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Electronic Banking
The provision of banking service through electronic channels and the customer can access the data without time and geographical limitation. It is also know as E-banking or EFT (Electronic Fund Transfer).
MOBILE BANKING
Mobile banking (also known as M-Banking, SMS Banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA).
Current Mobile Banking Applications: SMS Banking WAP Banking STK (Sim Toolkit) Banking
M-commerce
To run its operations more effectively Lower cost than traditional financial management mechanisms
Cost
Speed Competitiveness Communication Environmental Others (offering one-stop-shop solutions)
The Reserve Bank of India constituted a working group on Internet Banking. The group divided the internet banking products in India into 3 types based on the levels of access granted. They are:
Information Only System Electronic Information Transfer System Fully Electronic Transactional System o Automated Teller Machine (ATM) o Credit Cards/Debit Cards o Smart Card
Internet Users
Mobile Users
8.4%
74.15%
32.7%
79.86%
Presently, India has 700 million+ mobile subscribers, just 240 million individuals with bank accounts, 20 million credit cards, 88,000 bank branches, and 70,000 ATMs. Of the households without a bank account, 42 percent have at least one mobile phone. By 2015, $350 billion in payment and banking transactions could flow through mobile phones, compared with about $235 billion of total credit- and debit-card transactions today.
Fund transfer
Credit card customers Railway pass Investing through Internet banking Recharging your prepaid phone Shopping Mini-statements and checking of account history
Alerts on account activity or passing of set thresholds Monitoring of term deposits Access to loan statements Access to card statements Mutual funds / equity statements
Status on cheque, stop payment on cheque Ordering cheque books Balance checking in the account
Recent transactions
Due date of payment (functionality for stop, change and deleting of payments)
PIN provision, Change of PIN and reminder over the Internet
For Customers:
Should not disclose their customer IDs or Passwords to anyone else.
Conclusion:
In this busy world computer and mobiles are playing vital role. Every good thing has some bad corners. Likewise Electronic and Mobile banking also have many benefits and some drawbacks. Its all based on the user. If we use electronic and mobile banking properly then it is very useful for the people. It is helpful to improve the economy of the country.
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