What Is Meant By Electronic Banking?

Electronic Banking is a modern computerized system of providing banking service by the bank to their customers. By using the modern technologies, banks have become able to provide their existing service more quickly, more accurately and more conveniently. It has created revolution in the service delivery of the banking industry.

Using these electronic banking systems, bank usually provide the following services:

1. Self-deposit and withdrawal facilities.
2. Quick transfer of funds from one bank to another with the help of Electronic Fund Transfer Systems (EFTS).
3. Payment of bills, salaries, and opening of Letter Of Credit (L/C) and other utility services, while staying at home or at chamber.
4. Conducting internal banking activities with help of electronic systems.!source

Here the e-banking is viewed as the means of providing traditional service in a modern or newer way. It is technology based banking system where transaction between the banker and customer are done without any use of paper documents.

It is hoped that in the near future, this technology based banking system will bring a radical change in the concept of economic & political sovereignty.