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Electronic banking is an umbrella term for the process by which a customer may
perform banking transactions electronically without visiting a brick-and-mortar
institution. E-banking is defined as the automated delivery of new and traditional banking
products and services directly to customers through electronic, interactive communication
channels. E-banking includes the systems that enable financial institution customers,
individuals or businesses, to access accounts, transact business, or obtain information on
financial products and services through a public or private network, including the
Internet.
The following terms all refer to one form or another of electronic banking: personal
computer (PC) banking, Internet banking, virtual banking, online banking, home banking,
remote electronic banking, and phone banking. PC banking and Internet or online
banking is the most frequently used designations. It should be noted, however, that the
terms used to describe the various types of electronic banking are often used
interchangeably.
Definition: PC Banking
PC banking is a form of online banking that enables customers to execute bank
transactions from a PC via a modem. In most PC banking ventures, the bank offers the
customer a proprietary financial software program that allows the customer to perform
financial transactions from his or her home computer. The customer then dials into the
bank with his or her modem, downloads data, and runs the programs that are resident on
the customers computer. In our country there are no banks that offer PC banking systems
which allow customers to obtain account balances and credit card statements, pay bills,
and transfer funds between accounts.
Definition: Internet Banking
Internet banking, sometimes called online banking, is an outgrowth of PC banking.
Internet banking uses the Internet as the delivery channel by which to conduct banking
activity, for example, transferring funds, paying bills, viewing checking and savings
account balances, paying mortgages, and purchasing financial instruments and
certificates of deposit. An Internet banking customer accesses his or her accounts from a
browser software that runs Internet banking programs resident on the banks World
Wide Web server, not on the users PC. NetBanker defines a true Internet bank as one
that provides account balances and some transactional capabilities to retail customers
over the World Wide Web. Internet banks are also known as virtual, cyber, net,
interactive, or web banks.
Objectives of E-Banking
Objectives of E-banking can be discussed under the following two broad headings:
A. From the Banks point of view:
Wholesale Services
Account management
Account management
Cash management
Investment/Brokerage services
Business-to-business payments
Account aggregation
password to our account, which is called your Personal Identification Number, or PIN.
The objectives of using ATM are accelerating profit through gradually reducing internal
or operational costs, expanding the market for the concerned bank, providing world class
banking services to its customers and finally ensuring error free banking services.
2. Debit Card
A debit card, or check card is an ATM card plus. It can do all an ATM card can do and
more. Having all other benefits of ATM card, it can also be used to buys things anywhere
credit cards are accepted. The amount we can spend is limited by the amount in our bank
account. When we use it to buy something, the store contacts our bank electronically and
automatically deducts the purchase amount from our account. Debit cards are accepted
everywhere that credit cards are accepted, which makes them much more convenient than
regular ATM cards. The benefits of having debit card are it can be used as an ATM, can
be used to buy things, possible to avoid extra charges, and finally it is safer than cash as
well as a credit card.
3. Credit Card
The concept of credit cards revolves around deferred payments - the ability to purchase
products and services today and actually pay for it at a later time or over a period of time.
4. Home Banking
Home banking frees customers from visiting branches. Under Home banking, most
transactions are automated to enable them to check their account activities, transfer fund
and to open Letter of Credit (L/C) sitting their own desk with the help of a PC and a
telephone. Nowadays customers of some of the foreign banks are getting the facilities of
Home banking.
5. Tele Banking
Tele Banking allows customers to get access to their respective banking information 24
hours a day. Subscribers can update themselves by making a phone call. They can
transfer any amount of deposit to other accounts irrespective of location either from home
or office.
6. SWIFT
SWIFT is a bank owned non-profit co-operative servicing the financial community
worldwide. SWIFT is a highly secured messaging network that enables banks to send and
receive Fund Transfer, L/C related matter and other free format messages to and from any
banks active in the network. Having SWIFT facility, Commercial Banks in Bangladesh
are able to serve its customers more profitably by providing L/C, Payment and other
messages efficiently and with utmost security. In particular, it provides a great help for
the bank clients dealing with Imports, Exports and Remittances etc.