It offers a totally new services quality, which more and more people actually expect.
It also offers the possibility of creating so called virtual banks - banks that do not have traditional departments, for which the only place of business is the virtual space.
For instance, Michal Macierzynski says: "(…) one might often encounter the expression 'virtual banking'.
It is used interchangeably with online banking, which is to emphasize that these particular banking companies do not have any other distribution channels apart from the Internet or they have ones, but of a marginal, backup meaning.
E-banking takes just minutes to setup an on- line bill payment; and bills are paid directly from bank checking account.
ONLINE BANKINGThe newest distribution channel for banks - the Internet - is said to be the future of banking.Course Title: E-Commerce Course Code: 435 An assignment prepared as a part of BBA program by the students of 4th year 2nd Semester, under direct supervision of Mohammad Mizenur Rahman, Assistant Professor, Department of Business Administration, Shahjalal University of Science and Technology, Sylhet-3114.Assignment on: A Comparative Study on E-banking: A Study on Web information of Agrani Bank Ltd. Submitted to: Mohammad Mizenur Rahman Assistant Professor Department of Business Administration Shahjalal University of Science and Technology Sylhet-3114 Submitted By: Name Registration No. Safwan Radi 2007731041 4th year 2nd Semester The security and authentication of modern banking are very much dependent on cryptography and its applications.Stage 1: Marketing and promotion The first phase of the evolution of banks towards online services consists mainly of the publicity.Banks use the existing promotional materials and upload them on their websites.They post the information concerning the activity of the bank and services offered, e.g.maps showing the location of cash dispensers and bank's departments. Clients have the possibility of getting in touch with the bank via email as well to get any advice or help needed. The New Trend of Online Banking Picture what our bank looks like today: the brick building, the drive thru window, large vaults, and the counter full of tellers waiting to service their customers.In turn it helps to raise gross domestic product (GDP) of the economy as a whole.EBanking facilitates instant access to account information, maintain control over the finances, saving time, avoiding trips and phone calls to the bank.It enables account access that isn’t limited to a specific PC and usages of money management software like Quicken and Microsoft Money.Time of writing and clearing out bills, buying stamps, writing checks, and writing addresses on envelops every month could be saved.