Advantages of E-banking or Internet banking
1. Convenience: Banks that offer internet banking are open for
business transactions anywhere a
client might be as long as there is internet connection. Apart from
periods of website
maintenance, services are available 24 hours a day and 365 days
round the year. In a scenario
where internet connection is unavailable, customer services are
provided round the clock via
telephone.
2. Low cost banking service: E-banking helps in reducing the
operational costs of banking
services. Better quality services can be ensured at low cost.
3. Higher interest rate: Lower operating cost results in higher interest
rates on savings and
lower rates on mortgages and loans offers from the banks. Some
banks offer high yield
certificate of deposits and don’t penalize withdrawals on certificate
of deposits, opening of
accounts without minimum deposits and no minimum balance.
4. Transfer services: Online banking allows automatic funding of
accounts from long
established bank accounts via electronic funds transfers.
1. Convenience: Banks that offer internet banking are open for
business transactions anywhere a
client might be as long as there is internet connection. Apart from
periods of website
maintenance, services are available 24 hours a day and 365 days
round the year. In a scenario
where internet connection is unavailable, customer services are
provided round the clock via
telephone.
2. Low cost banking service: E-banking helps in reducing the
operational costs of banking
services. Better quality services can be ensured at low cost.
3. Higher interest rate: Lower operating cost results in higher interest
rates on savings and
lower rates on mortgages and loans offers from the banks. Some
banks offer high yield
certificate of deposits and don’t penalize withdrawals on certificate
of deposits, opening of
accounts without minimum deposits and no minimum balance.
4. Transfer services: Online banking allows automatic funding of
accounts from long
established bank accounts via electronic funds transfers.
