Online Banking

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.

Moreover, bank would able to enhance the usage of internet banking by adding more services as customers required. Other actors concerns, among banks, their customers will be delighted by improving their services to their own customers. Then, actors like supermarket, shopping complex also able to gain from the internet bank usage of customers since it reduce the cost of transaction, unnecessary rush in the counters and it will help them to provide better service to the

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

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

In the old days, people go to bank branches in order to either make a deposit or a withdrawn to their accounts. From 14th century in Venice, Italy to 1970s in New York, United States, banking seems to the same as it never changes. There is no other options if you don’t want to have your own house full of cash open for thieves and robbers. But with digital currency and online banking system, those days have long gone for younger generations only with pictures shown on the history books. Starting from 1990s, growing with the boom of IT technology in Silicon Valley, digital banking has given itself a key role of shaking up the entire banking industry as

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

This means that they would not have to enter their card number, name or security code, but would choose which click on a link to the website of the bank that they use, where they will be redirected to their banks website and able to pay via the site. The advantages of net banking include the safety compared to giving personal details to websites, which sometimes can seem untrustworthy. Advantages of mobile banking as a whole include again security, but also the ability to access the bank at any time and generally most apps or websites include all the functions that you would expect in a bank, except the human advice and the ability to bank cheques, and this means you should need to physically go to the bank less. However, there are some downsides to online banking, these include security, which is normally seen as an advantage but information can be stolen be identity thieves and this can take months or even years to rectify, and you may lose money that has been spent by the thieves. Obviously, you would not receive the same customer service that you would do if you walked into a bank, this means that you could lose money by not have advice when investing or transferring

Customer always have twenty-four-hour and seven days access to the bank website. They can easily access to the account to make payment, to transfer fund, to check their account balance when the bank is not in the operation hour.

I would believe that two measures I’ve mentioned are not the only ones used by the banks, but I would like to think that different banks have their own security measures that they use to keep the information protected from outsiders. All together any new technology has its advantages and disadvantages. I am therefore going to outline some things that I feel affect our use of the online banking system positively and negatively. Advantages • The availability to inquire and carry out transactions twenty-four hours seven days a week. Therefore one does not have to worry about reaching the bank at a specific time to get some information. • Connection to your online bank is available worldwide. It doesn’t matter where you are as long as you have internet connection you can access your bank account. • One is able to view all transactions carried out whether recent or old and be able to evaluate himself financially. • It saves time because you do not have to go and make long queues at the physical bank’s site to carry out your

According to a recent study by University of Michigan, in an examination of 214 bank Websites, more than 75 percent of bank websites have at least one design flaw that could lead to the theft of customer information and flaws are ones that even an expert user would find difficult to detect and unlike bugs, cannot be fixed with a patch. It was recommended to use SSL throughout the entire website and to avoid using links to third-party sites. Secure banking websites have become an integral part of our day-to-day life from our personal to our job-related business. A survey conducted by Pew Internet states 42% of all internet users bank online. With 24/7 access from around the world users can view balances, transfer funds and lots more at their convenience using online

There are many reasons why people were influenced by online banking. Firstly, online banking is available during the 24 hour and seven days which people can access their accounts any time easily by their smart phones or on PCs and despite corner banks online sites always open. Individuals can benefit more from online banking than virtual banks because people can make payments and purchases from internet and it is also saves cost of papers to banks. Furthermore, individuals can any kind of product in spite of its price and amount such as vegetables from market or Television from technology store. Another reason why online banking convenient is due to people who have family or friends in another country can send money to their relatives without any difficulties from every point of world to the another point and by getting date of exchange rate.

The way we live today is so much influenced by computing technologies. Computers control the economy, transportation, banking and many other functions. Internet and mobile technologies are increasingly being adopted and utilized in the banking industry; this has reshaped the consumption of financial services. Electronic banking is considered a way of delivering banking services through the internet to the consumer at a reduced cost to the banking industry and improved convenience to the customer . However there exists a low internet connectivity in the developing countries given the costs of connection especially in rural areas and yet banking services need to be brought closer to the population to enhance development . A viable solution here is mobile banking. Mobile banking is considered as a service that enables users to receive information regarding the status of their accounts, transfer among bank accounts, to facilitate stock trading and direct payment confirmation using mobile devices.

In this new technology era and with expanding market users around the globe prefers to access their financial information online and shopping also. With that risk of fraud around

(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

Online banking is an internet based account management service that allows to view our account balances and transaction transfer funds between authorized accounts, initiate loan payments, request stop payments on checks, order personal checks, download transaction information into your computer communicate with the bank using e-mail, and can include bill payment services bill payment services.