Research Paper On Online Banking

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

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.

The present project is Sever Integrated Banking is the easiest form of accessing one’s Bank account. The main objective of this project is to facilitate the Bank Customer to access his/her account without having needed to go to Bank or ATM. Now we can access our bank account and conduct a host of banking transactions and inquiries through Internet service. The Net Banking solution’s self-service capabilities empowers customers to manage their banking activities better. The general procedure is that the Customer has to go to near ATM/Bank in order to access his account. The main disadvantage of this system is, it is time consuming, costly and it is a tedious process to go there for every small work. The current project gives the best alternative. As it is 24 hrs available and has a maximum reach even to the places where banks are not available. Customers can make fund transfers to others, knowing all information regarding all policies and also customer can pay all bills through net only.

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

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

With the rapid improvements in electronic technology and faster communication technology, the society has become more sophisticated than in the olden days. The workforce is better educated, better informed, better organized and better paid than existed in the olden days. Consequently, the long term-trend is for the customers who will be more aware of the value of the funds, time and convenience. This has led to a demand for more efficient banking system with efficient payment methods. The situation has resulted in more competition among the banks and stimulated more technological developments. Hence, there is a continuous increase in the use of electronic technology to meet the ever increasing competition in banking which is transforming brick and mortar banking (banking at a fixed branch premises) to electronic banking. The delivery of bank’s services to a customer at his office or home by using electronic technology can be termed as electronic banking. The quality, range and price of these electronic services decide a bank’s competitive position in the industry (Kumar, 2000).

Note three types of sensitive information involved with each situation. Then, note three ways each information item could be misused or harmed. For each of these, note at least one likely finding that you would include in a risk analysis report of the organization. Finally, answer the questions at the end of the table.

In the days of virtualisation where working mothers and travelling sales-team prefer to use flexi-time and remote jobs profile; Internet is being adopted as a parallel medium of communication, transaction, and social networking. Internet banking is fast gaining momentum across the globe for its convenience and ease of conducting transactions at a speed and service levels never dreamt of, a decade ago.

Internet banking is the act of conducting financial intermediation on the internet. It includes offering of information and selected services through the World Wide Web by banks and other financial service firm. For those who are quite new to the concept of online banking, this type of service offered by banks actually works the same way as traditional banking. The major difference lies in the convenience offered by online banking particularly when it comes to making payments, obtaining updated information of the account, or merging account statements. Rather than personally visiting the local bank, customer can now access their account and perform bank transactions using the computer. At the comfort and

(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

Throughout this report we have tried to explain the overall internet banking system of IBBL. Firstly we have demonstrated the company profile of IBBL, their mission and vision statement. Then we have explained the services it provides to its customers via internet. We have demonstrated the ways to avail these services. Besides we have pointed out the important e-banking products of IBBL. We have explained the technical detail of internet banking of IBBL. We have tried to point out the current status of IBBL’s internet banking. We have also mentioned the future plan of IBBL that it has undertaken. We have tried our best to bring out all the important

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.

The study found out that most of the respondents have banked with their respective banks for at least three years but only a proportionate few uses e-banking products. The most used e-banking product is the ATM card and SMS banking. Again respondents were more satisfied with ATM card than their internet banking. The study also revealed that most respondents were dissatisfied with the effectiveness of e-banking but also admitted that the e-banking product have had a positive impact on their lives. In terms of the reliability of e-banking products, the results were mixed. Whiles some saw it as being reliable others strongly posited that the

Electronic banking is an automatic delivery of the new and old banking system of products and services to the customers.They give the service by the electronic and interactive communication channels. Financial institution customers, individuals or businesses are included by the E-Banking system which allows the system to access the account and also transact the business to obtain information about financial products through a network which is public or private by including the internet.[1].