Introduction
As the information technology sector is developing rapidly, the banking industry is trying to catch up with its speed. There is a new dimension in banking industry called E-Banking. Be it mailing, gaming or banking, electronic technological systems have taken over. However, E-Banking is not to be confused with any other type of banking. It is the latest development in the banking sector. Basically, it is the use of electronic devices to carry out banking transactions without finding the need to visit the bank manually. At times, it is also referred to as online banking or internet banking. The need of paper documents is fading away and banking electronic is the new way.
History
The idea of banking electronic in the new age was first conceptualized in the mid 1970's. A good number of banks initiated to offer this service, however, not many people had an easy access to the internet. Therefore many individuals were reluctant to take the first step towards it. Moreover, since the system was quite difficult to use at first, this idea was put on halt. Later, in mid 1990's there was an extraordinary increase in the number of internet users and the thinking horizon of the masses broadened. People started being at ease with the idea of advancement and accepted the notion of sharing their bank details on the web. On 5th October 1995, the first banking website was created which was completely operational. This website was known as the Presidential Savings Bank website.
Features
Electronic banking has heaps of benefits, not only for the business oriented class but even the salaried class. It has brought great ease to banking. To begin with, there is nothing more convenient than to have complete access to your bank account while sitting at home or office. The need to pay a visit to the bank is now obsolete. Even a public holiday can't stop you from accessing your account details. One is often faced with unexpected situations and emergencies where cash is needed immediately, sometimes at the darkest hour of the night but there is nothing to worry about any more. ATM is available all around the country from where cash can be withdrawn at all times. Utility bills can be paid online without the hassle to stand in long queues. The task that requires hours can be done within a few minutes. The use of credit card has been enhanced now and the need to carry paper money has vanished. It's just one card and you can shop your heart out. No matter where you go, it’s like having your personal bank with you all the time. Regardless of the benefits provided by it, it's for free. The only thing that it requires is a bit of your time.
Tips and comments
Banking electronic has several benefits for the customers spsrt from the ease and comfort that it obviously provides. Though the beginning of it was a push start, now almost every bank is providing these services as the customer demands for it. Once you get hooked on to electronic banking, you'll never think of banking to be as hectic as it was before.
