Essay on Internet Banking

assignment on internet banking

In this essay we will discuss about Internet Banking. After reading this essay you will learn about: 1. Meaning of Internet Banking 2. Objectives and Drivers of Internet Banking 3. Trends in India 4. Facilities Available 5. Emerging Challenges 6. Main Concerns 7. Strategies to be Adopted by Indian Banks.

  • Essay on the Strategies to be Adopted by Indian Banks for Introducing Internet Banking 

Essay # 1. Meaning of Internet Banking :

With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, the structure and nature of banking and financial services have gone for a sea change. Internet banking or e-banking is the latest in this series of technological wonders in the recent past which involves use of internet for delivery of banking products and services.

Even the Morgan Stanley Dean Witter Internet Research emphasised that web is more important for retail financial services than that for many other industries. Internet banking or e-banking is changing the banking and its structure and is having major effects on banking relationships.

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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.

In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Thus providing Internet banking is gradually becoming a “need to have” than a “nice to have” service.

The net banking is, therefore, more of a norm rather than an exception in many developed countries because it is the cheapest way of providing banking services. Under this system, online banking is possible where every bank customer is provided with a personal identification number (PIN) for making online transactions with the bank through internet connections.

Internet banking or e-banking falls into four main categories, from Level 1—minimum functionality sites that offer only access to deposit account data—to level 4 sites highly sophisticated offering, enabling integrated sales of additional products and access to other financial services—such as investment and insurance.

In other works, a successful internet banking solution offers:

1. Exceptional rates on savings, CDs and IRAs.

2. Checking Account with no monthly fee, free bill payment and rebates on ATM surcharges.

3. Credit card facilities with low rates.

4. Easy online applications for all accounts including personal loans and mortgages.

5. 24-hour account access.

6. Quality customary service with personal attention.

Essay # 2. Objectives and Drivers of Internet Banking :

The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking is a cost-effective delivery channel for the modernized financial institutions.

In this system, consumers are embracing many benefits of e-banking. To have access to one’s accounts at any time and from any location through world wide web (www) is a convenient practice, which was unknown a short time ago.

Thus, a bank’s internet presence transforms from ‘brochure/ware’ status to ‘internet banking’ status once the bank goes through a technology integration effort so as to enable its customer to access information about his or her specific account details.

Following are the six primary objectives or drivers of internet banking:

1. To improve customer access.

2. To facilitate the offering of more services.

3. To increase customer loyalty.

4. To attract large number of customers.

5. To provide cost-effective services offered by competitors.

6. To reduce customer attrition.

Keeping objectives in mind, the internet banking facilities has been progressing at a rapid pace throughout the world.

Essay # 3. Trends of Internet Banking in India :

In India, initially a beginning was made in internet banking only in some big cities which was just in rudimentary stage. After getting initial success, the internet banking facility is gradually being expanded in all cities and towns to make the system popular.

The banking industry in India is also facing unprecedented competition from non-traditional banking institutions which are now a day’s offering banking and financial services over the Internet. The deregulation of the banking industry along with emergence of new technologies are enabling the new competitors in the banking sector to enter the financial services market quite efficiently and quickly.

Core or Anywhere Banking:

In order to support internet banking facilities another new concept of banking i.e., core or anywhere banking is introduced. Initially introduced by the foreign banks, the same concept in new increasingly adopted by public sector banks and also the private sector banks.

Under this concept of banking, bank customers who have an account with any select branch can easily operate his account from different designated branches on the bank spread throughout the country.

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. facilities from any of such designated branches conveniently irrespective of its locations.

Core banking concept has improved the standard of the banking services with the help of modern technology. In present times, most of the public sector banks have already adopted this concept and started extending these facilities to its customers gradually by including more and more of its important branches under this category.

Progress of Internet Banking:

In India, internet banking is gradually being developed throughout the country.

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. Only 50 per cent are known as ‘entry level’ sites offering little more than company information’s and basic marketing materials and 10 per cent are offering ‘advanced transactions’ such as online funds transfer, transactions and cash management services etc.; and

(c) Most of the foreign and private banks in India are much advanced in terms of the number of sites and their level of development in terms of rendering advanced technology linked services to its customers. Recently, an authority of ICICI Bank observed, “Our Internet banking base has been growing at an exponential pace over the last few years. Currently around 78 per cent of the bank’s customer base is registered for Internet banking.”

Security Precautions :

In order to make their bank account safe, one should follow certain security precautions. Customer should never share personal information like PIN number, passwords etc. with anyone, including employees of the bank. It is important that documents that contain confidential information are safeguarded. PIN or password should be changed immediately and memorized before destroying the mailers.

Customers are also advised not to provide sensitive account-related information over unsecured e-mails or over the phone. He must take simple precautions like changing the ATM, PIN and online login and transaction passwords on a regular basis. It is also important to ensure that the logged in session is properly signed out.

Essay # 4. Facilities Available Under Internet Banking in India:

Following facilities are made available for customers under internet banking in India:

(i) Bill Payment Service:

Bill payment service is a utility service of internet banking. Accordingly, each bank has tie-ups with various utility companies, service providers, insurance companies across the country. Such tie-ups can facilitate online payment of bills of electricity, telephone, mobile phone, credit card, insurance premium bills etc.

In order to make online payment of bills, a simple one-time registration for each bills has to be made and a standing instruction has to be made to make online payment of recurring bills automatically. Most interestingly, the bank usually does not charge customers for such online bill payment.

(ii) Fund Transfer:

Internet banking has made provision for transfer of any amount of fund from one account to another of the same or any other bank. Accordingly, customers can send money anywhere in India. Once a customer logs in his account, he needs to mention the payee’s account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method it takes about three to four working days. ICICI Bank recently reported that its online bill payment and fund transfer facility have been most popular online services.

