Introduction And Overview Of Online Banking

(ii) One can easily pay their bills and transfer their money without any problem. Because of this people don’t have to stand in long queue and keep their receipt safely as transactions are viewed by the person at anytime.

I would like to express my special thanks of gratitude to my supervisor, Dr. Domician Mate, as well as the entire school who gave me the golden opportunity to do this wonderful project on the topic (E-banking services) which also helped me in doing Research and I came to know about so many new things. I am really thankful to them.

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

Simply, the banks perform financial intermediation with the deposits of the customers/ business and then lending out that money to earn profits. The banking system concern, it plays a vital role in any country economy by encouraging investment activities as well as money savings. Moreover, online baking, providing debit and credit cards, ATM facilities, providing safe custody of valuable items and lockers are some of the facilities provided by banks to make their relationship with the customers more effective and efficient.

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

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.

Internet banking has made bank transaction easy and convenient in the sense that people can do the transactions from anywhere they, desire to i.e in the home, offices, and schools. It has helped to avoid unnecessary trips to the bank.

Internet Banking (Internet banking): Computerized service that allows a bank’s customers to get Internet with the bank via internet or telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transfer funds, pay bills, request check books and so on (Business dictionary., 2011)

Online banking also known as internet banking, e-banking, or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution 's website. The tools commonly used are computers, smartphones and in a limited sense telephone.

ABSTRACT ……………………………………………………………………….. iii OZ ………………………………………………………………………………….. iv ACKNOWLEDGEMENTS ………………………………………………………....vi LIST OF TABLE ………………………………………………………………..…...x LIST OF FIGURES ………………………………………...…………………..…...xi 1 AN INTRODUCTION TO INTERNET BANKING…………………………..….1 1.1 Background of the Study ………………………………………………..…...1 1.2 Definition of internet banking …………………………………………...…...2 1.3 The Aim of the Study ……………………………………………………..…5 1.4 The Scope of the Study …………………………………………………..…..5 2 LITERATURE REVIEW ………………………….…………………………..…..7 3 INTERNET

With increasing number of banks including the public sector banks are fascinated by the technology banking, the result are very visible in the form of alternative channel banking and new delivery system, new operating structures and business processes and outsourcing of operations and human resources. The banking in India is clearly experiencing stunning changes in the recent years and the explosion of information technology made the life easy for most of the bankers and users. The popular channel banking instrument such as Automated Teller Machines (ATM), Tele banking, Mobile banking, Internet banking are gaining popularity. Besides the facilities like Electronic Fund

Internet/Computer Experience: 4.7% of Internet bank account holders had less than 6 months of experience using the Internet; 12.5% had 6 to 12 months experience; 39.1% had used the Internet for 1 to 3 years; 28.1% for 4 to 6 years and 15.6% used the Internet for at least 7 years. Therefore, of those with Internet bank accounts, nearly 83% had used the Internet for at least one year. However, of the respondents without Internet bank accounts, 75.8% had used the Internet for at least one year.

It is hard to believe, but we are just over halfway through 2017 and have seen the results of all of your hard work thus far! Keep up the good work and use your sales tools to their fullest potential in order to build those new customer relationships. You will notice that we are rolling out a new look for all of the sales flyers and also will have new Business Lending flyers that will feature our bank team members in each territory. Check the Intranet Marketing page for updated versions of our existing flyers!

(Joseph; Stone, 2003) have said that the internet deals with a huge number of various financial transactions like customer payments, securities transactions applications for insurance acquisitions or loans. The result of the intention of the internet is to be an open network which means a high security risks are implicated with financial transactions. Today, different techniques and standards are presented in order to control these risks. Basic requirements are as follows: customer and financial institution have to trust each other; private data have to be encoded. No third party can be able to quickly get access to the private information such as financial transactions; It necessary to be guaranteed that the receiver and the sender have the same intentions. Gautam and Khare (2014) also reference about security issues in online banking by saying “Security violation can be categorized as Violation with serious criminal intention, Violation by 'casual hackers ' or Flaws in systems design and/ or set up leading to a security violation. E-banking system users still face the security risks with unauthorized access” (Gautam and Khare, 2014). (Mohammad, 2008) has a study about the emerging gap between banks’ expectations (or at least what their written customer policy agreements imply) and users’ actions related to the security requirements of online banking, the study discussed the issue about using online banking

The services provided by any bank to its customer come under this. There are a many different types of services as listed below: