Internet Banking: Reliability and Accessibility Issues
Abstract
Internet banking renders location and time irrelevant, and empowers customers with greater control of their accounts. Banks achieve cost and efficiency gains in a large number of operational areas. This paper addresses the aspects of reliability and accessibility from a banking enterprise point of view and puts forth present day solutions to problems involving these issues. An Indian perspective of Internet banking is also looked at in order to gaining a better perspective regarding the situation.
Table of Contents
1. Introduction … … … 3
2. Problem Description… … … 4
2.1 Internet Banking: Definition… … … 4
2.2 Internet Banking Risks: Focus on Transactional Risk… … … 4 2.3 Synopsis of the Problem… … … 6
3. A Closer Look at Reliability and Accessibility … … … 6 3.1 Reliability … … … 6 3.2 Accessibility … … … 7
4. Solution Architecture… … … 8
4.1 Reliability… … … 8
4.1.1 Secure Socket Layer (SSL) … … … 11
4.1.2 Public key Infrastructure … … … 13
4.1.3 Identity Authentication … … … 13 4.2 Accessibility 14 4.2.1 Availability … … … 14
4.2.2 Scalability… … … 14 4.3 N-Tier Architecture … … … 14
5. Internet Banking: The Indian Perspective… … … 15
5.1 Emergence of Internet Banking in India and its Impact… … … 15
5.2 What deters Internet Banking in India… … … 15 5.3 Factors determining the success of internet banking… … … 16 5.4 The Four Step Approach… … … 16
5.5 Case Study: ICICI Bank’s Internet Banking Strategy… … … 17
6. Impact of Internet Banking on E-commerce… … … 18
7. Conclusion … … … 18 1. Introduction
With the rapid diffusion of the Internet, banking in cyberspace is fast becoming an alternative channel to provide banking services. Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in
Internet banking renders location and time irrelevant, and empowers customers with greater control of their accounts. Banks achieve cost and efficiency gains in a large number of operational areas. This paper addresses the aspects of reliability and accessibility from a banking enterprise point of view and puts forth present day solutions to problems involving these issues. An Indian perspective of Internet banking is also looked at in order to gaining a better perspective regarding the situation.
Table of Contents
1. Introduction … … … 3
2. Problem Description… … … 4
2.1 Internet Banking: Definition… … … 4
2.2 Internet Banking Risks: Focus on Transactional Risk… … … 4 2.3 Synopsis of the Problem… … … 6
3. A Closer Look at Reliability and Accessibility … … … 6 3.1 Reliability … … … 6 3.2 Accessibility … … … 7
4. Solution Architecture… … … 8
4.1 Reliability… … … 8
4.1.1 Secure Socket Layer (SSL) … … … 11
4.1.2 Public key Infrastructure … … … 13
4.1.3 Identity Authentication … … … 13 4.2 Accessibility 14 4.2.1 Availability … … … 14
4.2.2 Scalability… … … 14 4.3 N-Tier Architecture … … … 14
5. Internet Banking: The Indian Perspective… … … 15
5.1 Emergence of Internet Banking in India and its Impact… … … 15
5.2 What deters Internet Banking in India… … … 15 5.3 Factors determining the success of internet banking… … … 16 5.4 The Four Step Approach… … … 16
5.5 Case Study: ICICI Bank’s Internet Banking Strategy… … … 17
6. Impact of Internet Banking on E-commerce… … … 18
7. Conclusion … … … 18 1. Introduction
With the rapid diffusion of the Internet, banking in cyberspace is fast becoming an alternative channel to provide banking services. Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in
References: [2]. Diniz, E., Porto, R.M., and Adachi, T. “Internet Banking in Brazil: Evaluation of Functionality, Reliability and Usability” ,Electronic Journal of Information Systems Evaluation 41-50Volume 8 Issue 1 (2004) [3] “A Multilevel Analysis of Factors Influencing the Adoption of Internet Banking”, IEEE transactions on Engineering Management, Vol. 50, NO. 4, November, 2003. [7]. Nilsson, M. & Adams.A., Herd, V., “Building Security and Trust in Online Banking” proceedings of the CHI 2005, April 2–7, 2005.