(iii) Credit Card Customers:

Internet banking provides the facility of credit card to its customers. With internet banking, customers can not only pay their credit card bills online but also gets a loan on their cards. Not just this, they can also apply for an additional card, request a credit line increase and in case the card is lost, one can report lost card online.

(iv) Railway Pass and Online Booking:

Through Internet banking facility to issue Railway pass is also available. Indian Railways has tied up with ICICI bank for this purpose and one can now make railway pass for local trains online. The pass can be delivered to the customer at his doorstep. Initially, the facility was limited to Mumbai, Thane, Nashik, Surat and Pune. The bank would just charge Rs 10 + 12.24 per cent of service tax. Moreover, online booking of e-tickets of Railways, Airlines etc. can also be made with some arrangement with banks through Internet banking.

(v) Investing through Internet Banking:

Through Internet banking, opening a fixed deposit account has become easier. A customer can now open an FD account online through funds transfer. Online banking can also be a great friend for lazy investors. Moreover, investors with interlinked de-mat account and bank account can easily trade in the stock market and the amount will be automatically debited from their respective bank accounts and the shares will be credited in their de-mat account.

Besides, some banks provide its customers the facility to purchase mutual funds directly from the online banking system. Nowadays, most leading banks offer both online banking and de-mat account facilities. However, if a customer is having his de-mat account with independent share brokers, then he needs to sign a special form, which will link his two accounts.

(vi) Recharging Prepaid Phone:

Through Internet banking, recharging of prepaid phone has also become possible. It is no longer needed to rush to the vendor to recharge prepaid phones as and when talk time runs out. Here the customer just tops-up his prepaid mobile cards by logging in to Internet banking. By just selecting operator’s name, entering mobile number and the amount of recharge, the prepared phone of the customer is again back in action within few minutes.

(vii) Shopping at Fingertips:

Internet banking provides facility of shopping at fingertips. Leading banks have tied-up with various shopping websites. With a range of all kind of products. One can shop online and the payment is also made conveniently through his account. One can also buy railway and air tickets through Internet banking.

Essay # 5. Emerging Challenges of Internet Banking in India :

In India, a large sophisticated and highly competitive Internet Banking Market is gradually being developed with market pressure and is subjected to the following emerging challenges:

1. Demand side pressure due to increasing access to low cost electronic services.

2. Emergence of open standards for banking functionally.

3. Growing customer awareness and need for transparency.

4. Global players in the fray.

5. Close integration of bank services with web based E-commerce or even disintermediation of service through direct electronic payments (E-cash).

6. More convenient international transactions due to the fact that the Internet along the general deregulation trends, eliminate geographic boundaries.

7. Move from one stop shopping to ‘Banking Portfolio’, i.e., unbundled product purchases.

The Internet and its underlying technologies have been changing and transforming not just banking but all aspects of finance and commerce. It usually represents much more than a new distribution opportunity. Internet banking will also enable nimble players to leverage their traditional brick and mortar presence for improving customer satisfaction and gain share.  

Essay # 6. Main Concerns in Internet Banking :

Internet banking in India has its areas of concern. In the mean time, a number of cases related to fraud and cheating of banks and customers by unscrupulous persons have already been lodged in India with this type of banking facilities. Irrespective of that attempts have been made by the RBI and the banking authorities for promoting safety and soundness of online and e-banking facilities in the country by issuing necessary guidelines.

In a recent survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. Thus there is a dual requirement to protect customers privacy and product against fraud.

Banking Securely:

Online Banking provides an overview of Internet Commerce and how one company can handle secure banking practices for its financial institution clients and their customers. Moreover, some basic information on the transmission of confidential data is presented in Security and Encryption on the web. In this respect, PC Magazine Online also offers a primer as to how encryption works.

Besides, a multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that customers account information is protected fully from un-authorised access in the following manner:

(i) Firewalls and filtering routers ensure that only the legitimate Internet users are usually allowed to access the system.

(ii) Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.

(iii) Digital certification procedures provide the assurance that the data a customer receive is from the infinity system.

Essay # 7. Strategies to be Adopted by Indian Banks for Introducing Internet Banking :

In present times, Internet banking has no alternatives. Indian banking is gradually getting more and more access of Internet banking. Thus, Internet banking would drive us into an age of creative destruction due to non-physical exchange; complete transparency is also giving rise to perfectly electronic market place and customer supremacy.

At this moment, the question may be asked “what the Indian Banks should do under the present circumstances?” Whatever is the strategy chosen and options adopted, certain key parameters would largely determine the success of banks on web.

In order to attain long term success, in respect of Internet banking, a bank may follow:

(i) Adopting a webs mindset.

(ii) Catching on the first mover’s advantage.

(iii) Recognising the core competencies.

(iv) Enabling handling multiplicity with simplicity.

(v) Initiating senior management to transform the organisation from inward to outward looking.

(vi) Aligning roles and value propositions with customers segments.

(vii) Redesigning optimal channel port-folio.

(viii) Acquiring new capabilities through strategic alliances.

However, the above mentioned steps can be implemented by following four steps mentioned below:

(i) In the first phase, the customer be familiarized to new environment by demo version of software on banks, website. This will enable users to give suggestions for improvements, which can be incorporated in its later versions wherever possible.

(ii) The second phase provides various services such as account information and balances, statement of account, transaction tracking, mail box, check book issue, stop payment, financial and customized information.

(iii) The third phase may include additional multi-utility services like fund transfers, DD issue, standing instructions, opening fixed deposits and intimation of loss of ATM cards.

