E- Banking

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e-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. While the risks and controls are similar for the various e-banking access channels, this booklet focuses specifically on Internet-based services due to the Internet’s widely accessible public network. Accordingly, this booklet begins with a discussion of the two primary types of Internet websites: informational and transactional. Web Banking or Internet Banking is a term used to describe banking transactions that are performed via a secured Internet application. Web Banking transactions include such things as paying bills, transferring funds, viewing account statements and paying down loans and mortgages. Although Web Banking has been popular among young Internet-savvy people for many years, its popularity is expected to grow rapidly as Internet usage grows internationally and people discover the many advantages that it provides. Web-Banking.org provides an overview of Internet Banking. It discusses conventional and virtual banks, e-banking services, Internet security and the cost/benefit considerations. Whether you are a complete novice to e-banking or an experienced web banking user wising to expand your knowledge, this site will provide new insights. The large, established "brick and mortar" banks introduced Internet Banking services in the mid 1990s. Because access to the Internet was limited, high-speed Internet connection were rare and e-business applications were clunky, adoption of ebanking didn't really didn't take off until the new millennium began. All the large banks in Canada and the United States provide web banking services. People soon discovered that they were able to pay bills, transfer funds and check transactions 24 hours a day from the comfort of their homes. Many banks provided financial incentives to encourage clients to adopt self-service banking channels over "at the teller" full service banking. In addition to Web Banking, this included the use of ATM (automated teller machines) and IVR (interactive voice recognition) telephone banking services. The use of tried-and-true brick and mortar banks provided a sense of security, however, they did not pay a good return on deposits. Many banks also charged their customers charges if a minimum deposit was not maintained. Birth and the Growth of Information Technology in Pakistan

We may find the theoretical foundation of Information Technology/Computers in 300B.C but the practical implementation of the modern computing era started when Alan Turing named the machine as a computer in 1940 which rapidly grew and the field went into the research of building intelligent machines; resultantly in 1945 two years before the independence of Pakistan the first Neural Network Machine was created and was named as perceptron Mark I.

The computers came to Pakistan in mid 60’s when second-generation computer was installed at Karachi. Presently, there are over 1800 mainframe and minicomputers, about half of which are in the government sector. The growth in the number of computers during the last ten years was over 35%. This has been possible due the governments liberal import policy and reduction/removal of duties. It is estimated that there are roughly 450,000 new computers every year in Pakistan. While this seems a pitifully the small numbers, it represents a three-fold increase compared to 1996-1997. Analyst...
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