Online Banking

Topics: Online banking, Bank, Credit union Pages: 9 (2786 words) Published: April 7, 2013
Chapter I

Introduction and It’s Background

Online Banking is a system allowing individuals to perform banking activities at home, via the internet. First of all, internet banking is an innovation in financial field nowadays. Then the scale of internet banking has been enlarging rapidly all over the world. Finally, internet banking increasingly closes to people's lives. This research is to inform the reader about the increasing importance of Online Banking Services. This includes the risks and benefits of Online Banking, its reliability and accessibility to make transactions and other banking activities. The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited to them. Traditional banks have been doing this and online banks continue the same function the only difference is in the way the transactions are made. Some online banks are traditional banks which also offer online banking, while others are online only and have no physical presence. Online banking through traditional banks enable customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer online loan and credit card applications. Account information can be accessed anytime, day or night, and can be done from anywhere. Today’s world is one with increasing online access to services. One part of this which is growing rapidly is online banking. Combined with online retailers there is a lot of money changing hands, directed only by communication over the Internet. This technology offers institutions alternative or non-traditional delivery channels through which banking products and services can be delivered to customers more conveniently and economically without diminishing the existing services level. Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, people no longer have to leave the house to shop, communicate, or even do their banking. Banking online allows a customer to make deposits, withdrawals, and pay bills all with the click of a mouse. For the online banking customer, the convenience factor rates high. No longer does a person have to wait for the bank statement to arrive in the mail to check account balances — he or she can check the balance every day just by logging onto the account. In addition to checking balances and transactions, customers can catch discrepancies in the account right away and deal with them swiftly. This can be done anywhere, as long as the person has Internet access. Since bills are paid online, the need to writing checks, affix postage, and post the payment in the mail is eliminated. Once the amount is entered and the payee is checked off, the funds are automatically deducted from the payer's choice of account. Security is considered as one of the most fundamental factors considered in the Internet and other related technology. This is the most important reasons by many companies and consumers in not jumping to the bandwagon of the Internet and distributed and heterogeneous computer environment, because they are afraid that some important and confidential information about them, particularly the aspect of financial, particularly in the aspect of banking. As a result, this study will be able to show the different concerns of the consumers and the professionals regarding security in Internet banking. This research includes the liabilities of banking and one of the in-demand and very useful machine in our everyday lives is the Automated Teller Machine also as the ATM. This machine contains cash and is connected to our bank accounts wherein we can withdraw our savings. But many cold-hearted humans is taking advantage of our own innocent citizens. In this research includes the different frauds and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Evaluating User Acceptance of Online Banking Information Systems Essay
  • Essay about Role of Internet Banking In Kenya
  • Online Banking Market
  • Banking Industry: Past and Present Essay
  • Online Banking Essay
  • Online Banking
  • Online Banking Project Charter Essay
  • Essay about Review of Literature About Online Banking and Customers Satisfaction

Become a StudyMode Member

Sign Up - It's Free