...Project 1 On Problem Statement for Online Banking Systems Submitted By:- Vanitha Reddy Pannla 1687324 Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. To access a financial institution's online banking facility, a customer with Internet access would need to register with the institution for the service, and set up a password and other credentials for customer verification. The credentials for online banking is normally not the same as for telephone banking. Financial institutions now routinely allocate customers numbers, whether or not customers have indicated an intention to access their online banking facility. Customers' numbers are normally not the same as account numbers, because a number of customer accounts can be linked to the one customer number. The customer number can be linked to any account that the customer controls, such as cheque, savings, loan, credit card and other accounts. Customers create a username and password to login to the system. For example:- The above image is the chase bank online banking system home page. On the right hand side you can see the log in to the account using a user name and password. To access online banking, a customer visits the financial institution's secure website, and enters the online banking facility using the customer number...
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...One of the most important customer concerns about online banking is security. Since 2006 to date, advanced internet technologies have been designed to protect your account information throughout the entire online banking process, from your computer through the bank's own systems and back again. Although absolute confidentiality of data transmitted over the public internet is not guaranteed, the strongest available industry-standard SSL protocols are used to encrypt all data transmissions between your computer and data center. Messages are not decrypted until they are inside the bank’s firewall. At that point, they are subject to additional internal security procedures common to ATM and telephone banking services. With reference from the case study, we realized that some Norweigian banks used customer’s SSN and pins as a form of authentication which was proven to be weak and vulnerable to attacks. Since 2006 till now banks all over the world have improved upon their authentication methods and tighten security issues involving online banking security. To be able to access most links, you will need Internet access and an Internet browser that supports Secure Sockets Layer with 128-bit encryption and a computer with at least a 133mHz processor and a 28.8 modem or a high speed connection. Today, online offerings are more robust, giving consumers a wider range of choices. But safety of both their personal data and their deposits remains a major concern of many. [pic] ...
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...Chapter 1 1.1 Introduction Internet Banking is growing popular day by day in Bangladesh. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country. In Bangladesh many banks have launched Internet Banking. Amongst those HSBC, City Bank, BRAC Bank, Bank Asia, Jamuna Bank, Janata Bank, Southeast Bank, AB Bank, First Security Bank, Mercantile Bank, Premier Bank etc are in action already. Some are known as online banking, some are Internet Banking, providing various facilities. Like City Bank has the facility of account check and statement print including query about cheque book information. Bank Asia has almost same facilities but with addition they have internal fund transfer facility along with bill payment and mobile phone recharge which are, in fact quite handy. Mercantile bank has a schedule for internet banking. It is Sunday to Thursday, 9am-3pm. They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a...
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...Ariana Garcia CIS/207 August 05, 2014 Anderson Smith System Evaluation Paper Banking has developed and continues to develop as the years go by. Traditionally a customer would walk into a branch if there were any type of transaction to be made. On paydays, a customer would walk into their bank and deposit their check, or cash them. If a customer wanted to send money to their family in Canada or another state they would submit a form to send funds to them, it would then take a few business days for the recipient to have the money in hand. In 1983, the basic and original functions of online banking began via telephone and a television, they were introduced by The Bank of Scotland, and were called “Homelink” (Yodlee, 2012). In October of 1994 the online banking website was developed in the United States by Stanford Credit Union (Yodlee, 2012), and has since then continued to expand with other bank institutions worldwide. Online banking has developed many tools to satisfy their customers by allowing convenience from their home with online websites, or even the palm of their hands with a phone application. There is little need for anyone to leave their home to send or receive money, deposit a check, pay a bill, view a statement, or make transfers between accounts. There are many other useful tools available for online banking and many innovations yet to come. Online banking has helped bank institutions keep customers satisfied by providing them with the latest...
