What are the benefits of electronic banking?

Answer 1

To allow people to keep track of their finances as well as make transactions from the comfort of their home. It means they don't need to wait in long lines at bank branches and they can easily check how much money is in their account, how much interest they are receiving and view their statement at any time.

Answer 2

Electronic banking has benefits which include:

It is easy: both online and telephone banking are accessible to practically anybody, with provisions for those with disabilities, language difficulties, and so on.

It is fast.

It is available outside normal bank trading hours.

It is extremely cheap: customers don't need to pay for private or public transport to visit a bank; they don't even have to get dressed. Any bank fees which are levied to cover the costs of electronic banking are tiny compared to the savings for the customer.

The majority of bills can be paid online, so there isn't much excuse any more for attracting late fees because the car broke down or the buses weren't running. Checkbooks are no longer needed for personal use.

Transferring money between accounts is quick and easy, instantaneous when between accounts with the same bank. Not much risk of overdrawing, with online banking.

Security: while much fuss is made of the dangers of electronic banking, it is very safe for most users, provided normal, sensible care is taken with passwords, PINs, and so on. Even careless people are rarely caught out compared to the number who have been robbed of money after leaving their bank or automated cash outlet. No amount of care with PINs and passwords will stop someone watching a person withdraw cash over a counter and following them until it is convenient to rob them.

With the advances in electronic banking have come great developments in general banking convenience. Once, a customer could only telephone their bank during trading hours; now most banks have staff available to take calls at all times.

And when you contact a staff member by telephone they have your details right onscreen in front of them. Older people will recall the days of being transferred from one staffer to another while they figure out where your salary went...and even then, only provided you telephoned between ten am and four pm (later extended - where I live - to nine am to five pm, weekdays only, and considered a huge advance in service at the time.

Come to think of it, where I live, the postal service still runs pretty much the way the banks once did...

People do complain about electronic banking, but nobody who remembers the old days - even twenty years ago - would ever want to go back there!

Answer 3

Online banking accounts allow you to check balances, pay bills, transfer funds, report fraud, etc. all from your home. If you don't have an online banking account, you'll have to do all of this during bank hours (which aren't very convenient).

Answer 4

Online payments are very convenient for the consumer. In most cases you only need to enter your information (such as your account number once). Completing a transaction is as easy as clicking on your mouse. You can easily pay your bills online, directly. These services are usually free.

Answer 5

No set business hours

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