Answer to Question #155650 in Management for Prabhdeep

Question #155650

Write a short note on E-banking transaction process?(Please Answer in 100 to 150 Words )

Expert's answer

E-Banking means accessing one's bank account and transacting through the internet on a smartphone, computer, or tablet. Some of these transactions could involve paying bills, checking the account balances, applying and paying loans, and transferring money to other accounts.

the transaction process entails

Setting up your account with the bank of choice. Some banks do this physically in their branches but there are others who operate an online-only bank whereby in this case it's done on their website; Facilitate online access to your online account whereby you will provide some form of identification such as your Federal I.D number, date of birth or Social security number; Pick out a secure username and password, and Set up your contact information. This is important as certain transactions will require it before authorizing.

You are now free to use the online bill pay to pay your bills, apply for loans, and transfer money between accounts.

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