E-Banking (Coursework Sample)

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E-Banking
E-banking is a banking method where transactions are conducted electronically through the internet (Ahmad, Khalaf, and Al-Zu’bi 50). The benefits of e-banking include the fact that one does not have to queue when making banking transactions as in the case of traditional banking, no limits in terms of banking hours, bank balance can be checked anytime even when the bank statement is not available, one can monitor the account activities in real time, and offers an opportunity to conduct secure cashless transactions among other benefits. E-banking enables easy access to money in any geographical location worlds wide, which enables the users to access money and make payments easily without using the actual paper money. This makes it easy to transfer huge amounts of money in a secure way without having to transport the actual paper money from one point to another.
The types of e-banking include direct deposit to different bank accounts through the internet, phone payment systems, personal computer banking, payment transactions or debit card purchase, and electronic cash conversion among others (Ahmad, Khalaf, and Al-Zu’bi 50). Direct deposit involves depositing social security checks, pay checks, and other deposits made electronically to different accounts. Phone payment systems include mobile phone money transfer systems for transactions all over the world like Wave and many others. Personal computer banking involves making electronic transactions using the personal computer. Payment transactions or debit card purchase involves making on...