Assignment on Online Banking

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  • Topic: Bank, Online banking, Money
  • Pages : 12 (3569 words )
  • Download(s) : 1427
  • Published : November 19, 2012
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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. 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 web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty four hours, seven days a week, regardless of the bank's working hours. Today, most banks offer online banking services.

2. HOW MANY BANKERS PROVIDE ONLINE BANKING SERVICES IN BANGLADESH

Bangladesh Bank Governor Dr Atiur Rahman said 79 percent institutions under the country’s banking sector are providing online service at present.

He said, “37 banks are providing all-out online service, while six are getting preparations to provide online service. Almost 79 percent institutions are under online service now.”

Dr Atiur came up with the comment at the inauguration of the 4th International e-banking and Mobile Commerce Conference as the chief guest at a hotel in Dhaka Monday 10th July’2012

Science and Information Communication Technology Ministry Secretary Nazrul Islam Khan, Bangladesh Telecommunication Regularity Commission Chairman General (Retd) Zia Ahmed, FBCCI President AK Azad, Chief Marketing Officer of Eco-Bharat Anand Ramanand, Dell Bangladesh’s Country Director Sonia Bashir spoke at the inaugural session.

Dr Atiur said, “23 banks were given the approval of providing online services up to June, 2012. Amongst them, 14 banks have already started the service.”

3. PROSPECT OF ONLINE BANKING SERVICE IN BANGLADESH

Information technology environment changes rapidly. It is estimated that the number of Internet users in Bangladesh will increase in a recent years. The number of physical branches will be decreased (the profile of physical branches will change to advice and support centers) and most of the transactions will be concluded via main e-banking channels: online Internet bank and m-banking services. Rapid growth of e-banking in Bangladesh is expected.

4. ADVANTAGE OF ONLINE BANKING SERVICE IN BANGLADESH

What are the three greatest things about the Internet? E-mail, music, and online banking! Whether for the convenience or the control, online banking is an aspect of banking that nobody can resist. Our children will probably laugh when we tell them people used to actually go to a bank to pay bills. Online banking rocks!

Many of the benefits of doing your banking online are obvious: You don't have to wait in line.
You don't have to plan your day around the bank's hours.
You can look at your balance whenever you want, not just when you get a statement. There are some hidden benefits too. As a young bank customer, you're just learning how to manage your money and observe your spending patterns. Online banking allows you to watch your money on a daily basis if you want to. By keeping close tabs on your funds, you'll always be aware of what's happening in your bank account. For those experienced spenders, this option is far more appealing than the sudden discovery that you're broke! It's also helpful to watch how much interest you're gathering on investments and savings or what service charges you have incurred.

What to expect
Here are some of the features available through online banking: View balances: Checking your balance...
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