Electronic Banking is an
indispensable sector of banking industry. It has brought the revolutionary
changes in the Pakistan banking industry in terms of customer and business
perspectives. The developments taking place in information and communication
technology are increasing competition in financial institutions at global level.
Thus, the deployment of advanced technologies is vital to achieve a competitive
advantage.
E-banking provides an easy way to monitor an account, we can shop, pay bills and
transfer money from anywhere at any time, it reduces costs and most importantly
it saves time. The convenience resulting to e-banking reduced the volume and
value of paper-based transactions as well in. People have access to all kinds of
banking services on the click of a button.
Electronic banking (e-banking) and branchless banking transactions continued to
show growth thrust as both the volume and value of these transactions displayed
a rising trend in the country during the last quarter of the fiscal year
(2008-2009). A total of 78% branches are now offering real time online banking
in the country. E-banking in Pakistan is described as growing, and there's no
doubt that the automation of banking processes has opened new doors of
opportunities for IT sector in Pakistan.
In Pakistan consumers are aware of e-banking products and services. But there is
room to make more awareness to consumer in order to full make of adoption of
e-banking. In the Start , Branches were pretty much costly to set up because of
the overhead cost. Previously the customer had to visit the financial institute
for any kind of Information or Transaction but now the customer can do it by
sitting anywhere through the cell phone and Laptop. Now you dont have to wait in
lines for your turn or you dont have to plan your schedule according to bank's
working hours. You can check the status of your account anytime you want and can
do any transaction anytime by sitting at your own place. E-banking gives
facilties to its customers like using financial accounts, Transfer payments ,
And to pay all kind of bills. The best thing about E-banking is the it can be
used in any part of the world, Any time .