E-Banking: A Step toward Future of Banking

Abstract

E-banking is still at infancy stage in India. It provides the wave for the future. The advent of Internet has initiated an electronic revolution in the global banking sector.  E-banking saves the precious time and energy of customers as they don’t have to wait in long lines in front of banks to get their work done. It is easy as well as convenient to do transactions using e- banking. Due to e-banking, the banks are enjoying numerous advantages like wider and deeper reach to the customers, quicker time to market, ability to introduce new products and services quickly, greater customer loyalty etc.  Demand for financial services is changing rapidly and consumer behavior towards these things is also changing rapidly. Across the globe, countries have recognized Information and Communication Technology (ICT) as an effective tool in catalyzing the economic activity in efficient governance, and in developing human resources. The changes in technology make the customers to cope with the changing environment. The main aim of this paper is to highlight the benefits and challenges faced by e-banking activities in India.

Keywords: e-banking, challenges, customer satisfaction, ATM’s