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Homework answers / question archive / 1 Though electronic banking has been a buzzword for a few decades now, the services provided still has its ups and downs
1 Though electronic banking has been a buzzword for a few decades now, the services provided still has its ups and downs. Take any TWO (2) electronic banking services you are familiar with and evaluate their strengths and weaknesses.
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The forward market:
for euros is very illiquid. |
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for currencies of Eastern European countries is very liquid. |
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does not exist for some currencies. |
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None of these are correct. |
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Electronic banking is efficient banking service provided by banks where an electronic medium or platform is used by users of banks to access their funds. There is no need for customers to visit the bank for their financial trasactions. Since more and more people are using internet these days, this digital platform became more convenient and easy for users.
Online banking: It allows us to do financial transactions through internet. We can use either a laptop or personal computer or a mobile phone along with internet connection in order to avail this facility. With the help of internet banking we can check our account statements, pay our utility bills and even transfer funds to other bank accounts with in a fraction of seconds. Most banks make sure that all these services are convenient and can be easily used used by anyone.
Strengths:
Availability of services when and where customers desire that too 24x7 access to account, as long as there is no internet issue.
If we need money in case of any emergency, we can easily login with our details and access the account.
Online banks dont have to pay for things like rent, electricity etc so they can easily pass those savings to customers in terms of interest rate banks offer to customers.
It saves time and resources of the bank.
Weakness:
If the security arent well equiped to protect electronic trasactions, e-banking is not safe and secure.
One cannot make deposits conveniently using online banking.
Technology issues faced in situations such as servers going down, power cuts etc where as these problems do not arise in case there is someone to talk in a bank branch.
ATM machine: We can withdraw money from our account or access to our account balance details using an ATM (Automated Teller Machine) using our PIN (Personal Identification Number) at our convenience 24x7 in a day using this computerized machine.
Strengths:
ATM's are of great help for travellers. They need not carry large amount of cash with them. Customers can withdraw cash from any place within or outside the country using these machines.
Most ATM are designed to provide privacy in banking trasactions for a customer.
Weakness:
Limitation of cash withdrawal is one of the disadvantage provided by ATM.
ATM card if stolen or misplaced can be misused.
If any ATM is hacked, our banking details may be taken by those hackers and can be misused.
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ANSWER
C DOES NOT EXIST FOR SOME CUURENCIES
currencies which have low volume or low demand could not be traded in thr forward market unless two parties agree for contract with one another