(iv) The final phase should include advanced corporate banking services like third party payments, utility bill payments, establishment of L/Cs, Cash Management Services etc. Enhanced plan for the customers in future may include requests for demand drafts and pay orders and many more to bring in the ultimate in banking convenience.

Thus by following the above mentioned strategies, it will help banks to translate their traditional business model into a Internet banking one, falling into the following three main categories:

(i) One-stop shop.

(ii) Virtual one stop shop.

(iii) Best of Breed Supplier.

Thus by following the above steps, the Indian bankers can pave the way for the successful introduction and popularizing the new concept of Internet banking on a large scale.

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Banking, Bank Accounts, and Earning Interest Lessons

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Welcome to our Savings and Banking section, where you can find a variety of educational resources to help you master the fundamentals of bank savings accounts and interest rates. Our lesson plans, worksheets, exercises, and activities are designed to teach learners of all levels about savings, banks, bank accounts, and interest rates. These resources are customizable and can be used in a classroom setting or for independent study. In addition, our online bank simulator provides a dynamic way to learn about modern online banking and ATM usage. The simulator features interactive exercises that allow you to practice transactions such as deposits, withdrawals, transfers, and more. Whether you're a beginner looking to learn the basics or an experienced saver looking to enhance your knowledge, our Savings and Banking section has everything you need to manage your finances with confidence. So, start exploring our resources today and take the first step towards financial literacy. See below for Lessons and Worksheets

Savings accounts overview.

When saving your money, you will be placing money in many different types of savings instruments, including very safe and stable investments vehicles. This is especially true for money that you are going to need in the short-term (as compared to long-term investments, such as buying a house). This category includes bank savings accounts and money market mutual funds, some of the safest short term investments. When placing your money with a bank or money market fund, you earn interest, or yield, which fluctuates, depending on general rates of interest.

TYPES OF SAVINGS ACCOUNTS

Bank Savings Accounts When you are beginning to save, you should place your money in investments that are as safe as possible. In addition, you will likely always have at least some of your money in short-term investments. Bank savings accounts are such an investment. The federal government backs these accounts with what is known as Federal Deposit insurance Corporation (FDIC) Insurance.

Money Market Account These are accounts offered by banks. However, in these accounts the bank typically pays you a higher rate of interest than a savings account.

CD or Certificate of Deposit The bank holds your money for a set period of time. Usually one to six months, or one to five years. Unlike a normal savings account, you may not withdraw your money at any time. If you do, you will be subject to withdrawal fees.

Money Market Funds Similar to bank savings accounts are money market funds. Money market accounts are available from mutual fund companies. They are similar, but you usually get a better return with money market funds. Also, since these funds are not held with a bank, they are not FDIC insured. However, they are invested in very short-term bonds, which tend to be less risky than longer-term bonds and invest in safe government investments, corporate commercial paper, and other related investments. In addition, they are regulated by the U.S. Securities and Exchange commission. Money market mutual funds that invest exclusively in U.S. government securities have very little risk, while giving you better rates of return then typical bank savings accounts.

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The Banking Lawyer

The Banking Lawyer

Insights from Boardman Clark's Banking Group.

Five Recommendations For Customer Online and Mobile Banking Agreements

Patrick neuman | 05.16.17.

It’s no secret that bank customers are increasingly turning to online and mobile banking platforms for their day-to-day banking needs. As these platforms continue to expand and new services come on line, banks should pay special attention to the agreements and terms and conditions governing the relationship between the bank and its customers. Below are five issues for your bank to consider when designing the terms and conditions governing your online and mobile platforms.

  • Create a Comprehensive Agreement that is Easily Adaptable

On the consumer side, many banks are moving towards one agreement that includes both general terms for online and mobile banking and specific terms for certain services such as bill pay, person – to-person, and account-to-account transactions. The one-agreement approach allows bank customers to agree to terms and conditions for all services at the time of enrollment, as opposed to each time the customer initiates a specific service included in online or mobile banking. However, some third-party service platforms require consumers to agree to specific terms at the time of service enrollment, which may force the bank to include terms in a separate agreement. As a result, when banks purchase new services or switch to a new online or mobile platforms they can find themselves having to overhaul their online banking agreements. To address this issue, specific service terms should be located in separate ​ “ stand-alone” sections at the end of the agreement. This makes it easier for your bank to include new service terms or transfer existing terms into separate documents if required to accommodate a new platform.

The one-agreement approach is more difficult to implement for business customers. Many business services available through online and mobile banking, such as wire transfers, ACH origination and remote deposit capture, require in-depth terms and conditions that are better addressed by separate agreement. Additionally, business customers are more likely to not sign up for all available services at the time of enrollment. In the business context, we often suggest that banks create a master agreement with addendums governing specific services. The master agreement includes general terms for all services available through online and mobile banking, including service availability, cut-off times, available functions, limits on liability and indemnification responsibilities. Each specific service addendum incorporates the terms of the master agreement, and includes additional terms related to the specific service. 

  • Ensure Business Agreements Are Accepted By Authorized Individuals

When entering into online and mobile banking agreements with business customers, your bank needs to confirm that the individual signing on behalf of the company has the requisite authorization. Often, banks require a wet signature on such agreements along with a signed corporate resolution to confirm that the individual signing has proper authority. However, many banks wish to allow their business customers to electronically enroll in new or additional services, either for convenience, or because the software platform requires the customer to enter into new terms at the time of enrollment. One way to address this issue is to obtain a wet signature on the master agreement, and then include provisions in the master agreement that: (a) identify those individuals that will have access to services available through online banking; and (b) specifically authorize those individuals to accept terms for new or additional services on the company’s behalf.

