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Online Banking System

Online Banking System

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Published by ifeanyi_osi
Online Banking System is a complete documentation of a banking application.
Online Banking System is a complete documentation of a banking application.

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Published by: ifeanyi_osi on Aug 03, 2009
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07/14/2014

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CHAPTER 1
1.0 INTRODUCTION
 The main purpose that banks have been serving since their inception iskeeping our money safe for us. While keeping our money safe, they also letus earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue thesame function. The only difference is in the way the transactions are made.We all know about internet banking and most of us use it quite often as well,but few of us actually understand about the history of internet banking andhow it all came out. Knowing the history of internet banking can be incrediblyuseful, especially since it will allow us to have more respect for the littlethings that we take for granted.Computers themselves have really come an enormous way since their initialestablishment, as the earliest electronic computers were so large that theywould take up the entire area of a room, while today some are so small thatthey can hardly be seen at all.In today's world, computers play an incredibly large role in the way the worldexists in general, and the majority of tasks could actually not be completed if not for the use of computers. Although there are certainly some areas and jobs that cannot yet be completed solely by computers and which thus stillrequire actual manpower, for the most part, computers have helped to makelife significantly easier, productive, and more convenient for us all.Internet banking has been around for quite a few years now, but has reallyonly become prominent over the past year or so in particular. Internetbanking offers an array of different advantages to the user, including:
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account balances and history including year-to-date information, the abilityto transfer money from one account to another and to payees for billpayments, check history, reorders, and stop payments, check credit cardbalances and statements, complete online loan applications, secureinteractive messaging with staff, and much more.Internet banking basically allows you to be able to do everything that youcan in your regular banking institution, only with the benefit that you can doit all right from the convenience of your own home. Not only is this greatbecause you can be comfortable and have peace of mind knowing that youcan keep track yourself of all your banking issues, but as well it allows formore ease because you never have to worry about rushing out and making itto the bank.
1.1 STATEMENT OF THE PROBLEM
With the problems and limitations associated with manual bankingprocedures as witnessed in most parastatals today, complied with theproblems associated with the existing application programs even much morein the presence of serious technological advances aimed at improvinginformation system. This is activities aimed at shedding light upon the needfor improvement in accounting activities and the means of achieving itsefficiency, effectiveness, reliability and success promising future throughcomputer intervention.Internet banking identifies a particular set of technological solutions for thedevelopment and the distribution of financial services, which rely upon theopen architecture of the Internet. With the implementation of an Internetbanking system, the banks maintain a direct relationship with the end usersvia the web and are able to provide a personal characterization to theinterface, by offering additional customised services.
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1.2 PURPOSE OF THE STUDY 
 The aim of this project is to develop a secured online banking system withthe following objectives:
Create a banking system that is easily accessible by customers fromthe comfort of their homes, offices etc.
Reduce the flow of human traffic and long queues at banks
Reduce the time wasted in going to banks to stay on queues.
Promote efficient and effective banking for the banks by focusing onthose services that still require physical presence at the banking hall.
1.3 IMPORTANCE OF THE STUDY 
 This will cover the benefits derived in using internet banking and it’sfundamental.1.3.1 ONLINE BANKING – HOW IS IT DIFFERENT?Many consumers today are turning to the ease and convenience of Internetbanking to take care of their financial needs. With the new levels of accessmade possible by the Internet, people can now check the status of theirfinances with the click of a button. The history of Internet banking has evolved from simply allowing customersto check balances online, to now being able to trade stocks and bonds fromthe comfort of their own home!1.3.2 WHY USE ONLINE BANKING?
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