Abstract

Since Internet has been playing a very vital part in our personal and professional lives, a
sector of it has also enhanced business and financial transactions across the world. E-banking
being one of its greatest achievements has excelled promptly over many years. In this report
we have provided the history of where E-banking made their first approach and since then
how rapidly it has prospered throughout the internet helping people in business and people in
general. We have also gathered the characteristics, possible issues and solutions regarding E-
banking and the potential impacts it has on everyday lives. Through this research we have
came across a lot of daily activities that has become easily possible because of E-banking.
However, the limitations that we have found have also been far-fetched in some situations.

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 Table of contents
Titles Page numbers

Introduction 5-6

Topic definition 6-8

Issues and Considerations 8-13

Potential Impacts 14-15

Conclusion 16

References 17

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 Introduction

E - Banking involves consumers using the Internet to access their bank account and to
undertake banking transactions. At the basic level, Internet banking can mean the setting up
of a web page by a bank to give information about its products and services. At an advanced
level, it involves provision of facilities such as accessing accounts, transferring funds, and
buying financial products or services online. In the 1990s, banks realized that the rising
popularity of the World Wide Web gave them an added opportunity to advertise their
services. Initially, they used the Web as another brochure, without interaction with the
customer. Early sites featured pictures of the bank's officers or buildings, and provided
customers with maps of branches and ATM locations, phone numbers to call for further
information and simple listings of products.

While financial institutions took steps to implement e-banking services in the mid-1990s,
many consumers were hesitant to conduct monetary transactions over the web. It took
widespread adoption of electronic commerce, based on trailblazing companies such as
America Online, Amazon.com and eBay, to make the idea of paying for items online
widespread. By 2000, 80 percent of U.S. banks offered e-banking. Customer use grew
slowly. In 200, Bank of America became the first bank to top 3 million online banking
customers, more than 20 percent of its customer base. In comparison, larger national
institutions, such as Citigroup claimed 2.2 million online relationships globally, while J.P.
Morgan Chase estimated it had more than 750,000 online banking customers.

Despite huge demand from the business community as well as the retail customers
particularly the urban customers, electronic banking (e-banking) in Bangladesh is still at a
budding state due mainly to a number of constraints such as unavailability of a backbone
network connecting the whole country; inadequacy of reliable and secure information
infrastructure especially telecommunication infrastructure; sluggish ICT penetration in
banking sector; insufficient legal and regulatory support for adopting e-banking and so on.1
In Bangladesh, telephone connectivity is inadequate, cost of PCs are still beyond purchasing
capacity of most people, internet connection is costly, IT literacy is yet to reach satisfactory
level, banking sector lacks skilled IT personnel, and huge investment requirement for
establishing technology based banking services are prime drawbacks. In this backdrop, with
high potential of e-banking, Bangladesh Bank as the regulator of banking and financial

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sector, government of Bangladesh, and the scheduled banks together need to come forward
with necessary initiatives for successful introduction of e-banking in Bangladesh.

Topic Definition

Online banking, also known as internet banking, it is an electronic payment system that
enables customers of a bank or other financial institution to conduct a range of financial
transactions through the financial institution's website. The online banking system will
typically connect to or be part of the core banking system operated by a bank and is in
contrast to branch banking which was the traditional way customers accessed banking
services. Today, "virtual banks" (or “direct banks”) have only an internet presence, which
enables them to lower costs than traditional brick-and-mortar banks. Electronic banking
makes banking convenient on your schedule. Many people are now able to avoid the rush to
get to the bank before it closes, as they can bank from a home computer or via automatic
teller machine (ATM). Although the two systems are different, ATMs and online banking are
the two types of electronic banking systems in use today.

The beginning of the E-Business age has been shivering the business environment and
breaking out innovative and unconventional ways of doing business. One of the latest
outcomes of this E-Business is internet banking or E-Banking (Electronic Banking).
Electronic banking is a term that attempts to broadly describe today's alternate delivery
channels. In other words, online banking or internet banking is an electronic payment system
that enables customers of a bank or other financial institution to conduct a range of financial
transactions through the financial institution's website.

