The Ministry of Education of Azerbaijan Republic The impacts of e-banking to the development of Azerbaijan economy

Internet Banking

One of the perspective directions of banking activity is Internet Banking. Its main objective is to mitigate the money laundering procedures and reduce the cost of customers.

Internet banking provides for real-time web-based payments through this software. The Bank uses Internet banking to offer its customers a wide range of services, which are of a different nature. These services mainly have the following functions:

• Balance study;

• Money transfers from one account to another;

• Granting applications for a loan;

• Electronic payment of accounts, etc.

Some banks offer brokerage services and insurance services.

In addition, the bank's ability to carry out its activities via the Internet allows businesses to make money transfers, apply for credit, monitor and manage cash transactions online.

Internet banking has the following advantages:

• The Bank's access to all potential customers;

• The client's geographical commitment to the bank;

• considerable savings as a result of the client's absence of personally visiting;

• Ability to control customers' accounts at 24 hours a day and reactivate the financial markets in accordance with the changing situation ( loan repayment, purchase and sale of currency, repayment of bank deposits);

• Increasing the customer's control over their operations;

• It is not necessary to place special software on customer side;

• The new service is accessible to all internet customers because the changes are reflected on the bank's service page.

Internet banking, which is still in use by users, is more used than mobile banking. This is expected to change in the near future due to the increased mobile phone capabilities.