Akkul E Banking

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Online banking (or Internet banking or E-banking)allows customers of a financial institution to conductfinancial transactions on a secure website operated bythe institution, which can bea retail or virtual bank, credit union or buildingsociety.

It is a part of e-commerce and comes under thecategory of retail services of the e-commerce.


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Non transactional tasks:

viewing account balances

viewing recent transactions downloading bank statements, for example

in PDF format

viewing images of paid cheques

ordering cheque books


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Electronic fund transfer

Automated teller machines

Electronic data interchange

Credit cards/debit cards Smart cards

Digital cash


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First electronic channel

introduced to HK

Accepting deposits and

dispenses cash

Convenient in handling accounts


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- Choose the category, merchant and bill type

- Insert the bill payee account number


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Choose the account that you want to transfer from

Insert the amount of fund that you would like to transfer

Choosing the date of transfer

Step 2


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Benefits to the bank

Benefits to the customers


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Competitive advantage

Unlimited network

Lesser workload

Lesser chances of fraud Better profitability

Increases customer relationship


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Convenience- 24 hours a day, seven days a week

Cost

- Reducing transfer fees

Speed

- Faster circulation of assets

Competitiveness

- Fostering competition in financial market


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A need for customer skill to deal with computers

and browsers.

Security Risk:

Increasing number of fraudulent bank websites Fake emails purporting to be sent from banks

Use of Trojan Horse programs to capture user IDs and

passwords


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Constituted by the RBI, a working group divided theinternet banking products in India into 3 types basedon the levels of access granted.

Information Only System

Electronic Information transfer system

Fully Electronic Transactional System


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Finland was the first country in the world to have

e-banking.

In India, it was first introduces in 1997 by the ICICI bankUnder the brand name infinity


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ICICIs registered a profit of 21% to its equityshareholders in the year 2001.

Suvidha the initiative started by the Citibank in 1998claims to encourage customers to interact withelectronically using telephones, the internet and

ATMs.


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A Reserve Bank of India (RBI) committee has come out

with the road map for electronic banking and has sought

legislation on EFT systems to facilitate multiple payment

systems for banks and financial institutions.

The RBI has been gearing up to upgrading itself as a

regulator and supervisor of the technologically dominated

financial system


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Several initiatives taken by the Government of India aswell as the RBI have facilitated the development of E-banking in India. The Govt. of India enacted the ITAct, 2000 with effect from Oct.17,2000, which provides

recognition to electronic transactions and other meansof electronic commerce.


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The potential of E-banking is huge. With theincrease in connectivity, the number of users willexplode, says K.V. Kamat, the CEO of ICICI Bank.

Web based banking service or E-Banking the latestgeneration of banking transactions, has opened upnew window of opportunity to the banks and existing

financial institutions. Since its evolution in 90th decade, it is having

unprecedented growth.


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Akkul E Banking

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