What is Electronic Banking and Its Types

Gone are the days when people had to stand in long queues at the bank just to transfer money or get an account statement. With banking technologies consistently improving, banking is now way more convenient and quick. One of the most important elements of our modern world of banking is electronic banking or e-banking.

What is electronic banking? What are the different types of e-banking facilities? Let us take a look at some of the most important things every modern consumer should know about electronic banking.

What is electronic banking?

Electronic banking uses an electronic medium to help users get access to their funds. It eliminates the need for the bank’s customers to visit the bank to do financial transactions. With more and more customers now using the internet for a host of their day-to-day activities, this digital medium of banking makes banking more accessible and convenient for users.

There are many different types of e-banking services which you can use for various bank transactions. Let us have a look at some of the most popular options:

1. Internet Banking

Internet Banking is a type of e-banking service which allows you to do several financial and non-financial transactions through the internet. You can use your PC or laptop and an internet connection to use this facility.

With the help of Internet Banking, you can transfer funds to another bank account, check your account statement, pay utility bills and do a lot more.

2. Mobile Banking

Most banks now also have an app for Mobile Banking. Just like the online portal of the bank used for Internet Banking, you can use the app for many different types of banking transactions. If you use an Android or iOS device, you can download the app of your bank and use this facility. The apps can also be used for transferring funds, checking account statements, locate the nearest ATM, and other banking services.

3. ATM

ATM or Automated Teller Machine is one of the most popular types of electronic banking. The teller machine is also an electronic computerised telecommunication device which enables you to withdraw funds, deposit funds, change Debit Card Personal Identification Number (PIN), and use other banking services. It eliminates the need of visiting a bank and doing these transactions through a human teller.

4. Debit Card

You might already be using Debit Cards for many of your daily transactions. This card is connected to your bank account and you can use the funds from your account directly through this card. When you use your Debit Card for a transaction, the transaction amount is deducted from your bank account. You can use the card to pay at POS outlets, shop online, and withdraw cash from ATMs.

Secure and convenient banking with electronic banking

With so many different types of e-banking services, there is no denying the fact that banking has come a very long way. Moreover, banks have made sure that all these services are highly convenient and can be easily used by anyone. With advanced security systems protecting all the electronic transactions, be rest assured that all of your financial transactions with e-banking are completely safe and secure.

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