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eBanking Explained

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Question: 
I would like to get some information about e-banking as a new bank service on the net. I would need some generaldata or explenation in general on:<ol><li>What is an e-banking</li><li>Is it successful?</li><li>Where and how it was developed.</li><li>How is it going to developed/changed be in the nearest future</li><li>In which way does it change the communication standard: SENDER -> RECEIVER.</li><li>How has it changed the forms of documents in banking service?</li><li>Advdantages and disadvantages of the e-banking</li></ol>
Answer: 

This could be a small book. But here are some short and sweet answers.

  1. What is an e-banking?
    Generally this means Internet banking including such services as reviewing your account on your own PC (directdial or WWW), transferring funds between accounts, paying loan and other bills online, brokerage activities. Butanyones definition could vary.
  2. Is it successful?
    Depends on who you talk to. Does it make money... usually not or not much. It is a loss-leader in that it attracts and retains customers. Because it is generally free (except bill pay services) it doesn't generate its own distinct revenue stream.
  3. Where and how it was developed?
    I believe it started as a telephone banking product with many of the same features, but all in audio and executed with your telephone keypad.
  4. How is it going to developed/changed be in the nearest future?
    It will include many aggregation services and will go wireless to your PDA and cell phone. Widespread utilization is a ways off on a national scale.
  5. In which way does it change the communication standard: SENDER -> RECEIVER?
    While it is still two-party communications, third party information may be included such as in the aggregation scenarios. Some differences will be in time. You can e-mail a question 24x7, but when do you get a reply? Live responses 24x7 will be coming and perhaps even IM type discussions.
  6. How has it changed the forms of documents in banking service?
    Until e-sign takes off, this is "to soon to tell" to any large degree. What has changed are the online applicationsnow available for new accounts, loans, employment, brokerage services, etc.
  7. Advdantages and disadvantages of the e-banking?
    24x7 contact/information. The only disadvantage that comes to mind is the consumer who believes that since theydid something online the transaction is immediate. Often bill pays are actually sent by paper check from a vendorand it takes days to get paid. Also, many transactions are stored and processed with the banks traditional businessdays, not in real time.


  8. First published on BankersOnline.com 12/3/01

First published on 12/03/2001

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