Electronic banking and its challenges

For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking involves many different types of transactions, rights, responsibilities — and sometimes, fees.

Electronic banking is the wave of the future. It provides enormous benefits to consumers in terms of the ease and cost of transactions. But it also poses new challenges for country authorities in regulating and supervising the financial system and in designing and implementing macroeconomic policy.

Electronic banking also makes it easier for customers to compare banks’ services and products, can increase competition among banks, and allows banks to penetrate new markets and thus expand their geographical reach.

Challenges:

  1. Regulatory risk
  2. Legal risk
  3. Operational risk
  4. Reputational risk

Be reminded

Date: 25th August, 2016

Blogging for Profit

Call for inquiry: 08187378488

Email: info@dewinitiatives.com

Website: www.dewinitiatives.com

Contact Address: 18, Afolabi Aina Street, Off Allen Avenue, Ikeja, Lagos.

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