What is Electronic Banking (e-Banking)?

e-Banking is one of the popular modern ways of getting the banking services using the internet. e-Banking is the way doing banking transaction through electronic machines(computer is widely used). For accessing e-banking systems, you just need internet enabled computer with a web browser. The e-banking systems are provided by most banks through a secure web site. With the help of the e-banking like system, we can manage the financial activities through the website of the service providing bank.

Benefits of e-Banking System

Following are the benefits of e-Banking System

1. e-Banking has no restriction of office time and opening hour of the banking branches
2. We can make financial transaction from anywhere, where the internet services are available.
3. No more hassles of carrying the hard cash money
4. You need not remain in a long queue, so it will save lots of time.

Services of the e-Banking system can be categories into

1. Non-Transactional Tasks
1. Viewing account information and balances
2. Viewing recent transactions
3. Viewing/Downloading/Printing Bank Statements
4. Ordering cheque books
2. Transactional Tasks
1. Fund transfer between different account of same and other banks
2. Paying utilities bills
3. Purchase of goods through Debit/Credit card on Point of Sales (POS).
4. Different banking administrative tasks

Forms of e-Banking System

There are different forms of the electronic banking systems available in Nepal, some of them are:

1. ATM- Automatic Teller machine : Used for the cash withdraw from ATM-Booth and transfer of the money from one account to another.
2. Debit/Credit Card :Used for the transaction of money in POS, ATM etc. Can used for paying bills.
3. Electronic Fund Transfer System (EFTS) : Used for online banking system for transactional and non-transactions activities through the internet