Forms Of Electronic Banking
For long, most of the people felt that banking was a tedious and time consuming process, where people had to fill in a number of forms, stand in a queue, look into the eyes of a cashier who, it seemed had never trusted anyone in his life and a number of other such experiences. However, the times changed and today we have electronic banking making our life and interaction with banks easier. Electronic banking consists of three major concepts of banking services - ATMs, Mobile/Telephone Banking and Online banking. With the advent of electronic banking it has become possible for everyone to do various bank related transactions as and when they find convenient or feel the need. The most common form of electronic banking is the usage of ATMs. An ATM, also known as an Automated Teller machine makes it possible for a person to acquire cash anytime he wishes. ATMs have become so commonplace a form of electronic banking that people rarely go to banks if they have to withdraw funds or lookup their account balance. ATMs however are not free from problems. This form of electronic banking is very prone to fraud and robbery especially if the ATM is located in a relatively secluded area. Crooks with knowledge of how electronic banking is done using ATM machines can and have occasionally tampered ATM machines to get extra bucks. While ATMs are vulnerable they still remain to be the most approachable form of electronic banking for common man.
Another important form of electronic banking is telephone/mobile banking. In this case, the user just have to call up the bank, which uses automated electronic banking systems to verify the credentials and then one can use different numbers from the phone's keypad to do a number of different electronic banking activities like checking the bank account balance, where an Interactive Voice Response System embedded in the electronic banking system would read out the account balance. One can use phone's keys to type the amount and target account number for doing an electronic banking funds transfer over a cell phone or a regular telephone. SMS banking is also another form of electronic banking, which intimates about transactions into and from the bank account. Online banking is the most comprehensive form of electronic banking available to bank clients. Using an Internet connection, a client can log into his bank account and do various banking activities powered by electronic banking technologies. Online electronic banking allows a number of banking tasks like transfer of funds, procuring bank statements, electronic clearance of bills and taxes and so on. All these electronic banking technologies now form an important part of banking infrastructure as they make banking a more efficient and pleasant experience. |