  • Understand the Applicable Regulatory Framework

There are a number of federal banking regulations that your bank will need to address in its online and mobile banking agreements. Compliance reviews of these agreements during exams are increasingly common and regulators continue to publish guidance on these issues. Below are some of the more common regulations that should be addressed in online and mobile banking agreements.

  • E‑ SIGN . Reliance on electronic versions of disclosures related to loans, deposit accounts or banking services triggers E‑ SIGN consent requirements. The E‑ SIGN consent is typically included at the beginning of a consumer online and mobile banking agreement.
  • Regulation E . Regulation E disclosures are required in consumer online and mobile banking agreements that govern EFT transactions. Under Regulation E, your bank must make disclosures at the time a consumer contracts for an EFT service or before the first EFT is made involving a consumer account. When drafting agreements, your bank should consider the point at which a customer is ​ “ contracting for a service”, and whether new Regulation E disclosures need to be provided at that time. Also, remember that under Regulation E, certain adverse changes require at least 21  days’ advanced notice.
  • Regulation DD . Regulation DD applies to mobile deposits to individual accounts. Before adding mobile deposit features, your bank should send 30  days’ advance notice to existing customers if the mobile deposit service adds new transaction limits or fees. Such limits and fees should also be incorporated into your account disclosures and clearly described in your mobile deposit terms and conditions.
  • Regulation CC . Certain provisions of Regulation CC apply to mobile deposit services. The general consensus is that the funds availability provisions of Regulation CC do not apply to images of the type transferred through mobile deposit. Therefore, it is important to include the mobile deposit funds availability terms in your bank’s mobile deposit terms and conditions and the bank’s funds availability policy. Terms and conditions should also address Regulation CC ’s requirement to pay interest on funds deposited with mobile deposit upon receipt of credit.
  • Accurately Describe the Terms of Service

It is important for your bank to have a clear understanding of how the bank’s online and mobile banking services work in practice. Terms and conditions should accurately describe the services and bank and customer responsibilities. An inaccurate description of a service, lack of clear disclosure or a misstatement of a party’s responsibility under the agreement can expose the bank to liability and may trigger UDAAP or other regulatory concerns. For example, in 2016 , the FDIC Chicago Region raised concerns that lack of clarity on terms of service related to collection practices could result in consumer harm. Ask your vendors to provide a detailed user guide for each service so you can confirm that the services are accurately described in your bank’s terms and conditions. 

  • Review (And Revise) Vendor-Provided Terms and Conditions

It is common for vendors to provide terms and conditions for the services they offer. Some vendors provide templates for the bank to modify, while others provide specific terms that the bank is required to use and allow only limited modifications. You should always review vendor-provided terms and conditions to ensure that they are consistent with your bank’s current agreements, include required regulatory disclosures and do not include terms that regulators may find objectionable. Many vendor-provided terms do not include certain terms to protect the interest of your bank, such as limitations on liability, customer indemnification responsibilities, choice-of-law and venue and limited warranties. Avoid accepting statements that the agreement is ​ “ standard” or ​ “ used with all our customer banks.” When possible, a prudent approach is to incorporate vendor terms and conditions into your own agreement to ensure compliance and consistency.

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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Concept of E-Banking -Information Technology

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Today, the banking industry has evolved like never before all thanks to technology. This blog by All Assignment Help talks about the concept of E-banking. When we say E-banking, we are talking about the hypernym involving internet banking, mobile banking, NEFT, IMPS transfers, etc. Moreover, E-banking comes naturally to customers and helps them solve their banking issues or make any financial or non-financial transactions such as getting a mini statement, changing their ATM PIN, checking their balance, etc. Now, let us read more about the concept of E-banking.

Understanding E-Banking

Today’s banking industry cannot exist without E-banking, also referred to as online banking or internet banking. Through safe online channels, clients can handle their accounts and carry out a variety of financial operations. Moreover, E-banking systems have been developed and adopted with great effect from the spread of the Internet and technological innovations.

The concept of E-banking is easy, fast, and efficient. Moreover, it is a service with which you can easily access your bank account and carry out any online banking services 24/7. Furthermore, it saves you a lot of time as you can carry out your banking transactions from anywhere and anytime. All it requires is a good internet access. There’s still a lot to E-banking. Let’s read about it.

  • Accurate summary of all the funds in your bank account.
  • Current account statement including credits, overdrafts, and deposits made by you.
  • Execution of transfers in different currencies, both domestically and internationally.
  • Completing the payment of all utility bills, including those for telephone, water, and electricity.
  • Processing payments for customs . 
  • All transactions completed using E-banking are confirmed electronically.
  • Control over your credit cards.

Also read: Why Finance Is a Best Career Path in 2023

Development of E-banking

The advancement of E-banking has grown significantly in the last few years. Moreover, banking institutions have made significant investments in creating their own platforms after realizing the Internet’s potential as a route for service delivery. For them, reaching a big customer base at a low cost is possible with E-banking. Furthermore, banks save time and money by communicating with consumers and responding to their many inquiries and requests when they have the chance to cross-sell their goods and services to a larger group of people.

In addition to this, customers can handle their finances more effectively and feel in charge of them than ever before. Moreover, E-banking has made this world a good place to conduct business and get financial services. Now, people can pay their bills online, move money between accounts and check their account balances and transactions. Additionally, they may compare the goods and services provided by several banks with just a few clicks. Also, with advancements in technology, online banking will only get better. Thus, in the future, we probably will not see anything but increased advantages for banks and their clients.

