The correct spelling of "e banking" is spelt using the letter "e" followed by a space and the word "banking" without a hyphen. The phonetic transcription of this word is /iː ˈbæŋkɪŋ/, where the first sound is a long "e" sound, followed by the stress on the first syllable of "banking". The space between the "e" and "banking" indicates that "e" is not a prefix but a separate word in its own right. "E banking" refers to electronic banking services provided by financial institutions.
E-banking refers to the electronic banking system that allows individuals and businesses to conduct various financial transactions and manage their finances via the internet or other electronic channels. It is also known as online banking, internet banking, or virtual banking.
E-banking enables users to access their bank accounts, perform banking activities, and carry out transactions without physically visiting a bank branch. It offers convenience, efficiency, and accessibility, allowing customers to access their accounts 24/7 from any location with an internet connection. This digital platform facilitates tasks such as checking account balances, viewing transaction history, transferring funds, paying bills, and applying for loans or credit cards.
To ensure security and confidentiality, e-banking employs various authentication methods such as passwords, PIN numbers, and encryption technologies. Additionally, many banks also provide multi-factor authentication and adopt advanced security measures to protect against fraudulent activities and unauthorized access.
E-banking has revolutionized the way people manage their finances, simplifying processes and reducing the time and effort required to perform banking transactions. It has also contributed to the growth and development of online commerce by enabling secure online payments and facilitating electronic transfers between individuals and businesses.
Overall, e-banking has emerged as a convenient and secure alternative to traditional banking methods, enabling customers to access and manage their finances efficiently through digital platforms.
The word "e-banking" is a shortened form of "electronic banking". The etymology of "electronic banking" can be traced back to the combination of two distinct words:
1. "Electronic": Derived from the Greek word "ēlektron" meaning "amber", which was associated with the production of static electricity. Over time, "electronic" came to refer to the study, design, and application of devices and systems that utilize electrons or electric currents.
2. "Banking": Derived from the Middle English word "banke" or "banca", which referred to the moneylender's table or counter in a marketplace. It later evolved to signify financial transaction activities, managing money, lending, and other banking services.
When the banking industry began to incorporate electronic systems and technology to facilitate financial transactions, the term "electronic banking" emerged.