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Electronic (Internet) Banking
Transcript of Electronic (Internet) Banking
Banking 0 + - = 9 8 7 1 2 3 4 5 6 c Electronic Funds Transfer (EFT) a system of transferring money from one bank account directly to another without any paper money changing hands
Benefits of EFT include:
- reduced administrative costs
- increased efficiency
- simplified bookkeeping
- greater security. E-banking systems over traditional, physical banks:
convenient, reliable and safe method
access financial records anywhere, any time
real time banking
lower incidence of errors
saves time, costs and info processed quicker
lower operating costs with less branches and staffs
greater revenue opportunities
transaction records are kept What is E-Banking? E-Banking, Online Banking or Internet Banking
allows customers to access their bank information quickly and easily
to make financial transactions, deposits, withdrawals and pay bills through the Internet
provides the convenience of accessing banking facilities from home or office Electronic (Internet) Banking by Yu Ting & Vanessa
January 9th, 2013 History idea of this systems began when the first ATMs were installed in 1970s
ATM machines allowed deposits to be made from remote locations
advantages offered by ATM quickly spread over to other bank services
computerizing manual systems for greater efficiency and time savings
concept behind ATM machines led to:
smart cards, intranet and Internet banking, EFT (electronic funds transfer) and POS (point of sale) systems, phone banking and other electronic services
Internet-only banks, such as banks offer their services across national borders How it Works requires customers to access to a personal computer and Internet connection
when they register for e-banking, they are asked to provide a login name and password
each time they access requires to answer a security question Services Transactional services include electronic bill presentment and payment, transfer of funds between user accounts, investment sale or purchase, loan transactions and applications
Non-transactional services provided by electronic banking systems include webchat with online bankers, viewing online statements and accessing bank information services online
Administrative services are also provided online, including interest rate calculation, depreciation, adjustment of fees and others Advantages of E-Banking Disadvantages of E-Banking breaches occur
hackers and malicious software steal personal info
system failures or technical hitches in servers
seniors might have trouble using e-banking
delayed online bank statements
accessibility 63% Thank You! Questions? Electronic Banking Channels Internet Banking Warning
from Ten News Activity time! "E-Banking - Online Banking - Advantages of the Ebanking." E-Banking - Online Banking - Advantages of the Ebanking. N.p., n.d. Web. 09 Jan. 2013.
Gilani, Natasha. "Electronic Banking Definition." EHow. Demand Media, 10 July 2010. Web. 09 Jan. 2013.
Kocic, Alex. "The Definition of EBanking." EHow. Demand Media, 27 May 2010. Web. 09 Jan. 2013.
"Websites Leaking Users' Information, Privacy Watchdog Warns." CBCnews. CBC/Radio Canada, 26 Sept. 2012. Web. 09 Jan. 2013.
"What Is EDI?" What Is EDI? Easylink Services, n.d. Web. 09 Jan. 2013. Work Cited List