Also read: How to Stay Motivated in Your Online Finance Class?

concept-of-e-banking-information-technology

Various Forms of E-banking

Online and mobile banking, automated teller machines (ATMs), debit and credit cards, and online internet banking are the main modalities of e-banking. Even if you already know this, it’s important to understand each kind.

Internet banking

Online banking, sometimes referred to as net banking or internet banking, is an electronic platform run by banks that allows users to access both financial and non-financial services. Previously, even minor services required clients to visit the banks. But nearly every service and product is now available online thanks to the introduction of Internet banking. This banking method is safe in addition to being convenient. In order to access net banking, clients must first register with the bank for online banking.

  • Registering for online banking is open to anyone with a current account or savings account at any bank.
  • A personal computer, laptop, or mobile device, as well as a strong internet connection, are required for net banking to operate correctly.
  • Once an individual registers, the bank provides a distinct client ID and password to use the online banking interface.

Automated Teller Machines (ATM)

ATMs, or automated teller machines, are a convenient and rapid means of conducting individual transactions. You do not need to visit the bank branch or need assistance from a real teller to do self-serviced transactions thanks to these devices. Moreover, money transfers, deposits, and withdrawals are just a few of the numerous operations that may be completed by automated teller machines, or ATMs. These additional activities give the ATMs a more effective service, even though cash withdrawals are the primary use for them.

An ATM just requires a credit or debit card, which you must swipe or enter into its card reader in order to complete an automated teller machine (ATM) transaction. Since they are so simple to use, automated teller machines (ATMs) have emerged as one of the most practical methods to access banking services without physically going to the bank.

Telebanking

Through the use of any touchscreen phone, you can access your bank accounts around the clock using telebanking, an automated telephone banking service. You may quickly access recent deposit and withdrawal activity, ATM transactions, and information about your current balance with telebanking. Moreover, you can bank over the phone in particular if you are in an area without a dependable internet connection or if you do not want to use their online or mobile banking services.

Following a brief introduction, you will be required to input the four-digit security code and the number of your bank account. Moreover, the system will ask you to choose a new security code after you enter the last four digits of your social security number as the initial one when you log in for the first time. After logging in, a straightforward set of choices will appear to help you navigate your phone banking experience. Its features include transferring money across accounts, accessing account balances, deposits, and withdrawals around the clock, obtaining interest and loan information

E-cheques are cheques that are issued and signed electronically. Moreover, they are practical and effortless. Instead of only being possible during branch operating hours, deposits can be made via electronic channels around the clock. Furthermore, it uses public key infrastructure technologies and private keys. They are impossible to fake, unbreakable, and non-transferable. Also, electronic chequebooks are available to all qualifying customers, and they can be used to issue electronic checks.

Functions of E-banking

Given below are some vital functions of e-banking for you. You will have an idea about the e-banking system.

Electronic information transfer system

The framework gives specific information about customers such as transaction details, account balances and statements of accounts. Moreover, the information is still basically in the ‘Read Only’ form. The personality and confirmation of the client are done through the secret phrase. Furthermore, the information is drawn from the bank’s application framework either in bunch mode or disconnected. The application system can’t be accessed directly through the internet.

Fully automatic transactional system

This framework permits bi-directional abilities. The exchange can be presented by the client for online updates. It requires a state of high-level security and control. The application system and web server are linked with a secure infrastructure. It incorporates networking, computerization, and security, between techniques comprising legal infrastructure and inter-bank payment gateways.

In addition to this, E-banking as a subject in your finance classes can be a little complex as it is a blanket term that has many other topics to cover. The complexity might stress you and leave you with thoughts like, can I ask someone to take my online class for me ? If it happens to you, simply ask an expert to take your class on your behalf. The technology hasn’t only made banking easy but it has transformed education as well. The experts will take your class and help you understand the topic easily.

How We Can Use E-banking?

No doubt internet banking made our life so easy. We do not need to stand in queues for long hours, we do not need to go anywhere to pay the bills, and much more work we can accomplish while sitting at home. This is possible just because of E-banking. Our experts have prepared a list of uses of E-banking.

For the payment of bills

You can pay the bills for telephone, cell phones, electricity, cards, and insurance premiums since each bank has tie-ups with different service organizations, insurance companies, and service providers all over the nation. Moreover, to pay your bills, you simply need to do a registration once for each biller. You can set vertical instructions online to consequently pay your common bills on the web. Also, the bank does not charge clients for online bill instalments.

To transfer money

In the current online banking system, a customer can easily transfer funds from their bank to another’s account. E-banking users can also transfer money to some other countries. Moreover, all a user needs to do is mention the account number of a payee with his branch name. The time for money to transfer from one account to another generally depends on the type of transfer (instant or later). Furthermore, customers who are using credit cards can easily manage their cards, pay the bills, or lodge a service request with just on few clicks.

In addition to this, if you are doing your finance degree from countries like the US, it becomes more crucial for you to understand banking and E-banking well. Because living alone in a country can be tough at times when it comes to managing your own finances. Furthermore, your course will also teach you the best budgeting systems. And in case of any academic trouble, you can seek online assignment help in the US .

The Pros and Cons of E-banking

Assuming you are new to e-banking, you would want to save time by using the service. Moreover, millions of people get benefits from E-banking. However, everything comes with pros and cons. So, before adopting anything you should know all about it. Hence, we are going to explain the merits and demerits of E-banking.

