Virtual banking also known as online banking is the
service provided as like in a bank, but the only difference is that the
services are provided via Internet. This particular service does not need a
brick and motor system. The services like account opening, fund transfer,
payment services, e-shopping and so on all are being served online.
The bank customers having computer and Internet literacy will find it more convenient and accessible. This virtual system has the power to change the system of economies, which were more run by physical cash in contrast to cash less economy. There are some advantages of virtual banking.
The main advantages are time-saving, Protection of customer, Mobility and Flexibility, Convenient, User-friendly, Cost-effectiveness, Easy Fund Transfer, Eco-friendly, Provides Retrospective Data, Quick Documentation, Advanced Technology etc.
In Bangladesh particularly, the recent reformations; like
demonetization, converting every transactions to online, zero balance account
all are with a view to change the economy into a cash less one, which is only
possible through virtual banking system.
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