ELECTRONIC BANKING Meaning and
Definition
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Electronic banking, also known as e-banking or online banking, refers to the electronic access and management of banking and financial services using computer networks. It involves the use of digital technology to perform various financial transactions, accessing account information, and conducting banking activities remotely.
With electronic banking, customers can manage their finances conveniently and efficiently, eliminating the need for physical visits to a bank branch. It allows customers to access their accounts, transfer funds, pay bills, view transaction history, apply for loans, and perform other banking activities through a computer, smartphone, or other electronic devices connected to the internet.
The core features of electronic banking include secure login credentials, encryption protocols, and multifactor authentication to ensure the security and privacy of customer data. By accessing their accounts online, customers can monitor their balances, receive electronic statements, and receive real-time notifications about their account activities.
Electronic banking also enables customers to make online payments and transactions using various methods such as electronic funds transfer (EFT), credit cards, debit cards, and other electronic payment systems. Additionally, it provides access to various banking services, including mobile banking apps, automated teller machines (ATMs), and virtual wallets.
Overall, electronic banking has revolutionized the way individuals and businesses manage their finances, offering convenience, accessibility, and efficiency in banking activities while promoting financial inclusion and advanced financial management capabilities.
Common Misspellings for ELECTRONIC BANKING
- wlectronic banking
- slectronic banking
- dlectronic banking
- rlectronic banking
- 4lectronic banking
- 3lectronic banking
- ekectronic banking
- epectronic banking
- eoectronic banking
- elwctronic banking
- elsctronic banking
- eldctronic banking
- elrctronic banking
- el4ctronic banking
- el3ctronic banking
- elextronic banking
- elevtronic banking
- eleftronic banking
- eledtronic banking
Etymology of ELECTRONIC BANKING
The word "electronic banking" is derived from the combination of the terms "electronic" and "banking".
1. Electronic: The term "electronic" originates from the Greek word "ēlektron", meaning amber. Over time, it extended to refer to electricity in modern English. In the late 19th and early 20th centuries, "electronic" emerged to describe the technology and processes related to the control, transmission, and storage of information using electrical circuits.
2. Banking: The term "banking" has a broader historical background related to financial activities. Its root can be traced back to the Italian word "banco" which meant a bench or a money exchange table in medieval times. The concept of banking evolved with the establishment of institutions that facilitated financial transactions, held deposits, and provided credit services.
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