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...300 Almost half of Americans use online banking and the statistic is growing. Banking is even going mobile. There are multiple banking applications available for smartphone users. If there’s not an “app” for your banking needs then there’s a strong possibility that your bank has a mobile version of their site making mobile banking easier than ever. How is internet/smart phone banking possible? The answer lies within the application and implementation of management information systems. These information systems contain components that work together to provide information. With the technology available today, banks have basically taken their information systems and expanded them to management information systems. Essentially using the data they already have but using it in a way to achieve business goals, such as the convenience of online banking. Before internet banking customers were forced to bank during the bank’s limited business hours, often time, banks opened after you were at work and would be closed by the time you got off work. Additionally, customers were forced to wait in excruciatingly long lines during peak business hours in order to handle their financial needs. Customers would have to endure all of that just to check the balances of their accounts. In order to better serve customers and their needs, internet banking was implemented. In the beginning, internet banking was extremely limited. Customers could check their balances and...
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...Journal of Internet Banking and Commerce An open access Internet journal (http://www.arraydev.com/commerce/jibc/) Journal of Internet Banking and Commerce, April 2009, vol. 14, no.1 (http://www.arraydev.com/commerce/jibc/) An Experimental Investigation of Online Banking Adoption in China Guangying Hua, PhD candidate Bentley University, Massachusetts, USA Postal Address: Morrison 324, Waltham, MA 02472 USA Email: ghua@bentley.edu Guangying Hua is a PhD candidate at Bentley University. Her research interests include business analytics, social networking, and issues in IT applications in business area. Abstract Online banking, an Internet based service enabling people to do financial transactions, has been an obstacle for the development of e-commerce in China. This paper investigates the online banking acceptance in China. We conducted an experiment to investigate how users’ perception about online banking is affected by the perceived ease of use of website and the privacy policy provided by the online banking website. We find that both perceived ease of use and privacy policy have a significant impact on user’s adoption of online banking. In this study, we also investigate the relative importance of perceived ease of use, privacy, and security. Perceived ease of use is of less importance than privacy and security. Security is the most important factor influencing user’s adoption. A discussion of the implications of these results and limitations are provided at the end...
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...is to assess and to compare the development of e-banking solutions by financial institution with a local approach. Online banking or Internet banking or E-banking allows customers of a financial institution to conduct financial transactions on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union or building society. In 2014, around 69 million American citizens bank online on a regular basis, and 81% of the ones who managed household finances have banked online at least once in the last couple of months, according to the Pew Research Center, and institution dependent on the Federal Reserve. In the light of this data, we took a look at five financial institution that operate in our area to see what tools are they implanting in order to replicate the procedures and provide our customers with a useful and secure online set of services in the near future. The financial institutions chosen were Wells Fargo, First Citizen Bank, Union Bank, High Country Bank and PNC. Regarding their online services, they seem to be pretty standardized and most of them offer a basic service that includes online access, money transfer, bill Payment with an option to receive alerts regarding movement in your accounts, even Wells Fargo Mobile app allows users to deposit their checks online by taking a picture of it. Besides, all of them have been putting effort to provide a safe environment to do online money transactions in a safe way. On the other hand...
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...Business Management Report on Online Banking for the Future For this assignment, I chose to research the DCU bank. On their website, they provide a specific section for Businesses. In this section they provide online banking in the ”Free Business Banking" section. Here, they provide FREE online access, a FREE online bill payer. This was the first thing I saw when I signed onto their website. In another section of their website under 'customer service' there is a link labeled "online banking". Here, they explain how online banking gives people 'easy access' to their own accounts 24/7. You can deposit checks online, transfer money to different accounts, apply for loans and many other things as well. Overall, I think that online banking is certainly a good thing for small business owners to manage their finances. With access to their accounts 24/7 it would make a lot of things easier. Technology has made it easier for me to pay my bills. Rather than writing checks and sending them in a week before they are due I can just go online and pay them through my account. It is much easier. Also, it makes things easier when transferring money onto my debit card when making purchases- it saves me a trip from driving all the way to the bank to withdrawal. I think the same thing goes for business firms as well- they can probably deposit checks through their phones or over the internet as well. In my opinion, I think that within the next 5 to ten years people won't even need to walk...
