Electronic Banking is an
indispensable sector of banking industry. It has brought the revolutionary
changes in the Pakistan banking industry in terms of customer and business
perspectives. The developments taking place in information and communication
technology are increasing competition in financial institutions at global level.
Thus, the deployment of advanced technologies is vital to achieve a competitive
advantage.
E-banking provides an easy way to monitor an account, we can shop, pay bills and
transfer money from anywhere at any time, it reduces costs and most importantly
it saves time. In the Start , Branches were pretty much costly to set up because
of the overhead cost. Previously the customer had to visit the financial
institute for any kind of Information or Transaction but now the customer can do
it by sitting anywhere through the cell phone and Laptop. Now you dont have to
wait in lines for your turn or you dont have to plan your schedule according to
bank's working hours. You can check the status of your account anytime you want
and can do any transaction anytime by sitting at your own place. E-banking gives
facilties to its customers like using financial accounts, Transfer payments ,
And to pay all kind of bills. The best thing about E-banking is the it can be
used in any part of the world, Any time .
Through E-banking the customer can pay His/her Bills and can easily transfer
funds. Although this has created many benefits for the customers but it also got
many drawbacks. The most important drawback is the issue of secuirty as E-baking
is not a secure way to do transactions, Your account can get hacked by another
person , which will result in financial loss. Hackers may hack the data and
defraud them. Financial institutions had built many security processes to reduce
the risk of unauthorised online access to a customer's records, but there is no
assurance in that yet . E-baking has caused Job reduction in banks . People are
getting unemployed because all the work is done through internet by Customers .
Another disadvantage of is that the internet account requires a lot of
paperwork. And mostly people avoid using it because they find it difficult to
understand .