Electronic Banking

Electronic Banking – Is It Meeting Our Needs Efficiently?

Traditional Banking and its Improvements

Ever since the 20th century has resulted in globalisation, we all have been part of the commercial exchanges regularly. In the earlier days, there was no need for financial management as barter was followed extensively. However, as a type of financial exchange medium was discovered, our ancestors became more inclined towards what we call today "savings". Now, how can we secure our savings is the main reason behind every argument presented for savings. Today, we have several banking institutions offering us exciting services which we can opt for, and a majority of us already are a part of several banking organisations. Some of us prefer Standard Chartered Bank while we would simultaneously opt for an account in a local institution as well.


As time passed, there were tremendous changes in the banking trends, and a majority of these changes were in the light of technological improvements and enhancements. Earlier, there was the only option of fixed savings, and to access your savings, you had to travel to the only head office of your bank and then ask for your services. Later, cheques were introduced, and current accounts were easily opened, allowing customers to have their deposits saved in a bank rather than in pockets and at home where they were vulnerable to being theft or stolen. Yet, it still was a hassle as emergencies were not the right thing to have your money at a bank that opens in the morning while you had an urgent need at night.


Cutting some major things short, today banking is one of the services which offer much ease for its customers. We all use banking services every day. This would have required us to travel every day long distances, even if branches being located nearby, traveling would still be needed. Hence, ever since smart technology became widespread, within a span of the last 5 to 6 years, the internet or e-banking has become very popular indeed. It has been the heart of an individual's convenience, allowing us to sit back at home and complete some of the routine banking requirements such as funds transfers, paying bills, accessing multiple accounts, etc. All these services are significant in routine, and hence they are constantly being improved by relevant authorities. It is indeed a benefit for every one of us, and we need to appreciate and cooperate positively.


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E-Banking and its Usage Today

Net Banking, Internet Banking or E-Banking, whatever you are familiar with, all represent the same technology which we all are so dependent on in the fast-paced environment of today. E-Banking has solved several problems. Because we all are so close today is due to the globalization factors. Commercial activities and growth opportunities all require global financial services, and hence they have been assisted on a greater level through e-banking.


Making huge payments has always been a great need for the business environment. However, inflation has developed significant challenges under this need. Imagine needing millions of dollars as payment can you openly travel with millions? Certainly not! Once someone has this information, you possibly wouldn’t even make it from one signal to the other with all amounts with you!


This is the mere need for electronic banking, which has been emerging and being improved continuously. However, transferring funds online is often associated with specific limits. This is often argued as being a hassle in an emergency, but it is for your security only. Although there is twin-factor authentication available for every transaction you make, imagine your credentials being leaked, and they are easily set up on an intruder's smartphone. You got millions of funds available which can be transferred easily. Hence, with these limits, as the intruder attempts, you will be notified immediately. A small loss is much convenient than having all your savings lost without notice.


Needing Further and Solid Assistance

It is important to understand that the banking industry is indeed very sensitive, and it needs monitoring from the government. Simultaneously, it is believed that the security infrastructure of the banking industry should be managed by governmental officials with relevant updates and investments put forward as soon as they are required. In this aspect, we should also learn to support the banking institutions with our valuable feedback so that these organizations and their developers understand our requirements and then act on the development and improvement plan accordingly.

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