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 blogger.comted Reading Time: 8 mins Online Banking System Words | 46 Pages. 1. Introduction 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 Free Banking Essays and Papers. Page 1 of 50 - About essays. Satisfactory Essays. Banking. Words; 5 Pages; 3 Works Cited; Banking. Banking So Much for That Plan "More than 70% of commercial bank assets are held by organizations that are supervised by at least two federal agencies; almost half attract the attention of three or four
Essay On Banking • English Summary
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, essay on banking. Emerging Challenges 6. Main Concerns 7. Strategies to be Adopted by Indian Banks.
With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, essay on banking, 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. 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, essay on banking.
In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch essay on banking banking at any time. 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 essay on banking and insurance. The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking essay on banking a cost-effective delivery channel for the modernized financial institutions.
In this system, essay on banking, consumers are embracing many benefits of e-banking. Keeping objectives in mind, the internet banking facilities has been progressing essay on banking a rapid pace throughout the world. 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 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. In order to support internet banking facilities another new concept of banking i. 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, essay on banking, 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 essay on banking extending these facilities to its customers gradually by including more and more of its important branches under this category.
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, essay on banking. 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. 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 essay on banking 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.
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, essay on banking, 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. 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. The transfer will take place in a day or so, whereas in a essay on banking 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. 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.
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. Moreover, online booking of e-tickets of Essay on banking, Airlines etc, essay on banking. can also be made with some arrangement with banks through Internet banking.
Through Internet banking, opening a fixed essay on banking 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.
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. 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 essay on banking air tickets through Internet banking, essay on banking.
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:. Close integration of bank services with web based E-commerce or even disintermediation of service through direct electronic payments E-cash. More convenient international transactions due to the fact that the Internet along the general deregulation trends, eliminate geographic boundaries.
The Internet and its underlying technologies have been changing and transforming not just banking but essay on banking 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.
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. Essay on banking there is a dual requirement to protect customers privacy and product against fraud. 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, essay on banking.
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, essay on banking, 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. essay on banking Digital certification procedures provide the assurance that the data a customer receive is from the infinity system.
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 essay on banking exchange; complete transparency is also essay on banking rise to perfectly electronic market place and customer supremacy.
However, essay on banking, the above mentioned steps can be implemented by following four steps mentioned below:.
Essay on Bank -- Few lines on Bank
, time: 1:14Essay on Internet Banking
May 30, · The extended essay on Bank consists of words. The Long essay provides a framework that helps students with their competitive exams and assignments. The short essay on Bank is written for words and is suitable for Estimated Reading Time: 7 mins Free Banking Essays and Papers. Page 1 of 50 - About essays. Satisfactory Essays. Banking. Words; 5 Pages; 3 Works Cited; Banking. Banking So Much for That Plan "More than 70% of commercial bank assets are held by organizations that are supervised by at least two federal agencies; almost half attract the attention of three or four According to Banking Regulation Act, , “The word banking as “the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and with draw able by cheque, draft, order or otherwise.”Estimated Reading Time: 7 mins
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