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...Bank of America: Mobile Banking Bank of America has been successful in the US in proving mobile banking though the use of a basic smartphone application (app). The bank’s customers enjoy the convenience of, for example, checking their account balances or locating branches/ATMs using their phones. With the success of their basic banking app, Bank of America is considering expanding the functions of their app to other lines of business such as credit cards or mortgages. The problem is to decide whether to invest in increasing the functionality of the app, as it would mean “reprioritizing critical bank technology resources from other important business areas”. Bank of America could add additional functionalities to their current smartphone application. As an alternative they could make no changes, focus more on online (website) banking, or even mobile banking through SMS as Chase Bank has done. Bank of America could also create different, new, applications for each of their target groups such as brokerage, mortgage, credit card or small business. Adding functionality to their current app “could slow down the application and negatively affect the user experience”. Mobile app development is expensive, and can cost from $40,000 to several hundred thousand dollars. Making as much of their customer interaction as possible through mobile banking would reduce costs as it is one of the “least costly banking channels”. Making no changes to their app could possibly be a lost...
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...encouraged every time I attend her lectures. Without her encouragement and guidance, this project would not have materialized. The guidance and support received from all the members who contributed to this project, was vital for the success of the project. This project highlights the emergence of Internet banking and the growing dependence of Net banking by various Institutions. It also showcases the challenges faced and the opportunities available. INDEX TOPIC PG. NO * Online Banking in India 1 ( Introduction) * Features of Online Banking 2 * Requirements of Online Banking ` 3 * City Union Bank 4 (Introduction) * City Union Bank 5 (Net Banking Requirements) * Impact of Net Banking On the Financial Sector 7 * Indian Banks On WEB 8 * Challenges...
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...RESEARCH PROJECT on Online Banking Submitted in partial fulfillment for the award of Bachelors of Business Administration By Varun Mehta Batch 2012-14 Under the Supervision of Miss Deepa Chauhan Professor School of Business Studies Date – DECLARATION FORM I hereby declare that the Research Project Work entitled, Online Banking, submitted by me, VIBHA SHIVHARE, Enrolment No. 11SBSBBA126 for the partial fulfillment of the Bachelor of Business Management (BBA) to Sharda university , Greater Noida is my own original work and has not been submitted earlier either to Sharda University or to any other Institution for the fulfillment of the requirement for any course of study. I also declare that no chapter of this manuscript in whole or in part is lifted and incorporated in this report from any earlier / other work done by me or others. Place : School of Business Studies Date : Certificate by Faculty Guide This is to certify that Ms. VIBHA SHIVHARE, student of BBA Batch 2012-14, Enrolment No 11SBSBBA126 has successfully completed his/her Research Project on ONLINE BANKING(topic). This Project Report is submitted in partial fulfilment for the award of Bachelors of Business...
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...suggested that ease of use is a key antecedent of customer satisfaction with respect to online banking (Davis, 1989), other studies suggest that it may be a more important characteristic to newer users than it is to those who are more experienced (Castaneda et al, 2007). With that in mind we can evaluate what both banks offer in terms of ease of use from a newer customers perspective. Looking first at Scociete Generale we can see that one of their three main commitments to their customer is to “Simplify Your Banking” in all area; from the branch, to telephone banking, to online banking. Looking specifically at the area of online banking, the bank offer simulators for financial products such as mortgages and loans, tutorial videos explaining how to use all current features of their online banking system, a simple message system that facilitates the communication between you and a representative from the bank as well as an iPhone application that includes simplified everyday banking features as well as emergency contact numbers, budgeting features, currency conversions, and a GPS bank branch locator that are all explained through video tutorials and FAQ pages found in the application itself (Societe Generale, 2011) Moving on to HSBC, we can see that their online banking is very similar, offering things such as interactive tutorials, messaging centers and an iPhone app. In addition to that HSBC online banking also contain information bubbles that when clicked display pertinent information...
