Question

Explain how electronic funds transfer systems have changed the financial services industry.

Answer 1

EFT systems include items such as ATM’s, direct deposit, automatic payments, pay-by-phone, point-of-sale, and online banking. All these items has made banking more convenient for consumers to manage account transactions. There is no longer a need to have to try and get to the bank during business hours. It has also eliminated the need to have physical bank locations since almost everything can be done in the EFT system. Good examples are financial companies such as ING and WaMu.