A Study on E-Banking and Traditional Banking Services and Comparison

Open Access

Year : 2021 | Volume : | Issue : 2 | Page : 15-22
By

    D. Sujatha

  1. Faculty of Commerce, St. Ann’s College for Women, Hyderabad, Telangana, India

Abstract

This research work tries to clarify the differences between online and traditional banking. In the modern technological period, human life has gotten a lot easier than it used to be. Everything has been digitized as a result of technological advancements. Banking is also the most important of them all. Within the realm of technology, the financial system has advanced significantly since the 18th century. There are many advantages to technology. There have been several improvements in the banking business as a result of technological advancements. Every aspect of the banking system is computerized, from account opening to cash transfers via e-banking, which eliminates the need to visit banks and eliminates the need to wait in a long line for an extended period of time, allowing purchasers as well as banking institutions to work more efficiently and quickly. The RBI made several modifications to follow the necessary laws and regulations, guidelines, and instructions for banks and consumers, which helps to provide clients with privacy about their account and each transaction, when using online banking. However, due to a lack of awareness and education, only a small percentage of consumers are taking use of e-banking at this time (because technology demands knowledge to work it). In a lot of public sector banks, only a small percentage of the workforce is of working age. As a result, they have very little understanding about computerized banking/e-banking, and it takes a long time for them to complete any transaction. And these are the costs to the general public sector banks of spending a lot of money on training their employees on how to operate computers while also allowing the bank to handle any transaction. Aside from that, technology has always played a crucial role in the banking industry. Internet banking is gradually becoming a “must have” rather than a “nice to have” service. E-banking is nothing more than a traditional banking service distributed through a common economic communication backbone, based on the attitude, banking products and services are offered through internet debit and credit cards, mobile banking, and e-banking are all just a more typical banking service delivered via a network of economic communication. The impact of e-banking on traditional banking is the subject of this research.

Keywords: E-banking, traditional banking, modern era of technology, amendments, the mandatory rules and regulations, guidelines, instructions

[This article belongs to NOLEGEIN Journal of Financial Planning And Management(njfpm)]

How to cite this article: D. Sujatha A Study on E-Banking and Traditional Banking Services and Comparison njfpm 2021; 4:15-22
How to cite this URL: D. Sujatha A Study on E-Banking and Traditional Banking Services and Comparison njfpm 2021 {cited 2021 Sep 27};4:15-22. Available from: https://journals.stmjournals.com/njfpm/article=2021/view=91192

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Regular Issue Open Access Article
Volume 4
Issue 2
Received August 19, 2021
Accepted August 26, 2021
Published September 27, 2021