Online Banking

Topics: Bank, Credit union, Online banking Pages: 11 (1266 words) Published: December 17, 2014


The summary of a survey conducted in order to find the awareness and usage of Online banking.

Introduction to Online Banking
Sources of Data
Application of Mean
Merits of Online Banking
Demerits of Online Banking
Internet Banking Risks

Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society. To access online banking, the customer would go to the financial institution's website, and enter the online banking facility using the customer number and password. Online banking facilities offered by various financial institutions have many features and capabilities in common, but also have some that are application specific. The common features fall broadly into several categories

A bank customer can perform some non-transactional tasks through online banking, including - viewing account balances
viewing recent transactions
downloading bank statements, for example in PDF format
viewing images of paid cheques
ordering cheque books
download periodic account statements
Downloading applications for M-banking, E-banking etc.
Bank customers can transact banking tasks through online banking, including - Funds transfers between the customer's linked accounts
Paying third parties, including bill payments (see e.g., BPAY) and telegraphic/wire transfers Investment purchase or sale
Loan applications and transactions, such as repayments of enrollments Register utility billers and make bill payments
Financial institution administration
Management of multiple users having varying levels of authority Transaction approval process

Sources of Data
An Online survey was conducted on 51 people from different places in order to find out the awareness and usage of ‘Online Banking’. Online Banking has been used widely but, the main objective of this study was to find out the awareness of Online Banking, the problems faced by the customer with regard to Online Banking and to determine the level of customer satisfaction. The data was collected using a questionnaire. The study revealed that the majority of the customers are aware about Online Banking and about 6% are not aware about Online Banking. The data sources are:

(a) Primary data: Data collected from the respondents.
(b) Secondary data: Data collected from books and the internet.

In the survey conducted with regard to Online Banking, the following responses were recorded: Firstly, the response of from the survey is found dynamic with the mixture of people from different age groups having different opinions about Online Banking.

Monthly Income of the people surveyed was found to range from Rs.10,000 to Rs.1,00,000. Students were found to be the majority.

Though Online Banking has gained importance nowadays, it is found that not all of them have availed it. This survey shows that the percentage of people who have availed the Online Banking facility is 86%(44 out of 51).

It is found that, majority of the people use Online Banking Weekly.

When asked, whether one has to avail the Online Banking Facility, majority of the people suggested that one has to avail it.

Online Banking is simple and fast. But again, the responses here varied.

From the survey conducted, Online Banking is found useful because: (i) It is convenient
(ii) There is 24*7 Access to the accounts
(iii) It Saves time
(iv) To Pay Bills
(v) To do online shopping etc.
When asked how did one come to know about Online banking, the majority told that it was suggested to them by their family, friends etc. while media i.e, Television, Internet and...
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