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E-Banking & Virtual Banks
Transcript of E-Banking & Virtual Banks
Virtual banking allows customers to secure loans, pay utility bills, make deposits and check their accounts from remote locations. Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society. From My Exp.. I Say
Now the world is changing to the mobility & Smartphone Apps such Android , IOS,Windows 8,Mozilla OS & etc.. viewing account balances Advantages
•Virtual banking systems have numerous advantages over traditional brick-and-mortar banks. Customers have access to instantaneous service provision and lower transaction and account maintenance costs without having to physically visit a bank. Virtual banks are safe and install high-end firewall and data encryption software that ensure the integrity of customer data. Users are assigned individual PINs (personal identification numbers) that allow them to access their online accounts. Most online banks log off customers automatically after a few minutes of inactivity. Features viewing recent transactions downloading bank statements, for example in PDF format viewing images of paid cheques ordering cheque books download periodic account statements Downloading applications for M-banking, E-banking etc. Bank customers can transact banking tasks through online banking, including - Funds transfers between the customer's linked accounts Paying third parties, including bill payments (see, e.g., BPAY) &
telegraphic/wire transfers Investment purchase or sale Loan applications and transactions, such as repayments of enrollments Register utility billers and make bill payments Financial institution administration Management of multiple users having varying levels of authority Transaction approval process Disadvantages
• Virtual banking systems have some disadvantages for both the banks and customers. Initial setup costs for starting a virtual banking system can be high. New users may initially find banking sites difficult to navigate and use. Most virtual banking systems cannot be accessed without the Internet, and users may be required to invest in high-speed broadband for quicker, reliable access. Technological hitches can cause virtual banks to go down--an inconvenience.
While virtual banks give customers numerous advantages in terms of bill payments and account information, at the end of the day, customers still need to visit ATMs to withdraw cash.