Electronic banking is an umbrella term for the process by which a customer may perform
banking transactions electronically without visiting a brick-and-mortar institution. Different
banks - and vendors - will describe this differently, but if someone's offering on-line banking,
they can certainly say that they are "into" e-banking. The online banking system will
typically connect to or be part of the core banking system operated by a bank and is in
contrast to branch banking which was the traditional way customers accessed banking

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services. This phenomenon gives us quick access to our account information and versatile
facilities for creating and approving payments. All the information appears in real time, so we
can always stay informed of our company's current liquidity situation. We can also integrate
the data in our company’s accounting system. From small start-up companies to more
established entities, small businesses rely on e-banking to eliminate runs to the bank and to
make financial decisions with updated information. In an information-driven business
climate, companies who do not use e-banking are at a competitive disadvantage.

Today, "virtual banks" (or “direct banks”) have only an internet presence, which enables
them to lower costs than traditional brick-and-mortar banks. Electronic banking makes
banking convenient on your schedule. Many people are now able to avoid the rush to get to
the bank before it closes, as they can bank from a home computer or via automatic teller
machine (ATM). Although the two systems are different, ATMs and online banking are the
two types of electronic banking systems in use today.

In Bangladesh, research has been done on electronic commerce issues, computer usage,
Internet usage, telephone and electronic banking. The reason for the lack of complete
adoption of e banking in developing countries like Bangladesh is an important research work.
In other words, despite this growth of IT worldwide, some Bangladeshi banks continue to
conduct most of their banking transactions using traditional methods. Understanding the
reasons for the lack of such technological innovation in developing countries such as
Bangladesh will develop a fruitful research. The aim of this research is to look at the
emergence, advantages and acceptance of e-banking in Bangladesh. This report is aimed at to
determine economical prospects of e-banking and to explain the present scenario of banking
sectors in Bangladesh and at the same time it demonstrates the scope and benefits of e-
banking compared with the existing system. This report also tries to present actual situation
of e-banking in the marketing point of view in Bangladesh is far behind to reach the expected
level of global banking system. At present the banks in Bangladesh are using the limited
electronic banking services. E-banking product and services include wholesale products for
corporate customers as well as retail and fiduciary products for individual customers. Foreign
commercial banks and private commercial banks are relatively in a better position to provide
online banking services. Dutch bangla bank is acting as a pioneer in this sector.

Electronic banking is an umbrella term for the process by which a customer may perform
banking transactions electronically without visiting a brick-and-mortar institution. The
following terms all refer to one form or another of electronic banking: personal computer
(PC) banking, Internet banking, virtual banking, online banking, home banking, remote
electronic banking, and phone are banking. PC banking and Internet or online banking is the
most frequently used designations. It should be noted, however, that the terms used to
describe the various types of electronic banking are often used interchangeably. PC banking
is a form of online banking that enables customers to execute bank transactions from a PC via
a modem. In most PC banking ventures, the bank offers the customer a proprietary financial
software program that allows the customer to perform financial transactions from his or her
home computer. The customer then dials into the bank with his or her modem, downloads
data, and runs the programs that are resident on the customer’s computer. Currently, many

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banks offer PC banking systems that allow customers to obtain account balances and credit
card statements, pay bills, and transfer funds between accounts. Internet banking, sometimes
called online banking, is an outgrowth of PC banking. Internet banking uses the Internet as
the delivery channel by which to conduct banking activity, for example, transferring funds,
paying bills, viewing checking and savings account balances, paying mortgages, and
purchasing financial instruments and certificates of deposit. An Internet banking customer
accesses his or her accounts from a browser— software that runs Internet banking programs
resident on the bank’s World Wide Web server, not on the user’s PC.

Issues and Considerations

E-banking is in its emerging stage of development. Most of them are basic services only the
deregulation of e-banking industry coupled with the emergence of new banking technology is
enabling new competitors to enter the financial services markets quickly and efficiently.
However it needs to be recognized that perception norms and an improvement in functioning
of e-banking services.

ISSUES

ACCEPTANCE OF CUSTOMER: Proper understanding of the customer is the major aspect

of the E-banking. It is known that computer literacy in Bangladesh is yet very low and is
problems in fast acceptance of internet. Attitude of the customer needs to be changed by
giving awareness about technical terms in internet banking. However, it supports in the fast
changing technical scenario, the obsolesce of technology fast. Hence there is always lack of
skilled personal and fear of technology.

