Describe electronic banking and explain types of bank electronic delivery channels?

Electronic banking, also known as online banking or e-banking, refers to the use of electronic channels and platforms to conduct various banking activities and transactions. It allows customers to access and manage their bank accounts, make payments, transfer funds, and perform other financial transactions through the internet or other electronic devices.

Types of bank electronic delivery channels include:

1. Internet Banking: This is the most common form of electronic banking, where customers can access their accounts and perform various transactions through a secure website or mobile application. It provides features like account balance inquiry, fund transfers, bill payments, and online statements.

2. Mobile Banking: With the increasing use of smartphones, mobile banking has gained popularity. It allows customers to access their accounts and perform banking activities through dedicated mobile applications. Mobile banking offers similar features as internet banking but with the convenience of accessing it on the go.

3. Automated Teller Machines (ATMs): ATMs are self-service machines that allow customers to perform basic banking transactions without the need for a bank teller. Customers can withdraw cash, deposit checks, transfer funds, and check their account balances using ATMs. Some advanced ATMs also offer additional services like bill payments and account statements.

4. Telephone Banking: This channel enables customers to access their accounts and perform banking transactions by using a telephone. Customers can make inquiries, transfer funds, pay bills, and perform other banking activities by following the instructions provided through an automated system or speaking to a customer service representative.

5. Point of Sale (POS) Terminals: POS terminals are used by merchants to accept payments from customers using debit or credit cards. These terminals are connected to the bank's network, allowing real-time authorization and transfer of funds from the customer's account to the merchant's account.

6. Electronic Funds Transfer (EFT): EFT allows customers to transfer funds electronically between different accounts or financial institutions. It can be done through various channels like internet banking, mobile banking, or telephone banking. EFT is commonly used for salary deposits, bill payments, and transferring funds between personal accounts.

7. Online Payment Systems: These systems enable customers to make payments for goods and services purchased online. Examples include payment gateways like PayPal, Stripe, and other digital wallets. These systems securely process transactions and transfer funds from the customer's account to the merchant's account.

These electronic delivery channels provide convenience, accessibility, and efficiency to customers, reducing the need for physical visits to the bank and enabling banking services to be available 24/7.