Online Banking vs. E Banking

Difference Between Online Banking and E Banking The advent of the Internet has not only been favorable for…

Difference Between Online Banking and E Banking

The advent of the Internet has not only been favorable for just obtaining loads of information, it has also helped tremendously in making life easier in all aspects. One such industry that has benefited by the internet is the banking industry. The Internet banking has made lives easier for not just the banks, but has also made it possible for customers to access their bank accounts without physically going to their banks. The Internet banking operations are also known as online banking or e-banking. A person with a computer and an Internet connection can log onto his/her bank account and make payments or perform other financial transactions in a much faster and easier way, thus saving a lot of time and money.

For customers, online banking and e-banking has brought a lot of convenience, but for the banks, they are much more than just that. The banks who have the facility of internet banking find their operational cost greatly reduced. Also first customers had to physically come to know for petty things like knowing their account balance and of course every time they withdrew money from their accounts. Even when they had to make payments to other accounts from their current or the saving accounts, they had to come to the bank to deposit checks. All this was done by staff at the bank that has ensued in the unnecessary waste of time and labor. But the use of online banking and e-operations-of-bank has removed the need to personally visit the bank for such purposes.

The e- banking is a broader concept as compared to the online banking, which is when a person needs to connect to their bank account for financial transactions. The use of Automated Teller machines (the ATM’S) is an example where a person can access his/her bank account by exchanging his/her ATM or debit card into a machine and entering the PIN allocated to him/her by the bank. The e-banking is sometimes also called Electronic Funds Transfer (EFT) where financial transactions are possible without connecting to the Internet. The use of specialized machine where you make payments to a merchant for goods using your ATM, debit or credit card is another instance of e-banking where the information of your purchase reaches your bank and electronically debits your account with the amount you have used from your account to achieve the purchase.

Although the use of technology in online banking and e-banking is claimed to be safe and secure for all purposes, there are cases of forgery, where people with notorious intensions hack another person’s bank account illegally by acquiring the password or pin code and cause him/her financial loss or harm. This is why online banking and e-banking facility should be used with caution by following all the rules and guidelines issued by the bank for the account holder’s own safety.

 

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