Pros of E-banking

  • Clients can exchange any amount from one account to the next or another bank’s account. Moreover, they could send money to any place in the world. When you enter your account, you need to refer to the payer’s account number, bank, and branch. The money transfer will occur either at the same time in a day or two. While in a conventional technique, it takes around three business days.
  • With an online bank, you can take up to 95 per cent of your business on the internet. Apart from getting to your bank statement and account information, you can easily transfer money, and utility bills, or apply for a card. Moreover, the biggest online banks have simple platform access, so you simply need to associate with your most loved classes. You will be coordinated to the fitting page in a brief timeframe with the fundamental information.
  • Web-based banking enables you to save a lot of money. When you use your services of internet banking, most banks ordinarily charge a lower expense. You additionally get the chance to learn more interesting services and products from traditional banks.
  • E-banking offers top security to guard their user with the most recent encryption method to stop false activities. For example, identity theft and phishing. However, when it is given, users need to complete their role and also have recent antivirus, antispam, firewall and anti-spyware software installed on their PCs.
  • The capacity of online banks to offer higher returns and more services is because of the way that they have less overhead cost.

In addition to this, if you ever come across any finance or business-related academic problems, you can always seek help from an online coursework service .

Cons of E-banking

  • E-banking services give various advantages to the user. However, regardless of its favourable circumstances, some users are looking to know its downsides as well. Regardless of the expanding popularity of online banking, it cannot be expected that a few users are as still care about making monetary transactions.
  • Numerous individuals are hesitant to utilize E-banking because of security risks. They still believe that online banking can lead to fraud after watching the news that hackers have done online robbers. But the reality is, that banking institution that offers Internet banking used to keep security on top priority. These banking institutions respect their clients. Moreover, they generally utilize the most innovative security to ensure their sites.
  • Many people still don’t trust E-banking. For new clients who have just acknowledged money-related transactions for some time. They may even now feel hesitant whether they have made the best decision or not, whether they have tapped on the correct key or not.
  • The user who is using E-banking for the first time, directed through the Internet bank site can feel the complexity. Moreover, it might require more time to open an account since certain websites usually request identification like personal identity, and photo proof which can change the mind of a customer.

This was all about the pros and cons of E-banking. Apart from this, if your finance classes and related assignments are giving you a tough time then do not forget to speak up to an expert and seek online assignment help . Similarly, if you find an E-banking complex, then you must learn it from someone good at operating banking through the Internet. Because it will not only save you time but provide other benefits that traditional banking methods might not.  

With the growth of wireless communication and internet technologies in the current decade, the nature and structure of financial and banking services have changed a lot. Hence, E-banking is the latest that uses the internet for the delivery of services and products. Moreover, we learnt that now banking is just not restricted to going to a branch for all the banking activities like cash deposits and withdrawals. Therefore, the concept of e-banking is good, easy, and helpful. It is the cheapest way to provide banking services.

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Problems and Solutions of Online Banking: Assignment

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350 Banking Essay Topic Ideas & Examples

🏆 best banking topic ideas & essay examples, 👍 good essay topics on banking, 🥇 interesting topics to write about banking, 📝 simple & easy banking essay titles, 💡 most interesting banking topics to write about, 📑 good research topics about banking, ❓ money and banking essay questions.

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  • Hongkong and Shanghai Banking Corporation in Qatar The findings suggest that the banking system in Qatar is likely to increase in the future, with a consistent improvement of competition. Hence, a first-mover strategy would increase the presence and success of HSBC within […]
  • International Banking System While domestic banks perform the financial operations in the national currency, the majority of international banks borrow and lend in the Eurocurrency market, which consists of deposits situated in banks that are foreign to the […]
  • Global Reputation and Competitive Advantage in Banking Despite the possibility of lacking a credit of trust from the population, small domestic banks have several advantages that allow them to compete against foreign companies.
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Meaning of E-Banking:

Banks give administrations or bank services to draw in clients, from giving advances, issuing of debit cards and credit cards, computerised monetary services, and surprisingly personal services or administrations. Even so, some fundamental present-day administrations are presented by many commercial banks.

Electronic banking has many names like web-based banking, e-banking, virtual banking, or web banking, and online banking. It is just the utilisation of telecommunications networks and electronic networks for conveying different financial services and products. Through e-banking, a client can acquire his record and manage numerous exchanges utilising his cell phone or personal computer.

Classification of E-Banking:

Banks offer different kinds of services through electronic financial stages. These are of three sorts:

This is the essential degree of administrations or services that banks offer through their sites. Through this assistance, the bank offers data, information regarding its services and products to clients. Further, a few banks might respond to an inquiry through email as well.

In this category, banks permit their clients to submit directions or applications for various administrations, check their record balance, and so on. Be that as it may, banks don’t allow their clients to do any fund-based exchanges with respect to their records or accounts.

In the third category, banks permit their clients to work or operate their records or accounts for bill payments, purchase and redeem securities and fund transfers, and so on.

Most conventional banks offer e-banking administrations as an extra technique for offering support. Further, many new banks convey banking administrations principally through the other electronic conveyance channels or web. Likewise, a few banks are ‘internet only’ banks with no actual branch anyplace in the country.

In this way, banking sites are of two sorts:

Transactional Websites: These sites permit clients to go through with exchanges on the bank’s site. Further, these exchanges can go from a plain retail account balance request to huge business-to-business liquid assets transfers. The accompanying table records some normal wholesale and retail e-banking administrations presented by financial institutions and by banks.

Informational Websites: These sites offer general data regarding the bank and its services and products to the clients.

Wholesale services by banks: Include Account management, Cash management, Small business loan applications, Approvals or advances, Commercial wire transfer, Business-to-business payments, Employee benefit, and Pension administration.

Retail services by banks: Include Account management, Bill payment, New account opening, Consumer wire transfers, Investment and brokerage services, Loan application and approval, and Account Aggregation.

Services Under E-Banking:

Mobile banking:.

