Impact of E-Banking on Traditional Banking Services

TL;DR

This paper examines how e-banking transforms traditional banking services by enabling online transactions, reducing branch dependency, and becoming a standard, cost-effective banking method in developed countries.

Contribution

It provides a comprehensive overview of e-banking, its functions, advantages, limitations, and specifically analyzes its impact on traditional banking services.

Findings

E-banking reduces the need for physical branch visits.

E-banking is now a standard service in developed countries.

It offers cost-effective banking solutions.

Abstract

Internet banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net banking, thus, now is more of a norm rather than an exception in many developed countries due to the fact that it is the cheapest way of providing banking services. This research paper will introduce you to e-banking, giving the meaning, functions, types, advantages and limitations of e-banking. It will also show the impact of e-banking on traditional services and finally the result documentation.