Top main objectives of online banking

Objectives of e-banking

Security[ edit ] Five security token devices for online banking Security of a customer's financial information is very important, without which online banking could not operate. Attacks[ edit ] Attacks on online banking used today are based on deceiving the user to steal login data and valid TANs. Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts. So there have a problem in executing the services with full functionality. Attackers could be hackers, unscrupulous vendors, disgruntled employees or even pure thrill seekers. In many instances, a simple mistake, like clicking a wrong button, may create a big problem. To improve customer access. Core banking concept has improved the standard of the banking services with the help of modern technology. Customers may also encounter technical difficulties and connectivity problems while conducting Internet banking transactions. Therefore, for beginners, Internet banking is really time-consuming. This will enable users to give suggestions for improvements, which can be incorporated in its later versions wherever possible. To provide cost-effective services offered by competitors. An attempt has been made to describe concepts, techniques and technologies related to privacy and security including the physical security. Shortcomings the technologist infrastructure is often the biggest problem and also here include integrations of system.

Regulators and supervisors all over the world are concerned that while banks should remain efficient and cost effective, they must be conscious of different types of risks this form of banking entails and have systems in place to manage the same.

They try to response within 15 seconds after a customer command for their requirement.

Top main objectives of online banking

Business Process: Customers willing to have this service must fill up the specific registration form. Please help improve this section by adding citations to reliable sources. Online customers proved more loyal and profitable than regular customers. The bank will be able to lower down the overhead costs and make more profit out of it though we know they are now already getting huge profit from this and we hope if they can minimize cost there mark up will arise. The facility may also enable the customer to order a cheque book, statements, report loss of credit cards, stop payment on a cheque, advise change of address and other routine actions. Under this system, a customer can avail cash withdrawal, cash deposit, transfer of funds, inter-city and intra-city transactions, collection of draft and cheques etc. Online banking was one of the most popular services. The term 'online' became popular in the late s and referred to the use of a terminal, keyboard and TV or monitor to access the banking system using a phone line. More convenient international transactions due to the fact that the Internet along the general deregulation trends, eliminate geographic boundaries.

Unfortunately, every industry only has a particular amount of room at the top. Of course, there is a customer care department in almost every bank to look into such matters, but often customers may not be able to get the necessary assistance due to the congestion in the computer and telephone network.

Objectives of e banking pdf

Again also customers will be satisfied through fast, accurate, east to use, and comprehensive delivery of services. As per the recent study it is observed that: a A number of banks have already adopted internet banking and are offering varied kind of services through it, b These internet sites generally offer only most of the basic services. Global players in the fray. A mergers-and-acquisitions wave swept the financial industries in the mid- and late s, greatly expanding bank's customer bases. Related posts:. It should keep its central database up-to-date as soon as the transaction is incurred. This password is changeable at any time.

They concern about following Business Requirements to set up IT architecture: Bank must maintain a one stop databank for its entire user. Growing customer awareness and need for transparency.

essay on internet banking

Now a person can withdraw or deposit money in any branch of the bank that he has accounted with. It took widespread adoption of electronic commerce, based on trailblazing companies such as America Online, Amazon.

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Report on Assessment About Online Banking