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COSTLY TECHNOLOGY: In connection with Startup cost e-banking is huge at initial level
for acquiring personal computer and other equipments; oneself to do online banking is still
not with reach of the middle class & upper middle class customers. The cost of maintenance
of all equipments like, modem, routers, bridges and network management systems is very
high. The cost of sophisticated hardware and software and skill level of people needed. In
Internet banking there is need of skilled employees or knowledgeable professionals to route
the banking transactions via internet. Banks can employ software application developers,
database administrators and training to existing bank staff on the changing systems and
procedures who can handle Internet banking applications under proper supervision.

ISSUES IN SECURITY: In a paper less transactions, many problems of security are

involved. A secrecy threat as circumstensive decision to cause the economic hardship to data,
destruction of network resources disclosure, modification of data or fraud, denial in services
and distortion of information such as providing appropriate security of using encryption
techniques, implementation of firewalls and virus protection software etc.

LEGAL ISSUES: In today’s banking world, legal framework for recognizing the validity of
banking transactions. Conducted through the internet is still being put in place? Information
technology act provides security & legal framework for e-commerce transactions as well as
e-banking. Information technology act or RBI suggested that criterion of Digital Signature
Certification Board for authentication of electric records and communication with digital
signatures.

OTHER BUSINESS RELATED RESTRICTIONS: Not all transactions can be carried

electronically; many deposits and some withdrawals require the use of physical services.
Some banks have automated to their customers (front end) but still largely depend upon
manual process (back end).It result, most of clientele or customers were restricted by lack and
awareness and due to technical problems.

TRANSPARENCY IN OFFERING: Banks will strive to adopt best practices in corporate

governance and Corporate Social Responsibility (CSR) this will build brand image and can
help them to enhance their confidence of international investors. Banks will move much
towards better corporate governance standards and adoption of uniform accounting standards
and disclosure requirements.

ADOPTION OF PROPER ORGANIZATION STRUCTURE: Banks may required to adopt

flatter organization structure for judicious blending of needs foe greater delegation of power,
decentralization, customer centric business models, quickly reaction of customer needs, learn
constantly from customers, provide customer access, whatever and however they want to
transact and interact especially for catering younger Information Technology survey
population

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TECHNICAL ISSUES:

Because online banks rely so heavily on their online platforms, this means that they can
generate substantial losses if their systems crash, or if there are bugs in their code. A single
technical issue that causes a bank to be down for a day could cost the bank millions in losses.
It can also wreak havoc for the bank customers who may not be able to make payments or
conduct transactions during the time that the site is down. A loss of funds or data due to a
crash is something that can be very worrisome for bank customers. So, marketers should
prioritize alleviating this worry by explaining how account funds will not be lost if technical
issues occur.

SECURITY RISK: The problem related to the security has become one of the major concerns
for banks. A large group of customers refuses to opt for e-banking facilities due to
uncertainty and security concerns. According to the IAMAI Report (2006), 43% of internet
users are not using internet banking in India because of security concerns. So it’s a big
challenge for marketers and makes consumers satisfied regarding their security concerns,
which may further increase the online banking use.

THE TRUST FACTOR: Trust is the biggest hurdle to online banking for most of the
customers. Conventional banking is preferred by the customers because of lack of trust on the
online security. They have a perception that online transaction is risky due to which frauds
can take place. While using e-banking facilities lot of questions arises in the mind of
customers such as: Did transaction go through? Did I push the transfer button once or twice?
Trust is among the significant factors which influence the customers‟ willingness to engage
in a transaction with web merchants

CUSTOMER AWARENESS: Awareness among consumers about the e-banking facilities

and procedures is still at lower side in Indian scenario. Banks are not able to disseminate
proper information about the use, benefits and facility of internet banking. Less awareness of
new technologies and their benefits is among one of the most ranked barrier in the
development of e-banking

PRIVACY RISK: The risk of disclosing private information & fear of identity theft is one of
the major factors that inhibit the consumers while opting for internet banking services. Most
of the consumers believe that using online banking services make them vulnerable to identity
theft. According to the study consumers‟ worry about their privacy and feel that bank may
invade their privacy by utilizing their information for marketing and other secondary
purposes without consent of consumers

STRENGTHNING PUBLIC SUPPORT: In developing countries, in the past, most e-finance

initiatives have been the result of joint efforts between the private and public sectors. If the
public sector does not have the necessary resources to implement the projects it is important
that joint efforts between public and private sectors along with the multilateral agencies like
the World Bank, be developed to enable public support for e-finance related initiatives.

