August 30th, 2011 
admin_my_e_finance E-finance is the current trend that has been adopted for carrying out the monetary work by the use of computers as opposed to manual work which is done by humans.
This trend has gained more popularity in the 21st century.
The first attempt in the development of e-finance was in the early 20th century when fedwire payments system enabled the use of electronic communication, where the telegraph could be used to give instructions of these transactions between banks.
Electronic finance therefore has made financial tasks very easy to carry out which has ended up saving the governments and companies a lot of money and time.
This is because the government has been able to consolidate all the financial functions in such a way that they are all done by use of the computer plus the net.
If the government wants to pay its members of staff, it will just give instructions to the banks holding the staff&rsquos accounts in such a way that money can be deposited and accessed within a short time.
The introduction of the automated machines has made things even easier as people do not have to go to withdraw their money over the counter but are able to access the money anywhere the card is acceptable. This has been made possible by the banks introducing automated teller machines.
Previously the banks were the only institutions that were charged with the responsibility of collecting and acting as custodians for money deposited. The advent of e-finance has changed all that. Other institutions have come up in order to provide the same services within the customers reach.
The fact that most of the monetary activities are automated means that people looking for some of the services provided by these institutions do not have to physically present themselves to them. One can apply for a loan or mortgage from the comfort of the home.
The automation of credit bureaus means that once a person applies for a loan, the lender can verify for whether the borrower qualifies for the loan by referring to the information provided by credit bureaus.
If the borrower qualifies for the loan, money is deposited in his account without him necessarily going to the lender. All this has been possible through e-finance.
The government has embraced e-commerce in most its monetary operations. These operations include collection of taxes, checks and pension payments.
This method of operation has continued to improve such that in the near future all institutions will use e-finance in their day to daymonetary activities.
