What are the Types of Electronic Banking

What are the Types of Electronic Banking?

There are different types of electronic banking

Level 1 - This is the most basic level of service provided by banks on their websites. Customers can get information about the bank's goods and services through this service. Furthermore, certain banks may receive and respond to inquiries by e-mail.

Level 2 - Customers can submit instructions or applications for various services, check their account balance, and so forth at this level. Banks, on the other hand, do not allow their clients to do any fund-related activities on their accounts.

Level 3 - At this level, banks allow their clients to use their accounts for things like money transfers, bill payments, and the purchase and redemption of securities, among other things.

E-banking is a service provided by most traditional banks as an alternate manner of providing service. Furthermore, many modern banks primarily provide financial services via the internet or other electronic delivery methods. Furthermore, several banks are "internet-only" banks with no physical branches around the country.

Benefits of e-banking

The Benefits and Drawbacks of Online Banking

Online banking had risen to prominence even before the epidemic, with to its superior web services and mobile apps. However, now more than ever, company owners rely on technology to satisfy their banking needs from the comfort and safety of their own homes. If you're considering utilizing an online bank for your company, consider the benefits and drawbacks, as well as how these cutting-edge banking tools are transforming the way business owners interact with their money.

Businesses employ internet banking to replace in-person visits to a branch in today's fast-paced environment. It has a number of web-based capabilities that allow you to conduct financial transactions online, including:

Bill payments

Tax payments
Cash transfers to vendors and suppliers
Deposits to retirement accounts (either your personal account or your company’s pension plan)
Open new accounts
Loan applications for business loans, credit cards or lines of credit
The ability to deposit cheques.

Merits Of E-Banking

Electronic banking is referred to as e-banking. In the banking industry, it's similar to e-business. "Virtual Banking" or "Online Banking" are other terms for electronic banking. Electronic banking is a type of information technology-based banking. Banking services are offered via a computer-controlled system under this I.T system. Customers are directly contacted using this mechanism. Customers are not required to visit the bank's premises.

Popular services covered under E-banking include: –

Credit cards,
Debit Cards,
Smart Cards,
Electronic Funds Transfer System (EFT)
Check the truncation payment system,
Mobile Banking,
Internet Banking,
Telephone Banking, etc.