Types of E-Banking: Which One Suits Your Financial Needs

In today's time, any banking-related transaction can be done with just a few clicks from anywhere in the world. This is possible because of various types of e banking channels .

This situation is beneficial for both customers and bank employees. Customers are no longer required to visit bank branches and wait in long queues. On the other hand, employees can focus on other banking duties.

Let us understand E-banking.

What is E-banking?

E-Banking is a term used to describe numerous online financial transactions. Whether you want to transfer funds, change your ATM PIN, or book a fixed deposit, e-banking makes it possible to do everything.

Most Indian banks have launched websites for e-banking and mobile banking to provide customers with online access to a broad spectrum of banking products.

There are many types of e-banking . Let's find out more about them.

Types of E-banking

Internet and Mobile Banking

Internet banking enables users to make seamless transfers, access personal information, pay bills quickly, and much more with only a stable Internet connection. Mobile banking refers to using a bank application on a mobile device for the functions mentioned above.

You are using Internet banking regardless of whether you use your bank's website or mobile app to make a transfer.

Credit and Debit Cards

Credit cards allow users to withdraw a pre-approved amount and pay it back in a flat sum or variable EMIs. You can also use this card to shop around.

A debit card is one of the most widely used types of e-banking services . They are linked to bank accounts and allow you to easily purchase at POS terminals, make online purchases, or withdraw funds from an ATM.

ATMs

ATMs are more than just cash withdrawal machines. They allow you to check the status of your account, deposit funds, change the PIN on your debit card, and more.

Electronic Fund Transfer (EFT)

Electronic Fund Transfer is a method of transferring funds that is done digitally.

There are several payment methods available when transacting online. National Electronics Fund Transfer (NEFT), Immediate Payment Service (IMPS), and Real-Time Gross Settlement (RTGS) are examples of payment methods.

Electronic Data Interchange (EDI)

Electronic Data Interchange (EDI) is a computerised fund transfer method between firms. The standard electronic format replaces firm documentation such as purchase orders and invoices, reducing manual processing mistakes.

Ending Notes

Banks have ensured that all these services are easy and handy for anyone to use. You can be sure that all your financial transactions using e-banking are entirely safe and secure. This is because sophisticated security systems protect all computer transactions.

With Fi Money, you can manage your finances seamlessly. A Federal Bank online savings account can be opened in minutes. There is no paperwork required, and there will be no extra fees. Signing up with Fi Money takes less than 5 minutes for working professionals in India.

Frequently Asked Questions

1. How Do E-Banking Services Cater To Customers Who Prefer Mobile Banking Compared To Desktop Banking?

Most banks now provide mobile banking services, allowing you to accomplish various simple tasks that would otherwise necessitate a trip to the bank. You can, for example, use mobile banking to transfer payments, check account balances, and receive account statements.

2. Are There Any E-Banking Services That Cater To The Needs Of Customers Who Require Frequent International Transactions?

Usually, bank transfers are the easiest way to pay for a foreign money transfer. You can also use your debit card to make foreign purchases. All you have to do is notify your bank, and it will activate foreign usage on your card if sufficient funds are available in your account.

3. How Can E-Banking Services Help Customers Build And Maintain Credit Scores?

Banks usually give you a credit card after reviewing your credit history and score. With this card, you can take out a pre-approved amount and pay it back at once or in different instalments.

4. Are There Any E-Banking Services That Cater To Customers Who Prioritize Social Responsibility And Ethical Banking Practices?

Ethical banking aims to improve societal parameters and contribute to the current environmental issue. Socially responsible banks select good causes that best align with their primary mission and ethical business practices.