E-banking, also known as online banking or internet banking, refers to the process of conducting banking transactions and accessing banking services using the internet or other electronic channels such as mobile devices.
E-banking allows customers to perform a wide range of banking activities without having to visit a physical branch, including:
Checking account balances
Transferring funds between accounts
Paying bills online
Applying for loans or credit cards
Opening new accounts
Viewing and downloading account statements
Depositing checks remotely through mobile banking.
E-banking is convenient for customers, as it allows them to access banking services 24/7 from anywhere with an internet connection. It is also cost-effective for banks, as it reduces the need for physical branches and personnel.
However, e-banking also comes with security risks, such as phishing scams and identity theft, so it is important for customers to use secure devices and protect their login credentials. Banks also employ various security measures such as two-factor authentication and encryption to protect customers’ data and transactions.
