Professional Documents
Culture Documents
E-banking history
a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. Online services started in New York in 1981 when four of the citys major banks (Citibank, Chase Manhattan, Chemical and Manufactures Hanover) offered home banking services using the videotex system. In India ICICI was the first bank to start The Internet Banking revolution in India as early as 1997 under the brand name Infinity. ICICI Bank kicked off online banking way back in 1996.But even for internet as whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999 due to lower ISP online charges , increased PC penetration and a tech-friendly atmosphere.
E-banking ?
In simple language it is defined as the provision of banking service through electronic channels and the
customer can access the data without time and geographical limitation.
Virtual banks
Virtual banks have no physical location, but only conduct
online transactions. The world's first fully-functional virtual bank was the Security First Network Bank (SFNB) These banks were designed without a traditional banking infrastructure.
Virtual Banks around the world are: ING Direct U Bank HSBC Direct First Direct
ATM
ATM
banking machine (ABM), Cash Machine, or Cash point , is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller.
On Most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information
such as an expiration date. Authentication is provided by the customer entering a personal identification number (PIN).
Phone banking
Mobile Banking
Development in Ebanking
Growth of internet banking account
117% increase in transaction volume since April 2001 More than 1 million contacts in February 2002 Coverage across 100 locations in the country 103% increase in internet banking registrants since April 01 84% increase in transactions since April 01
Advantages of E-banking
Benefits to bank
Benefits to customer
Reducing the costs of operations Promoting their services and products internationally Increasing the customer satisfaction and providing a personalized relationship with customers
Environmental
Others
Disadvantages on E-banking
E.g. Elderly, Housewives Inconvenient
Site change it will make the customer have some confusion or delay. Security Risk
Security Risk
Increasing number of fraudulent bank websites
Fake emails purporting to be sent from banks
and passwords
A suspicious bank website: www.onlinebea.com Original bank website www.hkbea.com The website was believed to aim to trick persons into disclosing their sensitive personal information.
Fake Emails
Email send from Fraudulent bank
Verify the personal information
passwords
Persecutions
For Customers: Should not disclose their Log In IDs(account number) or password to anyone else. Periodically change their passwords. Should regularly check their account balances and statements to identify unusual transactions