Electronic Banks and the Diversity of Banking Services
The popularity of electronic banks has increased recently and stormed the world in a very short time due to several powerful factors that helped it succeed and gain the trust of the public through the ability to reach a wide base of customers, the diversity of electronic payment methods available, the diversity of banking services, and the efficiency of electronic banks, reducing costs and offering complete and new banking services.
The Emergence of Electronic Banks
The emergence of electronic banks dates back to the beginning of the eighties with the emergence of cash and electronic marketing in the world. The first electronic bank appeared in the United States, and after that began the need for an online financial broker that allows individuals and owners of electronic projects to carry out buying and selling operations without the need for traditional bank transfers, by providing money transfer service between sellers and buyers for a commission that ranges from 3% to 4% and decreases as the volume of transactions increases.
The Economic Importance of Electronic Banks
- The cost of establishing a bank website on the Internet is low compared to the cost of establishing a new bank or a new branch, which requires administrative equipment, devices, buildings, machines.
- Enhancing intellectual capital, developing information technology, and taking advantage of innovations.
- The Internet is an important, powerful, and competitive factor in attracting customers through electronic banks.
- Having a competitive advantage by marketing its website, enhancing its competitive position, and working towards qualifying it for higher levels of global commercial transactions.
- Ease of dealing with banks, building direct relationships, and providing more business and investment opportunities.
What Are the Success Factors for Electronic Banks?
The success of any electronic banking business requires several factors:
- Developing plans to start introducing electronic banking services, whether from the central bank, the country, or international alliances.
- The presence of a broad network that includes all parties and that they are connected to the Internet according to the standard principles.
- Preparing plans to train human cadres to work in electronic banks.
- Establishing an administrative organization capable of coordination, cooperation, and networking with all contracting parties
- Linking between the various stakeholders and the whole world.