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It enables account access that isn’t limited to a specific PC and usages of money management software like Quicken and Microsoft Money.Time of writing and clearing out bills, buying stamps, writing checks, and writing addresses on envelops every month could be saved.
In some instances, this card may also be an ATM card.
This is similar to using a credit card, but with one important exception: the money for the purchase is transferred immediately — or very shortly — from customer’s bank account to the store’s account.
Opening hours or location of branches, unlike the traditional banks does not restrict such services.
Both existing banks and new groups are already moving into this potentially very important area.
Financial sector has been quick to recognize this fact, and in Pakistan, most of the banking industry has moved away from the old ledger based system to computers and automation in order to modernize their operations.
Although foreign banks were pioneers of bringing this concept to South-Asia but they have yet to start latest Electronic Banking practices in Pakistan Electronic banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution.In turn it helps to raise gross domestic product (GDP) of the economy as a whole.EBanking facilitates instant access to account information, maintain control over the finances, saving time, avoiding trips and phone calls to the bank.The need of Electronic Banking was felt in South Asia during the last 5 to 7 years.This concept emerged as an essential tool for successful bank management.Since on-line banking services can be accessed with equal ease almost anywhere in the developed world, this raises the possibility of banking networks operating without regard to national boundaries, with consequent regulatory problems.Banking on line, commonly called PC banking, electronic banking or Internet banking, has been around in one form or another for a decade or more.This is not an example of the work produced by our Essay Writing Service.You can view samples of our professional work here.Many banks affiliate leading software vendors such as Intuit or Microsoft to make their systems compatible.4) Pay-by-Phone Systems /Tele banking: Allows a customer to pay by telephone certain bills, or transfer funds between accounts, with instructions to the bank.