Why the Virtual banking service is popular among the customers? Discuss the advantages of Virtual Banking.

The popularity which virtual banking services have won among customers is due to the speed, convenience and round the clock access they offer. The advantages of virtual banking services are as follows: (i) Lower cost of handling a transaction. (ii) The increased speed of response to customer requirements. (iii) The lower cost of operating branch network along with reduced staff costs leads to cost efficiency. (iv) Virtual banking allows the possibility of improved and a range of services being made available to the customer rapidly, accurately and at his convenience.