Mobile banking (otherwise called M-banking) is a name utilised for performing account exchanges or transactions, bill payments, credit applications, balance checks, and other financial exchanges through a mobile phone like a Personal Digital Assistant (PDA) or cell phone.

Electronic Clearing System (ECS):

The Electronic Clearing System is a creative provision for occupied individuals. With this provision, an individual’s credit card bill is consequently charged from the same individual’s savings bank account, so one doesn’t have to stress over missed or late payments.

Smart Cards:

A smart card is a card that stores data on a microchip or memory chip or a microprocessor in lieu of the magnetic stripe found on debit cards and credit cards. Smart cards are not utilised for transferring or moving monetary data alone, but also they can be utilised for an assortment of identification grounds. Exchanges made with smart cards are scrambled or encrypted to shield the exchange of data from one party to another. Each encoded exchange can’t be hacked and doesn’t transmit any extra data past what’s required for finishing the single exchange or transaction.

Electronic Fund Transfers (ETFs):

Electronic fund transfer (EFT) is the electronic exchange of cash starting with an individual account in the bank to another individual account of the same bank, or within or with other financial institutions or with multiple institutions, by means of personal computers based frameworks, without the immediate intercession of bank staff.

Telephone Banking:

Telephone banking is an assistance given by a bank or other monetary foundation or other financial institutions, that empower clients to perform via telephone a scope of monetary exchanges which don’t include cash or financial instruments, without the need to visit an ATM or a bank branch.

Internet banking:

Web-based banking is an assistance presented by banks that permits account holders to get their record information by means of the web or the internet. Web-based banking or Internet banking is otherwise called “Web banking” or “Online banking.”

Internet banking through customary banks empowers clients to play out every standard exchange, for example, bill payments, balance requests, stop-payment requests, and balance inquiries. Some banks even proposition online credit card and loan applications.

Account data can be acquired day or night, and should be possible from any place.

Home banking:

Home banking is the most common way of concluding the monetary exchange from one’s own home as opposed to using a bank’s branch. It incorporates making account requests, moving cash, covering bills, applying for credits, and directing deposits.

Significance of E-Banking:

Importance to clients:.

  • Lower cost per exchange: Since the client doesn’t need to visit the branch for each exchange, it saves him both time and cash.
  • No topographical hindrances: In conventional financial frameworks, geological distances could hamper specific financial exchanges. Nonetheless, with e-banking, geological obstructions are diminished.
  • Convenience: A client can get to his record or bank account and execute from any place at any time.

Importance to Businesses:

Better efficiency: Electronic banking further develops usefulness. It permits the computerisation of ordinary, regularly scheduled payments and provides further banking activities to upgrade the efficiency of the business.

Lower costs: Usually, costs in financial relationships and connections depend on the assets used. Assuming that a specific business needs more help with deposits, wire transfers, and so on, then, at that point, the bank charges its higher expenses. With internet banking, these costs are limited.

Lesser errors: Electronic financial diminishes mistakes in normal financial exchanges. Awful penmanship, mixed-up data or information, and so on can cause mistakes that can be exorbitant. Likewise, a simple audit of the record or account activity, movement upgrades the precision of monetary exchanges.

Diminished misrepresentation: Electronic banking gives an advanced impression to all representatives who reserve the privilege to alter banking exercises. In this manner, the business has better perceivability into its exchanges, making it hard for any fraudsters from committing crimes.

Account reviews: Business proprietors and assigned staff individuals can get to the records rapidly utilising a web-based financial interface. This permits them to audit the record action and, furthermore, guarantee the smooth working of the account.

Importance to banks:

  • Lesser exchange costs: Electronic exchanges are the least expensive methods of exchange.
  • A decreased edge for human blunder: Since the data is handed-off electronically, there is no space for human mistakes or errors.
  • Lesser desk work: Advanced records decrease desk work, paperwork, and make the cycle simpler to deal with. Likewise, it is ecological.
  • Decreased fixed expenses: A lesser requirement for branches which converts into a lower fixed expense.
  • More steadfast clients: Since e-banking administrations or services are convenient to the clients, banks experience higher reliability from their clients.

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Online Banking

Online banking is an electronic payment system that permits customers of a financial institution to conduct financial transactions using a website operated through the institution, such like a retail bank, exclusive bank, credit union or building culture. Online banking can also be referred as e-banking, exclusive banking and simply by other terms. To access online banking, a customer would demand financial institution’s attached website, and enter the net banking facility with all the customer number and also password previously startup.

Define and Discuss on Telegraphic Transfer

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Assignment on Internet Banking

by admin | Jun 18, 2018 | Academic Writing Samples , Academic Writings on Business

Internet (online) banking was the first banking technology to use the Internet. The Internet banking technology preceded m-banking. Before the commercialization of the Internet in 1991, large corporations spent huge amounts of money to use the Electronic Data Interchange (EDI) technology conceived in the 1960’s to exchange and transfer data over secure private networks. Only a few large businesses used the EDI technology because of its complexity and its high cost. After the commercialization of the internet in 1991, all types of e-commerce activities developed rapidly because of the World Wide Web’s low cost and easy connectivity including Internet banking. In October 1994, the Stanford Federal Credit Union developed and introduced the first Internet banking service in the United States. Considered a high-risk resource, the Internet banking project presented initially some unique challenges to financial institutions because by nature the Internet was not considered a secure environment. In May of 1995, Wells Fargo Bank became the first bank to make Internet banking accessible to its registered customers through a secure Web server.

