An evaluation with recommendations of electronic banking, with Essay

An evaluation with recommendations of electronic banking, with particular reference to user ability and security issues - Essay Example The paper tells that the introduction of e-banking systems has been related with specific needs: the needs of the customers to save time and money in regard to their transactions in banks but also the needs of banks to reduce their operational expenses – the limitation of the transactions developed within the banks’ branches leads to the limitation of the working hours required on the specific activities. In this context, the implementation of e-banking systems in banks can be characterized as an expected policy – necessary to resolve specific problems. The value of e-banking cannot be doubted; the importance of e-banking for the development of financial transactions can be understood by referring to this scheme’s definition. In this context, it is noted that ‘e-banking refers to electronic banking over the internet; e-banks can have some brick-and-mortar facilities: telephone and web call centers and, increasingly, physical "touch points" for in-per son demos and consultation’. At the next level, the value of e-banking systems can be understood by referring to their characteristics; the definitions of e-banking systems developed in the literature have been differentiated as they are based on different criteria. In any case, e-banking systems are likely to include devices that serve the following needs: the communication and the exchange of data. In accordance with Claessens et al. ‘the interaction between user and bank has been substantially improved by deploying ATMs, phone banking, Internet banking, and more recently, mobile banking’.