Electronic Banking is defined as “It is form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, cheque or other type of paper document. Transfer of funds occurs in financial institution such as bank and credit union. ”This service includes accessing the business transaction, financing transitions regarding banking activates or obtain information on financial products and services through a public or private network”. However, Electronic banking has changed the scenario of the banking sectors in all over the world. Banking has come a long way from the time of ledger cards and other manual filing systems. Most of the banks today have electronic systems to handle their daily voluminous tasks of information retrieval, storage and processing. The computer is, of course, an established tool for achieving a competitive edge and optimal resource allocation. Competition and the constant changes in technology and lifestyles have changed the face of banking. Nowadays, banks are trying to improve the service quality for the customers through using digitalization. Customers, both corporate as well as retail, do no longer like to wait for cash deposit and cash withdrawal, standing for hours in banks queue. With the number of computers increasing and new technology development take place every year, the electronic delivery of banking services is becoming the ideal way for the banks to meet their clients’ expectations. E-banking refers to the effective deployment of IT by the banks.

KEYWORDS:  Information Technology, E-Banking Products, Transformational Effects, Internet Banking.