Internet banking revolutionized the banking industry because it helped banks operate effectively by reaching far more customers at lower cost. According to the UK Census Bureau (2010), Internet banking adoption increased over the years, from 4% of UK households in 1995, 7% in 1998, 19% in 2001, 34% in 2004, to 53% in 2007. The UK Federal Reserve Board of Governors (2012) report revealed that in 2011, 68% of UK consumers engaged in Internet banking activities. Internet banking is firmly established and used by the majority of consumers, and m-banking has emerged as a new financial distribution channel.

Most users of Internet banking are also potential users of m-banking, so they are familiar with both technologies. Thus, that familiarity can play a crucial role in m-banking adoption. Compared to the Internet, m-banking service penetration rate is still relatively low at the current stage, and still most consumers have not used the new technology yet. The mobile technologies creation is linked to the Apple Corporation’s technological creation of the iPhone and the rapid growth of Android phones based on Google’s operating system. M-banking as the usage of a Smartphone to access banking networks via the Wireless Application Protocol (WAP).

Corporate m-banking allows companies to control their finances anytime remotely using a Smartphone. Corporate m-banking is critical for companies to maintain a competitive advantage because it allows designated personnel to perform key banking operations in a timely manner remotely. M-banking was initially introduced in the early 2000’s through Short Messaging Service (SMS) and Wireless Access Protocol (WAP) or General Packet Radio Service (GPRS) enabled wireless mobile device web browsing. The SMS application was one of the first applications of mobile phone allowing banking.

assignment on internet banking

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    Essay # 1. Meaning of Internet Banking: With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, the structure and nature of banking and financial services have gone for a sea change.

  2. BSA 425 : 425

    Week 1 - Assignment Internet Banking, also known as net-banking or online banking, is an electronic payment system that enables the customer of a bank or a financial institution to make financial or non-financial transactions online via the internet.

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    4. The concept of Internet banking has been simultaneously evolving with the development of the World Wide Web. Programmers working on banking data bases came up with ideas for online banking transactions, sometime during the 1980's. In 1983, the Nottingham Building Society, commonly abbreviated and referred to as the NBS, launched the first Internet banking service in United Kingdom.

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    Below are five issues for your bank to consider when designing the terms and conditions governing your online and mobile platforms. Create a Comprehensive Agreement that is Easily Adaptable. On the consumer side, many banks are moving towards one agreement that includes both general terms for online and mobile banking and specific terms for ...

  11. Concept of E-Banking

    This blog by All Assignment Help talks about the concept of E-banking. When we say E-banking, we are talking about the hypernym involving internet banking, mobile banking, NEFT, IMPS transfers, etc.

  12. Assignment on Online Banking

    Assignment on Online Banking 3560 Words 15 Pages TERM PAPER ON ONLINE BANKING SERVICE IN BANGLADESH 1. DEFINITION OF ONLINE BANKING Online banking is a service offered by banks that allows account holders to access their account data via the Internet.

  13. Problems and Solutions of Online Banking: Assignment

    The various problems. in these aspects are the security issues, requirement for internet access and the faults in the. customer services. Although, the benefits of application of the online banking prospects in the. lives of the customers are life changing, the risks it poses are devastating to the lives of the.

  14. Net Banking

    Net-banking, also known as internet banking, is an electronic system managed by banks which enables customers to access financial as well as non-financial banking products online. Earlier, customers had to visit the banks even for a small service.

  15. 348 Banking Essay Topic Ideas & Examples

    This involves the willingness and devotion of both parties to a particular cause. Gambling, Fraud and Security in Banking. By supervising the institutions and banks, there exists openness into the dealings of the banks and this allows investors to get full information about the banks before investing.

  16. Banking System privacy Essay

    Essay student: assignment data protection of online banking system as internet growing faster people use internet for many different purposes. one of the. Skip to document. University; High School. Books; ... Online banking also known as internet banking gets popular among customers because of its convenience. It allows customers sign into ...

  17. E-Banking, Meaning, Classification, Types, Services, Significance.

    E-Banking allows an individual, client, businesses and other financial institutions to transfer funds to a single account or with multiple accounts within banks or other banks, and provides access to accounts easily. E-Banking allows customers to complete transactions via online from anywhere in the world and at any time.

  18. Assignment On Online Banking Essay Example

    Online banking is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and a web browser.

  19. Internet Assignment 2

    Internet Assignment #2 for Dr. David Bowes Econ 333 Class. econ money and banking internet assignment interest rates name: jaimie omalla answer each question ... Econ 333 - Money and Banking NAME: Jaimie Omalla Internet Assignment 2 - Interest Rates. Answer each question based on the information given by the websites. For questions 1 - 3 please ...

  20. INTERNET BANKING

    INTERNET BANKING - MEANING, ADVANTAGES AND DISADVANTAGES, FOR B.COM 2nd SEM NEP SYLLABUS | LAW AND PRACTICE OF BANKINGPrevious vedio links• E - Serviceshttps...

  21. Assignment on Online Banking

    Assignment on Online Banking View Writing Issues File Edit Tools Settings Filter Results TERM PAPER ON ONLINE BANKING SERVICE IN BANGLADESH 1. DEFINITION OF ONLINE BANKING Online banking is a service offered by banks that allows account holders to access their account data via the Internet.

  22. Online Banking

    Online banking is an electronic payment system that permits customers of a financial institution to conduct financial transactions using a website operated through the institution, such like a retail bank, exclusive bank, credit union or building culture. Online banking can also be referred as e-banking, exclusive banking and simply by other ...

  23. Assignment on Internet Banking

    Assignment on Internet Banking by admin | Jun 18, 2018 | Academic Writing Samples, Academic Writings on Business Internet (online) banking was the first banking technology to use the Internet. The Internet banking technology preceded m-banking.