How to Define Electronic Banking

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Once upon a time, banking was conducted solely face-to-face at the local bank branch. However, as technology has improved, banking can virtually be done anywhere with a phone or Internet access, thanks to electronic banking. Although most people think of electronic banking as online banking, there are some differences. Online banking is just one small piece of the large puzzle.

  • Understand the terminology. Electronic banking has a number of other names that relate to electronic banking, but are not completely synonymous. PC banking, Internet banking, home banking, remote banking and phone banking all relate to electronic banking.

  • Break down the idea of electronic banking. Computers and phones are the main components used for electronic banking. It is important to understand that phone banking consists of mobile banking with and without human interaction. Computers relate to Internet and home banking because everything is done in front of your home computer screen.

  • Read information on electronic banking. Pick up brochures at your bank or read articles online from consumer and banking publications. Educate yourself on the differences in electronic banking and how it can help your life.

  • Ask questions. Bank tellers and managers are well-informed on the newest technologies their bank is offering. They can define any type of electronic banking and help you set up electronic banking accounts.

  • Experiment with electronic banking. The best way to understand and define something is to try it. Sign up for mobile alerts to your cell phone that tell you when activity occurs on your account or your daily balance changes. Sign up for online banking that allows you to see your balance when you log on to your bank's website every day. Use bill pay. Bill pay is a newer technology that allows you to set up automatic debits from your checking account to pay your bills.

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