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AVAIBILITY OF PERSONNEL SERVICES: In present times, banks are to provide several
services like social banking with financial possibilities, selective up gradation,
computerization and innovative mechanization, better customer services, effective managerial
culture, internal supervision and control, adequate profitability, strong organization culture
etc. Therefore, banks must be able to provide complete personnel service to the customers
who come with expectations.

IMPLEMENTATION OF GLOBAL TECHNOLOGY: There is a need to have an adequate

level of infrastructure and human capacity building before the developing countries can adopt
global technology for their local requirements. In developing countries, many consumers
either do not trust or do not access to the necessary infrastructure to be able to process e-
payments.

NON-PERFORMING ASSETS (NPA): Nonperforming assets are another challenge to the

banking sector. Vehicle loans and unsecured loans increases N.P.A. which terms 50% of
banks retail portfolio was also hit due to upward movement in interest rates, restrictions on
collection practices and soaring real estate prices. So that every bank have to take care about
regular repayment of loans

COMPETITION: The nationalized banks and commercial banks have the competition from
foreign and new private sector banks. Competition in banking sector brings various
challenges before the banks such as product positioning, innovative ideas and channels, new
market trends, cross selling ad at managerial and organizational part this system needs to be
manage, assets and contain risk. Banks are restricting their administrative folio by converting
manpower into machine power i.e. banks are decreasing manual powers and getting
maximum work done through machine power. Skilled and specialized man power is to be
utilized and result oriented targeted staff will be appointed.

HANDLING TECHNOLOGY: Developing or acquiring the right technology, deploying it

optimally and then leveraging it to the maximum extent is essential to achieve and maintain
high service and efficiency standards while remaining cost effective and delivering
sustainable return to shareholders. Early adopters of technology acquire significant
competitive advances Managing technology is therefore, a key challenge for the Indian
banking sector.

CONSIDERATIONS

Obviously, without great confidence in bank security, customers are unwilling to use a
Internet to view their financial information online or to conduct financial transactions. Some
of the security threats include invasion of individuals’ privacy and confidential information
theft. E-Banking platforms offer several methods to ensure a high level of security: (a)
identification and authentication, (b) encryption, and (3) firewalls mechanism. The
identification of an online bank takes the form of a known Internet address or Uniform
Resource Locator (URL), while the customer is identified by his login ID and password to
ensure only authorized users can access their accounts. On the other hand, messages between
customers and online banks are all encrypted so that another person cannot view the contents

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of messages. The common encryption standard adopted by most browsers is called Secure
Socket Layer (SSL). A firewall is a set of related programs, located at a network gateway
server that protects the resources of a bank network from users from other networks. It is a set
of devices configured to permit, deny, encrypt or decrypt all computer traffic between
different security domains based upon a set of rules. A multi-layered security architecture
comprising firewalls, filtering routers, encryption and digital certification can ensure that
customer account information is protected from unauthorized access. Many institutions have
therefore already reacted with improvements to their safety procedures and have started with
the replacement of their previous TAN lists. A Transaction authentication number or TAN is
used by some online banking services as a form of single use /one-time passwords to
authorize financial transactions. TANs are a second layer of security above and beyond the
traditional single-password authentication. But it is questionable whether changing to the
mobile TAN will lead to the desired result. With this procedure, after logging on with the
bank the customer receives a transaction related TAN by SMS on his mobile phone.