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...Lichtenstein & Williamson: Consumer Adoption of Internet Banking UNDERSTANDING CONSUMER ADOPTION OF INTERNET BANKING: AN INTERPRETIVE STUDY IN THE AUSTRALIAN BANKING CONTEXT Sharman Lichtenstein Deakin University, Australia sharman.lichtenstein@deakin.edu.au Kirsty Williamson Monash University and Charles Sturt University, Australia kirsty.williamson@sims.monash.edu.au ABSTRACT This paper reports key findings from an interpretive study of Australian banking consumer experiences with the adoption of internet banking. The paper provides an understanding of how and why specific factors affect the consumer decision whether or not to bank on the internet, in the Australian context. A theoretical framework is provided that conceptualizes and links consumer-oriented issues influencing adoption of internet banking. The paper also provides a set of recommendations for Australian banks. Specifically, the findings suggest that convenience is the main motivator for consumers to bank on the internet, while there is a range of other influential factors that may be modulated by banks. The findings also highlight increasing risk acceptance by consumers in regard to internetbased services and the growing importance of offering deep levels of consumer support for such services. Gender differences are also highlighted. Finally, the paper suggests that banks will be better able to manage consumer experiences with moving to internet banking if they understand that such experiences involve a process...
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...inpected on e-commerce of Lazada Company can be beneficial to the society especially in Malaysia. 2.0 : Literature Review 2.1 History of Lazada Company Lazada Company in Malaysia is part of Lazada Group which operates business in Southeast Asia’s well-known as an online shopping and selling destination in Vietnam, Singapore, Philippines, Indonesia, Malaysia and Thailand (Lazada.com.my, 2015). Lazada Company is pioneering e-commerce in the region, Lazada Company had provides customers with a graceful shopping experience to access to the largest customers base in Southeast Asia (Lazada.com.my, 2015). This is their website http://www.lazada.com.my/marketplace/ 2.2 Definition of e-commerce E-commerce is an Electronic Commerce. According to the (Molla and S.Linker, 2015) the definition of the e-commerce is conceptualizations covering a plethora of issues, applications, and business model and e-commerce as “doing business electronically”. In other explanation, e-commerce is also involvement business information, conserving business relations and leading business transactions of communication networks (Henderson). In additional, based on the (O’Brien, J.A and Marakas, G.M, 2009) is defined that, e-Commerce in online process of developing,...
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...www.ccsenet.org/jms Journal of Management and Sustainability Vol. 1, No. 1; September 2011 Evaluating the Impacts of Online Banking Factors on Motivating the Process of E-banking Akram Jalal Management Information System Department, College of Business and Finance, Ahlia University P.O. box 10878, 1st Floor Gosi Complex Exhibitions Road, Manama, Kingdom of Bahrain Tel: 00973-3838-3411 E-mail: ajalal@ahliauniversity.edu.bh Jassim Marzooq College of Business and Finance, Ahlia University P.O. box 10878, 1st Floor Gosi Complex Ex hibitions Road, Manama, Kingdom of Bahrain Hassan A. Nabi College of Business and Finance, Ahlia University P.O. box 10878, 1st Floor Gosi Complex Exhibiti ons Road, Manama, Kingdom of Bahrain Received: March 5, 2011 Abstract Purpose – The purpose of this research paper is to explore and mature the Impact of selected factors on the customers’ intention to use internet banking in Bahrain. Design/methodology/approach – This research based on an empirical study using a questionnaire with five-point Likert-scale, is applied to 171 usable responses. Three factors are tested, that is perceived usefulness (PU), perceived ease of use (PEOU), security and privacy (PC). Findings – Results indicate that all the elements for the three identified factors are important with respect to the users’ adoption of e-banking services. Credibility factors (Security and Privacy) are the major sources of dissatisfaction, which have remarkably impacted users’ satisfaction...
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