E-BANKING SYSTEM: Accessing all banking services through internet can be referred as online banking or internet banking but popularly known as ‘e-banking’. The term “e-banking” has become significantly popular in the banking sector. (From interim report)
E-banking facilitates the bank customers to perform their financial transactions in a secure web environment operated by their building society or a bank. The e-banking process will run through bank’s secured web pages. Online banking solutions are particularly application specific and they possess core capabilities and common features and those are again based on different categories
The core capabilities and common features:
- Financial transactions through internet such as conducting a financial transaction like one account to another account transfer, bill payments, electronic or cable transfer, applying for a loan, opening new account, are the frequent financial transactions of bank customers.
- Electronic bill payment – EBP
- Fund transfers of a customer between current account and savings account or to another customer’s account
- Purchases, investments, and sales
- Application for the loans, payments, enrollments, and transactions.
Non transactional e-banking such as checking online bank statements and checklists
- Administration and other details of bank
- Approval of transactions
- Electronic fund transfer/ wire transfer
- Bank statement reviews