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Awareness of Electronic Banking in Pakistan

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Awareness of Electronic Banking in Pakistan

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AWARENESS OF ELECTRONIC BANKING IN PAKISTAN

Awareness of Electronic Banking in Pakistan Nouman Anwar Dar MCB Bank Limited

Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6)

Awareness of Electronic Banking in Pakistan

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Abstract Electronic Banking is an essential sector of banking industry. E-banking services are gaining the attention of conventional banking’s customers rapidly. It has brought the revolutionary changes in the Pakistan banking industry in terms of customer and business perspectives. Electronic banking has got popularity in the developed as well as developing countries because it saves people time, reduces costs and people have access to all banking services on the click of a button. More often, the new innovated system allows the customers to touch their accounts at home using a mobile device or electronic terminals. This research paper focuses on growth and awareness of electronic banking in Pakistan. Electronic banking is today’s need as it provides easy way to monitor an account. Most of the commercial banks in the country switched to the convenience ways in accessing the accounts of the customers and giving them the freedom for the easy access. “The volume of e-banking transactions reached 125.9 million while the value of these transactions aggregated to Rs 12 trillion showing an increase of 15.5 percent and 19.0 percent respectively as compared to the first half of year 2011”. Electronic distribution channels provide alternatives for faster delivery of banking services to a wider scope of customers. But despite all the opportunities and benefits created by the e-banking, there are still many challenges that are present in the financial sector. There are also some limitations of e-banking as it requires awareness, knowledge and skills to...

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