Essays on online banking

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Internet banking is very similar to that of traditional banking. The basic difference lies with the fact that, all that is done with ones bank account such as accessing account and information, payments, etc.

Proposal Online Banking

It is seen that every major bank offers internet banking. The charges for this may vary from bank to bank. The security measure taken upon by the banks would vary from bank to bank. The internet banking facilities that are provided in India seem to be far fewer than those that are provided in developed countries like USA, UK, Australia, etc. To address the above mentioned and more legal issues and problems that might be faced due to internet banking, RBI had issued a set of Guidelines in June, This advised banks to seek prior approval from RBI before offering transactional services on the internet.

The Evolution Of Internet Banking Information Technology Essay

In another notification that was issued in July, , the position was review and RBI advised that while offering of internet banking services would be governed by the above mentioned guidelines, no prior approval of RBI would be required to offer internet banking services.

The group had focused upon three issues:. As recommended by the Group, the existing regulatory framework over banks will be extended to Internet banking also. In this regard, it is advised that:.

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A database can be technically explained as machine readable compilation of information. Data protection is aimed at protecting the informational privacy of individuals. India being one of the major BPO hubs and as India has an edge even over China as regards service sector there is a crying need to have a law in this respect. India at present does not have any specific legislation to protect databases. The Information Technology Act, [ITA] was amended in the year in the aftermath of incidents resulting in data thefts to provide for provision against data thefts and failure to protect data.

By the Information Technology Amendment Act, , Section 43A was inserted to provide specifically compensation against bodies corporate who fail to protect data. This provision states that damages by way of compensation upto to Rs. The underlying objectives of SHP are to protect information and its privacy, free flow of information and to promote e-commerce. The US views the private data as a commodity whereby if a person wants to barter his private data against discounts offered by a departmental store he is free to do that. If the discounts are worth more to a consumer rather than his privacy, he or she can sign up for the same which will allow retailers to tract his spending habits.

In the information age, companies are finding that success or failure is increasingly dependent on their management and use of information.

An information system is a set of interrelated subsystems that work together to collect, process, store, transform, and distribute information for planning, decisions making, and control Powerful Essays words This means that the customer does not need to enter their details like card number, their name or even their security code. This is because the net banking account already would have the information already logged into it. Certain banks also have mobile applications for online banking which allows the user to log onto their account through their phone then they have the ability to use all the banking feature like paying out, viewing the balance, looking at statement and mo Allen and Mr.

Since the internet came out and developed, online shopping has become important parts of many people. With the rapid development of the Internet in the world, more and more people began to start online shopping due to its convenience, time-saving and benefits. For the definition, Online shopping is an act of purchasing items or services on the Internet and has grown in popularity over years All areas are susceptible to fraudsters; some more likely than others for example online fraud is more popular than phone banking fraud due to technology advancements in the last decade. In this era of up-and-coming technologies I think IT will play major role in my business.

Evolution of internet banking:

Implementing Service Oriented Architecture SOA , my employees will value the process of high performance by getting knowledge of IT, customer relationship management CRM , supply chain management SCM and the essential of maintaining good relationships with my customers. First and foremost, SOA can help to cut the IT controls and allows banks to be a joint venture with other banks and with their customers more effectively A snapshot of the age demographics of the customer base is presented in Table 1 below.

The age ranges that should be most highly targeted should be the demographic, members of which are most likely opening their first bank account or get their first student loan; the demographic, members of which are likely to have less established, loyal relationships with other banks; and th If you had a million dollars to move from one account into another account would you trust the click of a button or would you prefer to go into your bank and personally interface with a client service representative.

These are some of the questions that people consider when their bank begins to advertise internet banking services. Although the ability to transact business and perform transactions with your bank online has been around as far back as the general public is not as enthusiastic as most bankers would like them to be Banks that will be able to overcome these challenges are the ones that most likely will thrive and prosper into the future, this paper examines the importance of good implementation of customer relationship management in retail bankin Term Papers words 5.

Its popularity is due to various things.

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  8. It has been offering customer care and schemes in effective manner. These services help people to attach with Canara bank service ever. One needs to find out exact balance in the account. In order to find out that, no one needs to go out from particular place.

    The process of determination of account balance was very difficult. But now, as technology has developed more, everyone can access to online facility to fulfill their demands For this reason, the banking system is considered the main target of the majority of laundering operations. The key role of the banking system for the money laundering is undoubtful, given that banks provide services functioning as vehicle for the introduction of illicit money into the financial system Sales, service, and fulfillment are provided through more than 5, banking centers and nearly 17, ATMs in 29 states and the District of Columbia.


    We also offer our customers the leading online banking service in the United States, with more active online bill payers than all competing banks combined, as well as a hour telephone banking service that earns high ratings for The most utilized form of research on the internet is Quantitative Research.

    This involves collecting electronic information from an appropriate sample of clients to find out what their views are about the organization and the customer service that it offers With new advances in technology countless people are now choosing to do the majority of their shopping online. It is more convenient, sometimes faster, and even can be cheaper.

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    Banking online is also now becoming increasingly more popular. By banking online you can instantly transfer funds instead of going through the bank drive-thru or even going in. Some banks now even have their own app on smartphones where you can immediately deposit a check into your account with one simple picture Disconnect your computer from the Internet when you are not using it. Carefully consider your security settings. Examine all system settings, particularly the security settings, and select options that decrease your risk of data loss or intrusion. Protect your backups. When you make your data backups, make sure they are kept in a safe, secure location.

    It does no good to secure your PC and leave the backups where anyone might find them. We are being a part of a bigger issue. We are the banking concept. The banking concept can be described as what it is, banking. To access to e-banking you should use some electronic devices such as laptop, cellphone… etc. The majority of access e-banking by cellphone increase rapidly each year. Using online banking by cell phone will force the sensitive information to travel from the cell phone device to the bank website. If we bank online, we must make sure our laptops protected from hackers and worms Term Papers words 4.

    Popular Essays

    For retailers, the implications are considerable. New strategies for attracting customers are being deployed by retailers that integrate ecommerce into their 'traditional' retail businesses. While retailers are benefitting from ecommerce business they must face on-going issues associated with utilizing ecommerce technology. Technology issues, security concerns and a rapidly growing industry are some of the challenges facing retailers within the ecommerce market This is one of the primary reasons why offline stores and business owners are using e- commerce as a means of expanding their business.

    Using the internet or other computer network to transact and facilitate any business is e-commerce. E-commerce may be in the form of online shopping, internet banking, online auctions, electronic payments, gathering and use of demographic data and security of business transactions to name a few Since its start, offshore banking has become a considerably lucrative business. Many of those who take part in offshore banking are looking for a secure location to place their income or seize the opportunity of having lower taxes. However, there are those who misuse the privilege of a foreign bank and use the business ventures for illegal actions rather than the original purpose of the dealings.

    Offshore banks seem to have an impartial acceptance of quite a few clients within the bank that create a lower standard of ethics in contrast to the ethics meant to be held—this includes those of a political Better Essays words The ability to reach multiple people simultaneously has also evolved through internet communication. Another benefit of the internet is the creation of online stores that enable online buying and selling. It is no longer necessary for a person to visit a physical store in order to purchase their favorite products. One can now log into the internet, shop for what they want, buy and wait for it to be shipped to them.

    This has opened up the world as a global marketplace where anyone from anywhere can buy a product and have it delivered to their home Haddon Technology in Agriculture: Although performing agricultural work in the root level have access to information through electronic system.