electronic banking

electronic banking
banking transactions conducted through computerized systems, as electronic funds transfer by automated-teller machines, intended to speed operations, reduce costs, etc.
[1975-80]

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Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction.

Its features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments. Some banks offer home banking, whereby a person with a personal computer can make transactions, either via a direct connection or by accessing a Web site. Electronic banking has vastly reduced the physical transfer of paper money and coinage from one place to another or even from one person to another.

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Universalium. 2010.

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