A completely different alternative is protection via chip card using the HBCI (Home Banking
Computer Interface) procedure. This method ensures a very high security standard – but the
user needs to own software for this and a chip card reading device. These restrictions are
responsible for this procedure receiving poor response in the market. Another method of
secure online banking is the TAN generator. These devices generate a TAN, which is only
valid for a short period of time and is shown on the device display. The method, which is also
known as "Smart TAN", substantially impedes the interception and misuse of user data. With
the more intelligent "Smart TAN Plus" method the customer enters certain transaction data
into a special card reader, which generates a TAN in conjunction with the bank- card. The
bank computer then also computes the TAN and enables the transaction if there is a match.
Since the calculated TAN can only be used for this transaction and the TAN is calculated
with the aid of the bank card, this procedure is evaluated as being very secure. Only the entry
of the transaction data using the keypad on the reader is sometimes regarded as inconvenient
and involves the possibility of erroneous entries. A new tool that appeared on the market to
support user authentication is the electronic Identity (eID) card. Such e-ID cards have been or
are being introduced in quite a number of European countries. In some countries, the issuance
for these e-ID cards is managed by governments, or by private public partnership (PPP)
between banks and governments, as issuing bodies. Such are Sweden, Estonia, or
Luxembourg. There is, in some countries, a real interest of the banking sector to work with
public authorities as close as possible on the topics of user authentication and electronic
signatures. Biometry is not currently used and is not expected to be a relevant method for
authenticating users in the near future in Europe due to factors such as lack of stability,
difficulty of use, and cost effectiveness.

With an increase in the use of online banking and a rise in cybercrime, businesses need to
understand their use of online banking and have controls in place to circumvent risk and
potential fraudulent activity. Controls will vary based on the size of the entity and the
resources available to that entity. The following are common controls that should be
considered when online banking is being utilized.

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Access security – Each individual with access to the businesses online banking accounts
should have their own unique ID and password. Passwords should contain various attributes
and the more complex the password, the better chance that it will protect against
unauthorized attempts to gain access.

Volume limits – Limiting the number of transactions per day and having a threshold for each
individual transaction can protect against potential loss if unauthorized activity occurs.

Limited payees and positive pay – Management should review a list of vendors regularly to
ensure the list is accurate and complete. Positive pay allows a company to send a list of
checks and the details of those checks to their bank. When those checks are submitted on the
account, it will allow the bank to confirm the details and reject unauthorized disbursements.

Bank reconciliations – Management should ensure that timely reconciliations are being
performed on all bank accounts.

Notifications – Most online banking accounts allow the user to set thresholds, and if those
thresholds are met, a notification email is sent to the users listed. Having a notification
system in place that cannot be overridden by any one individual can decrease an entity’s
susceptibility to questionable transactions.

Activity logging – Management can obtain activity logs for their online accounts and review
each employee’s activity. If employees know their activity is being monitored, it can decrease
the risk of fraudulent behavior and make the employee feel as if they lack opportunity.
Regardless of the entity’s size and resources, some of the above controls can be utilized in
order to limit risk. Each level of security put into practice decreases the entity’s risk of
fraudulent activity.

CONCLUSION: Online banking is one of the most significant developments for the banking
industry in its long history. However, despite the many benefits that online banking provides
to customers, there are also a number of major concerns and challenges for marketers in the
online banking sector. Traditional banking habits, security, technical issues, transaction
difficulties, and small marketing budgets are all major challenges that online banking
marketers will have to reconcile if they are to succeed in this field. However, demand for this
industry continues to be very strong. So it is likely that online banks will only grow more
advanced and successful as they strive to resolve their marketing challenges.

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 Potential Impacts

The current issue is the impact of e-banking on traditional banking players. The view that the
Internet is a revolution that will sweep away the old process of satisfying the
customer. Arguments in favor are as follows:

E-banking transactions are much cheaper than branch or even phone transactions. This could
turn yesterday’s competitive advantage - a large branch network, into a comparative
disadvantage, allowing e-banks to undercut bricks-and-mortar banks. This is commonly
known as the "beached dinosaur" theory.

E-banks are easy to set up so lots of new entrants will arrive. „Old-world‟ systems, cultures
and structures will not encumber these new entrants. Instead, they will be adaptable and
responsive. E banking gives consumers much more choice. E-banking will lead to an erosion
of the bank deposit. Deposits will go elsewhere with the consequence that these banks will
have to fight to regain and retain their customer base. This will increase their cost of funds,
possibly making their business less viable. Lost revenue may even result in these banks
taking more risks to breach the gap. Portal providers are likely to attract the most significant
share of banking profits. Indeed banks could become glorified marriage brokers. They would
simply bring two parties together – e.g. buyer and seller, payer and payee. Traditional banks
may simply be left with payment and settlement business – even this could be cast into doubt.
Traditional banks will find it difficult to evolve. Not only will they be unable to make
acquisitions for cash as opposed to being able to offer shares, they will be unable to
obtain additional capital from the stock market. On the other hand Internet firms for whom it
seems relatively easy to attract investment. E-banking is just banking offered via a new
delivery channel. It simply gives consumers another service (just as ATMs did). The
investment of an e-bank is high. Establishing a trusted brand is very costly as it requires
significant advertising expenditure in addition to the purchase of expensive technology (as
security and privacy are key to gaining customer approval). Though many banks started
offering e banking services but it is very much tailored made.

