E-Banking.

E-banking, also referred to as Internet banking or online banking, allows customers of a financial institution an opportunity to conduct his or her financial transactions, such as day-to-day account statements to loan applications, in an online, virtual environment. Most traditional banks, such as Bank of America or Chase, offer extensive online services that allow customers to avoid brick-and-mortar locations altogether. These services include deposits, transfers, payments, account management, budgeting tools, and loan applications. In fact, there are several banks, such as Ally, that operate completely online. E-banking is built on a foundation of several electronic and mobile technologies, such as online data transfers and automated data collection systems. In the world’s global market, e-banking has played a significant role in the rise of e-commerce, especially in how people and businesses interact in the buying and selling of goods and services. Due in part to a rise in online banking, e-commerce has gained a significant foothold in the consumer environment and has increased the consumer base of many businesses exponentially because e-banking and e-commerce are not limited to specific geographic locations.