Services - Business e-Banking - Online Services - Banking Digitally - Business Banking Services (2024)

FAQs

What is the difference between online banking and digital banking? ›

What does digital banking mean? Think of it as online banking but taken to the next level. It incorporates all the familiar features of online banking, such as checking account balances or transferring money, and integrates even more tools and services.

Answer: E-commerce consists of buying and selling of information, products and services over computer networks such as the Internet and electronic data interchange(EDI). E-Banking is one form of e – commerce with certain differences and peculiarities that are characteristic only in e-banking.

Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.

Digital banking is the shift of all banking transactions and services to the Internet. Digital banking provides services such as setting up a bank account, transferring funds, and making withdrawals. Moving to the online space allows you to save money on opening bank branches. Most tasks are automated.

The lack of overhead gives internet banks advantages over traditional banks, including fewer or lower fees and accounts with higher APYs. Internet banks lack personal relationships, no proprietary ATMs, and more limited services.

In general, online banking offers a broader range of services than mobile banking. Mobile banking apps enable users to conduct essential transactions such as checking balances, viewing transaction history, transferring funds, and chatting with support.

There are four main models of e-commerce: Business-to-Consumer (B2C), Business-to-Business (B2B), Consumer-to-Business (C2B), and Consumer-to-Consumer (C2C). Examples of e-commerce include dropshipping, crowdfunding, electronic payments, online subscriptions, and digital products transactions.

E-commerce narrowly refers to buying and selling products online, whereas e-business defines a wider range of business processes, including supply chain management, electronic order processing and customer relationship management, designed to help companies operate more effectively and efficiently.

Example of how does it function

Buyer is sending electronic order to the supplier and supplier is obtaining the order directly into its information system. Based on the electronic order, supplier is preparing the ordered goods and the electronic bill of delivery and is sending this document to the buyer.

A direct deposit is an electronic payment made into a checking or savings account. Transfers are sent from one bank account to another through the Automated Clearing House (ACH) network, which connects over 25,000 financial institutions in the country. It is a fast, convenient and safe alternative to check deposits.

What is electronic banking payment? ›

Electronic banking, which is also known as electronic fund transfer (EFT), refers to the transfer of funds from one account to another through electronic methods. A 2015 study by the Federal Reserve found that 22 percent of mobile phone owners use mobile payments.

The federal Electronic Fund Transfer Act (EFT Act) covers some electronic consumer transactions. Here are some common EFT services: ATMs are electronic terminals that let you bank almost virtually any time.

Smartphones now allow customers to carry out bank transactions on the go. They can transfer funds, invest in Fixed Deposits, pay the bills… even while commuting on the go. Most banks like HDFC Bank have their apps for customers, such as MobileBanking App and PayZapp amongst many others.

Online banking means accessing banking features and services via your bank's website from your computer. You may log into your account to check your balance or pay your electricity bill. You can access additional banking features, such as applying for a loan or credit card, at many banks via your online banking portal.

Information and communication services: these are the types of digital services that facilitate interaction between individuals or between individuals and organizations. Examples: email services, instant messaging apps, video conferencing platforms, social media platforms, and voice over IP (VoIP) services.

Some common online banking examples include: Moving funds from one account to another through a bank's site. Checking account balance and statements through a bank app. Depositing a check through a mobile banking app.

Thanks to digital banking, you no longer need to go to a physical bank or credit union to open an account, make a deposit, or transfer money between accounts. You can manage your money digitally using your smartphone, tablet, or computer and save time from commuting to your local financial institution.

Digital Banking is an umbrella term that includes Online Banking and Mobile Banking. Digital Banking consists of the various financial transactions that are carried out by using technology. Thus, Mobile Banking is a form of Digital Banking.