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Online banking provides consumers with a convenient method of conducting bank business
from the comfort and security of their own home and personal computer. Consumers can
check account balances and review other account information any time of the day or night.
Online banking has changed the face of transactional business and affects commerce across
many trades and industries.

Limits Teller Transactions

Consumers now have the ability to perform transactions online that were traditionally
reserved for tellers inside a bank branch. Teller transactions have declined because Internet
users have the convenience of transferring funds, making deposits and requesting
withdrawals from their personal computers. According to Bank Systems and Technology,
"Internet banking has been the most influential in displacing branch transactions." Consumers
also have the option of paying bills through their banks online.

24-Hour Access

Online banking can be performed 24 hours a day, 7 days a week. Consumers with Internet
access can log in to their bank's website any time of the day and perform any number of
banking transactions. Unlimited access provides consumers with the convenience of doing
business on weekends and holidays when banks are traditionally closed.

Increase in Criminal Activity

Personal information is shared through online banking transactions. Although most financial
institutions have safety measures in place that aim to prevent a breach in online security,
many Internet predators have sophisticated techniques to intercept transaction submissions
and steal bank customer information. Identity thieves obtain personal information through a
technique called “phishing.” According to the Federal Trade Commission, phishing is when a
thief “pretends to be a financial institution or company and sends spam or pop-up messages
to get you to reveal your personal information.”

Financial Integration

The increase in online banking activity has gained the attention of institutions outside of the
traditional banking industry. A variety of institutions now provide banking services such as
prepaid credit cards, pay-day loans, business loans and check cashing services to consumers
for a fee. Online services similar to those provided at banks are also available to customers.
Services provided by these financial institutions are not subject to the same government
regulations as traditional banks and credit unions.

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 Conclusion

The results show opportunity cost of lost of banks customers will reduce to use of electronic
banking and also indicate non-existing of enough knowledge and trust have led to decrease in
using e-banking in the world and education can increases using of electronic banking services
among the banks’ customers in the world. Therefore government and Bankers should attempt
to introduce e-banking very well in the world as early as possible. For their part, banks
should: Have a clear and widely disseminated strategy that is driven from the top and takes
into account the effects of e-banking, together with an effective process for measuring
performance against it. Take into account the effect that e-provision will have upon their
business risk exposures and manage these accordingly. Undertake market research, adopt
systems with adequate capacity and scalability, undertake proportional advertising campaigns
and ensure that they have adequate staff coverage and a suitable business continuity plan. The
following do’s and don’ts would be helpful while operating through E-banking:

Banks provide security and convenience for managing your money and sometimes allow you
to make money by earning interest. Convenience and fees are two of the most important
things to consider when choosing a bank.

Writing and depositing checks are perhaps the most fundamental ways to move money in and
out of a checking account, but advancements in technology have added ATM and debit card
transactions, ACH transfers, online bill pay and mobile transfers to the mix.

All banks have rules about how long it takes to access your deposits, how many debit card
transactions you're allowed in a day, and how much cash you can withdraw from an ATM.
Access to the balance in your checking account can also be limited by businesses such as gas
stations and hotels that place holds on your funds when you pay with a debit card.

Debit cards provide easy access to the cash in your account, but can cause you to rack up fees
if you overdraw your account or visit out-of-network ATMs.

While debit cards encourage more responsible spending than credit cards, they do not offer
the same protection or perks. Regularly balancing your checkbook or developing another
method to stay on top of your account balance is essential to successfully managing your
checking account and avoiding fees, declined transactions and bounced payments.

If you have more money than you need to manage your day-to-day expenses, banks offer a
variety of options for saving, including money market accounts, CDs, high-interest online
savings accounts and basic savings accounts.

To protect your money from electronic theft, identity theft and other forms of fraud, it's
important to implement basic precautions such as shredding account statements, having
complex passwords, safeguarding your PIN and only conducting online and mobile banking
through secure internet connections.

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