Internet banking
Internet banking – Internet banking involves use of internet for delivery of banking products and services. With internet banking is now no longer confirmed to the branches where one has to approach the branch in person, to withdraw cash or deposits a cheque or request a statement of accounts.
In internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time.
The internet banking now is more of a normal rather than an exception due to the fact that it is the cheapest way of providing banking services. As indicated by McKinsey quarterly research, presently traditional banking cost the banks, more than a dollar per person, ATM banking costs 27 cents and internet banking costs below 4 cents Approximately . ICICI Bank was the first one to offer internet banking in India.
Benefits of internet banking-
- Reduce the transaction costs of offering several banking services and diminishes the need for longer numbers of expensive brick and mortar branches and staff.
- Increase convenience for customers, since they can conduct many banking transaction 24 hours a day.
- Increase customer loyalty.
- Improve customer access.
- Attract new customers.
- Easy online application for all accounts, including personal loans and mortgage.