How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

In India we were aware of only that banking can only be done through branch banking as it was the most traditional way because our ancestors and grandparents told us that. But, after 2016 the scenario of banking in India completely changed as after the demonetization digital iIndiaccampaignwas inaugurated by the government. In simple words, we can say that E-banking means internet banking. E-banking can simply be defined as using Automated Teller Machines, telephones, internet and mobiles for doing day to day simple and advance transaction without being physically present in the bank, to use the services like making queries for account balance, making a different type of payments like bills, mobile recharge, money transfer, filing income tax return electronically. In simple words, E-banking is concerned with doing all these transactions from home or office without visiting the branch; 24 hours, by using ATMs, telephones, internet and mobiles, etc for doing banking services. 

There are various advantages of E-banking as well:- 

1. E-banking delivers 24x7 services to the customer.

2. Easy access to account information in a quick time.

3. Payment can be made online for the purchase of goods and services.

4. With e-banking, customers can check account balance,

can get a statement of their accounts, apply for loans, check

the progress of their investments, and collect other

relevant information. 

India has changed completely now through banking by using many supportive methods like Paytm, Google Pay, Phonepe, Railway e-pass, Online shopping, Online bill service payment in COVID times it really helps the customers.