E-banking stands for Electronic banking which incorporates a wide range of banking services that provides us with the facility to transfer funds through an exchange of electronic signals rather than cash, cheques, or any other type of paper documents.
With the breathtaking evolution of technology at lightning speed, banking finances and money management is also becoming increasingly electronic.
Electronic funds transfers (EFT)s are becoming increasingly popular with every passing day. It is often referred to with synonyms names like virtual banking, internet banking, or online banking.
Hence, not inform us to understand the complete scope, capabilities, and wider opportunities that E-Banking services provide us with.
ATM stands for automated teller machines. They are used by many banks to withdraw money with the help of a debit card. They also provide more options nowadays like pin generation, depositing money, and checking bank balances.
EFTs have become a part and parcel of everyday life in these years. This service allows you to transfer money without having to visit the bank or handing over any hard cash and paper documents.
With the help of a website managed by the bank, consumers are able to access most of the services provided by a bank through their laptops. Similarly, applications have made the very same process much more easier and convenient.
Many services which required a physical visit to the bank can now be done online. Some of these include an application for a personal loan, gold loan, opening a fixed deposit, investing in stocks and bonds, or applying for a new credit card or a checkbook.
Everything can be done online while the physical goods will be delivered to your doorstep.
SMS alerts also keep you posted on all the activity that is going on in your account.
The concept of credit has been commercialized through credit cards where depending upon the income of the individual, he or she has been given a card that allows him or her to spend a certain amount even if they do not have it.
The individual has to return it by the end of said duration else interest is levied on it.
The individual with the credit card can choose to use or not use that amount.
UPI stands for unified payments interface. It refers to a system that gives the facility to carry out transactions from multiple bank accounts into a single mobile application of any participant bank.
It also allows the merging of several banking features, seamless fund routing, and merchant payments under one roof.
Some popular examples of such interfaces are GPay, PhonePe, Paytm, etc.
This can be done through to the UPI ID, a QR code, or even the phone number it has been registered with.
- They are fast and secure
- They are highly productive
- Convenient and easy to use
- They have lower cost as not many resources are required
- The amount of errors has decreased to a commendable degree
- Reduced frauds.
The usage of internet banking has really helped the business owners and the designated staff as they can get access to the oldest accounts quickly through the interface of e-banking. Easier reviewing of the account activity enhances the accuracy of financial transactions which leads to lesser errors.
This allows a smooth sailing functioning of the business and saves time for going through all the documents.
This improves productivity and also allows the automation of regular monthly payments.
Moreover, electronic banking provides a digital footprint for all the transactions made in a certain account and of the people who have the access to modify those banking activities.
This makes the complete money management scenario a lot more transparent.
E-banking services are a must-know given how much India has been digitized. With the fast-paced world, money management has also kept up with that speed. It is necessary for us to adapt ourselves to the change and make the optimum use of these facilities
We hope you liked it!