Electronic Banking, An Automatic Delivery Of The New And Old Banking System

The threats and opportunities in the e-banking line are increased due to the introduction of internet. The threat of e-banks and the point of equality concept are very highly used by the current competitors. There are rivals such as CIMB clicks, Hong Leong online banking and many more which cause Maybank2u.com unable to monopolize the market. As a consequence, the customers can exchange brands easily. Moreover, the customer of Maybank are likely to concern with the safety matter of online banking. They prefers to do transaction in the classic ways more than online banking due to their lacking of confidence toward security and safety matter of online banking. They are scared of hacker that might intercept their information. But other than that, the bank may significantly affected by the present macroeconomic situation across the global and adjustment in economic policies in South East Asian countries. This happened because Maybank’s goal is to widen Islamic business in markets such as Singapore and Indonesia as part of their target on the ASEAN

Online bank: Since this process is done by the internet, then various of threats can be caused.

(The wider scope of my research is the internet banking, rather the online banking, but I’ve narrowed the scope to account opening and registration. Further on, I will do more research on implementing online banking as a whole, but for this proposal, my focus is on account opening.)

Internet as a strong means of communication has greatly helped to boost the online banking process and making it a future demand of today’s banking industry.

Electronic banking can be defined as providing banking products and services through electronic delivery channels.

Having done an exclusive audit on Bank Solutions’ operations and process protocols, several security loopholes were realized and inevitably are great threat-posing factors to the institution. Responsively, new technology and security measure have to be implemented in order to fill the gaps and heighten security standards in order to enhance customer privacy, information protection, the institution’s credibility and generally adherence to the standard security policies and controls.

The increased competition has forced the banks to rethink the way they operated their business, reinvent and improve their products and services to make them more beneficial and cost effective. The technology in the form of e-banking has made it possible to find alternative banking practices at lower costs. More and more people are using e-banking products and services and because a large section of

With online banking becoming increasingly popular for its convenience, accuracy and speed of action especially amongst the younger and more digitally savvy customers, and the Banks benefiting from lower costs compared to branch based customer service and reach, the fraud industry has been quick to catch on to its vulnerabilities through imaginative techniques such as Phishing and Malware. This is where the fraudster sends an email convincing a recipient to click on a link which in turn downloads the malware directly to the user’s computer. This results in the capture of customer’s personal banking data, enabling the cyber criminals to process fraudulent transactions through the customer’s bank account. Numerous variations and modifications to these commonly used tools for fraud have emerged over the last few decades. These will be discussed in the Literature review. As banks create new rules, systems and procedures to combat and prevent online financial crime, the cyber criminals seem to always stay a step ahead with their own adoption of technology. Furthermore, Banks are constrained by Federal rules and regulations as well as the customer’s dislike for excessive authentication barriers, while the fraudsters have no such considerations and are therefore faster in their

In the cutting edge world the utilizing of web can be elevate business method, items and administrations is mandatory for business. Electronic keeping money is a most effortless and speedier approach to execute with the banks staff. The primary reason for this proposed examination is resolved the points of interest and inconveniences of E-keeping money. This

Web saving money is slightly advancement in innovation and moves the managing an account industry into new universe of engineering. Internet managing an account that empowers budgetary establishment client, people or business to get to record, transaction, gets monetary data, pay bills & impose through the web.

Traditional banks offer many different services to their customers. These services include accepting customer money deposits, making loans to individuals and companies and providing servicing to the various loans and accounts offered. When compared with traditional channels of offering banking services through physical branches, electronic banking (e-banking) uses the Internet to deliver traditional banking services to their customers, such as opening accounts, transferring funds, and electronic bill payment (Fan, M. 2002).

E- Banking: A special kind of software GUI (graphical users interface) has enabled customers to access their bank detail anywhere in the world as long as they have access to a computer and internet connection. Customers can pay bills, make transfer, print bank statement, and check their monthly transaction within seconds at their own pace and time.

Nowadays, most people are familiar with new technology development of electronic banking systems. Its not only provide the basic services like fund transfer and bill payments, but also doing the advance including provide the loan and card application. Electronic banking can define as the use of electronic delivery channels for banking products and services. Electronic banking services generally offered in two ways either traditional bank that is combine traditional and electronic delivery channels or virtual bank that operate entirely through electronic banking channel without having a branch network. It makes the business operational more efficient, faster and easier

In 2010 the total amount of internet bank users was estimated to be 100,000,000, which is about 8.5 percent of India’s population. Recently, the speed and excellence of banking has changed by the latest technological advancements. Core banking solutions is the most important facility which improves the competency of banking services. Further, introduction of automated teller machines (ATMs) enabled customers to perform banking operations anytime. ATM is a highly accepted e-banking service among customers and works as an alternative banking channel (Hans & Kamath, 2013). Initially it was limited to the disbursal of cash but now it is used for delivery of a wide range of banking services such as accessing the account information, depositing cash, withdrawing money, generating mini-statement and online shopping, recharging online, booking tickets and many such facilities.

Over the last few decades information technology has played an important role in Indian economy. It has affected all the industries especially the banking industry and has provided a way for the banks to differentiate their products and services. The traditional way of financial services delivered to customers called the branch based operations which had been used by the banks for more than 200 years, has been replaced by the advent of multiple technologies and application. For instance, Automated Teller Machine (ATM) displaced cashier tellers, telephone represented by call centers replaced the bank branch, the internet replaced mail, credit cards and electronic cash replaced bank transactions. The reason was the numerous key advantages that banks could gain by providing electronic banking services. In this way they had lower transactions cost, 24 hour trading, more extended business territory and also increased efficiency in daily banking process. The Banking Sector is also facing very stiff competition. In order to succeed such competition, they must offer a wide array of products with the latest technology. At present many banks and financial institutions are actively developing new electronic banking products for their customers throughout the world (Alagheband 2006) . The key players of banking industry are its customers and all the efforts made by the banks are to satisfy the desirable needs of