Internet Banking: Reliability and Accessibility Issues

4370 WordsAug 10, 200818 Pages
Abstract Internet banking renders location and time irrelevant, and empowers customers with greater control of their accounts. Banks achieve cost and efficiency gains in a large number of operational areas. This paper addresses the aspects of reliability and accessibility from a banking enterprise point of view and puts forth present day solutions to problems involving these issues. An Indian perspective of Internet banking is also looked at in order to gaining a better perspective regarding the situation. Table of Contents 1. Introduction … … … 3 2. Problem Description… … … 4 2.1 Internet Banking: Definition… … … 4 2.2 Internet Banking Risks: Focus on Transactional Risk… … … 4 2.3 Synopsis of the Problem……show more content…
Banks that offer financial products and services through the Internet must be able to meet their customers’ expectations. Banks must also ensure they have the right product mix and capacity to deliver accurate, timely, and reliable services to develop a high level of confidence in the customers. Customers who do business over the Internet are likely to have little tolerance for errors or omissions from financial institutions that do not have sophisticated internal controls to manage their Internet banking business. Likewise, customers will expect continuous availability of the product and Web pages that are easy to navigate. Attacks or intrusion attempts on banks’ computer and network systems are major concern. Studies show that systems are more vulnerable to internal attacks than external, because internal system users have knowledge of the system and access. Banks should have sound preventive and detective controls to protect their Internet banking systems from exploitation both internally and externally. Contingency and business resumption planning is necessary for banks to be sure that they can deliver products and services in the event of adverse circumstances. Security issues should be considered when the institution develops its contingency and business resumption plans, sophisticated as those at the primary processing site. High levels of system availability will be a

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