Question

Electronic banking explanation

Answer 1

[AI-generated answer — Bot GPT 3.5]

Electronic banking refers to the process of conducting banking transactions, such as depositing checks, transferring funds, and paying bills, through electronic channels such as the internet, mobile apps, and automated teller machines (ATMs). This allows customers to perform a variety of banking activities without having to visit a physical bank branch.

Electronic banking offers convenience, efficiency, and flexibility for customers to manage their finances from anywhere at any time. It also provides enhanced security features such as encryption and authentication measures to protect sensitive information and prevent fraud.

Popular electronic banking services include online banking, mobile banking, and electronic funds transfers. These services have become increasingly popular as technology continues to advance, making banking more accessible and convenient for customers.