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E-BANKING SYSTEM

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1.0 INTRODUCTION

In this unit, you will learn of the modern ICT based banking the E- Banking which is the in thing in this period to fasten the flow and administration of banking. This system involves banking without physical appearance at the branch, cashless banking, wired and wireless banking.

2.0 OBJECTIVES

At the end of this unit, you shall be able to:

  1.  Explain the meaning of E-Banking 
  2. Identify the nomenclatures basic to E-Banking 
  3. State E-Banking tools 
  4. List features of ATM Service and other related Banking 

3.0 MAIN CONTENT

3.1 E-Banking

E-Banking refers to the effective deployment of ICT by banks. The fact that a bank uses computers does not qualify it as an E- bank. E-banking is the use of infrastructure of the digital period to create opportunities – locally or globally. E-banking assist in lowering of transaction costs and create new types of banking opportunities that address barriers of time and distance. You will agree that banking opportunities are local, global and immediate in E-banking. It can also be defined as the automated delivery of new and traditional banking product and services directly to customers through electronic interactive communication channels and other technology infrastructure with the following nomenclatures thus:

  1.  Banking without physical appearance at the branch 
  2. Cashless banking 
  3.  Wired and wireless banking 

E-banking Tools/Channels are:

  1.  Plastic cards 
  2. Personal computers 
  3.  Telephone 
  4.  Mobile phones 
  5. Internet 
  6. Automated Teller Machines (ATMs) 
  7. Point-of-sale or point-of-interaction machines 

3.2 Automated Teller Machine (ATM)

An Automated Teller Machine is a computerized telecommunication device that provides the customers of finanacial transactions in a public space without the need for a human clerk or bank teller.

3.2.1Features of ATM Services

  1.  Cash withdrawal 
  2. Balance inquiry 
  3.  Mini statement request 
  4.  Fund transfer 
  5.  PIN Change 

3.3 Mobile Banking

Mobile banking (also known as M-Banking), m-banking, SMS Banking, etc) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone.
Mobile Banking product provides basic banking services to customers from their mobile phones. It is an SMS- driven platform which facilitates access to banking services using cell phones through text messages.

Self assessment exercise

List E-Banking tools in a branch of a bank.

4.0 CONCLUSION

From the unit, you have learned of the modern ICT based banking the E- Banking which is the in thing in this period to fasten the flow and administration of banking. This system involves banking without physical appearance at the branch, cashless banking, wired and wireless banking.

5.0 SUMMARY

The summary of this unit include: E-Banking, Automated Teller Machine (ATM), Features of ATM Services and Mobile Banking

6.0 TUTOR MARKED ASSIGNMENT

  1.  Explain the meaning of E-Banking 
  2.  List features of ATM Service and other related Banking 

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