calculating interest. cover schedules; deposit receipts; Automatic printing of pass book/pass sheets; It frees employees from performing these time-consuming tasks and allows them to focus more on customer needs. ticket recovery facility; They sit at their own terminal and help verify the transaction. Avoiding duplicate entries due to single point data entry.

22 Other potential benefits of e-banking for organizations of other importance include: Better relationships with suppliers/customers; Fast delivery of products and services; Reducing errors in data entry and customer services.

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Brick And Mortar Banks Vs. Online Banks: Pros And Cons

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Importance Of E Banking

A banking system allows banks to track certain records. Hence, a bank management software program is needed to simplify the process. for example, Maintaining currency and international values ​​is part of the job. Online banking management systems must also serve the good of the nation as distributors of money.

The main purpose of an application is to automate the logging of the system. It provides all the functions required by the bank to maintain a stable system. It allows you to check past transactions and current system logs. The application can modify or manage additional data that is re-recorded. This application is helpful not only for users but also for admin.

People tend to have more than one bank account because of the many benefits. According to 2019 statistics, the average customer has more than five accounts across all types of financial institutions.

49% of people feel comfortable opening a bank account. In addition, 26% have an existing card from the organization and 14% have saved their investment.

Online Banking Archives

In 2018, 61% of digital banking users used it, but this will increase to 63.8% by 2020. According to estimates, this share will increase to 65.3% by 2024.

According to online banking statistics, the volume of digital payments will increase significantly in 2020. ဒစ်ဂျစ်တယ်ဘဏ်လုပ်ငန်း၏ ငွေပေးငွေယူပမာဏသည်လည်း 10% တိုးလာသည်။

ဝတ်ဆင်နိုင်သော နည်းပညာအပိုင်းများကို ငွေပေးချေရန်လည်း အသုံးပြုနိုင်သည်။ ရလဒ်အနေဖြင့် ဤစက်ပစ္စည်းများသည် မိုဘိုင်းလ်ဘဏ်လုပ်ငန်းတွင် အဓိကလမ်းကြောင်းတစ်ခုဖြစ်သည်။

ကျွမ်းကျင်သူများ၏ ခန့်မှန်းချက်အရ ဝတ်ဆင်နိုင်သော ငွေပေးချေမှုနည်းပညာစျေးကွက်သည် 2021-2028 ခုနှစ်အတွင်း နှစ်အလိုက် 29.8% တိုးလာမည်ဟု ခန့်မှန်းထားသည်။

Online Banking Services & E Banking

2019 ခုနှစ်တွင် တိုက်ခိုက်ခံခဲ့ရသော အသုံးပြုသူ 773-943 ထံမှ တိုက်ခိုက်မှုခံရသူ လျော့နည်းသွားသည်။ အွန်လိုင်းဘဏ်စနစ်ဆိုင်ရာ စာရင်းအင်းများနှင့် အချက်အလက်များသည် 2020 ခုနှစ်တွင် ငွေကြေးမဲလ်ဝဲ၏ အဖြစ်အများဆုံးခံရသူများမှာ ရုရှား၊ Germany နှင့် ကာဇက်စတန်တို့မှဖြစ်ကြောင်း သိရသည်။

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