E-banking: Challenges

and Opportunities
E-banking has the potential to transform the banking business as it significantly lowers
transaction and delivery costs. This paper discusses some of the problems developing countries,
which have a low penetration of information and telecommunication technology, face in
realising the advantages of e-banking initiatives. Major concerns such as the ‘digital divide’
between the rich and poor, the different operational environments for public and private sector
banks, problems of security and authentication, management and regulation; and inadequate
financing of small and medium scale enterprises (SMEs) are highlighted.
RUPA REGE NITSURE

I irrespective of the customer’s location. For banks, it is a much

Why E-banking? more efficient and cost- saving channel (see Table 1 which gives
cost comparisons for various delivery channels within US and

T
here are not many inventions that have changed the business
of banking as quickly as the e-banking revolution. World
over banks are reorienting their business strategies to-
wards new opportunities offered by e-banking. E-banking has
enabled banks to scale borders, change strategic behaviour and
thus bring about new possibilities.
E-banking has moved real banking behaviour closer to neo-
classical economic theories of market functioning. Due to the
absolute transparency of the market, clients (both business as
well as retail) can compare the services of various banks more
easily. For instance, on the internet, competitors are only one
click away. If clients are not happy with the products, prices or
services offered by a particular bank, they are able to change
their banking partner much more easily than in the physical or
real bank-client relationship. From the banks’ point of view, use
of the internet has significantly reduced the physical costs of
banking operations.
As discussed by Turner (2001), progress in information tech-
nology has slashed the costs of processing information, while
the internet has facilitated its transmission, thus facilitating change
in the very essence of the banking business. Around the world,
electronic banking services, whether delivered online or through
other mechanisms, have spread quickly in recent years. It must
be noted that the impact of e-banking is not limited to industrial
and advanced emerging economies. Even in countries with
underdeveloped banking systems, E-banking has offered many
new business opportunities.
II
What Is E-banking?
India).
III
International Trends in E-banking
Though data on internet banking are scarce, and differences
in definitions make cross-country comparisons difficult, a pre-
liminary analysis by Nsouli and Schaechter from International
Monetary Fund (IMF) shows that internet banking is particularly
widespread in Austria, Korea, the Scandinavian countries,
Singapore, Spain, and Switzerland, where more than 75 per cent
of all banks offer such services [Nsouli and Schaechter 2002].
The Scandinavian countries have the largest number of internet
users, with up to one-third of bank customers in Finland and
Sweden taking advantage of e-banking.
In the US, Internet banking is still concentrated in the largest
banks. While most US consumers have accounts with banks that
offer internet services, only about 6 per cent of them use these
services.
As of today, most banks have combined the new electronic
delivery channels with traditional brick and mortar branches, but
a few that have emerged offer their products and services only
through electronic distribution channels. These ‘virtual’ or ‘internet
only’ banks do not have a branch network but might have a
physical presence, for example, an administrative office or non-
branch facilities like ATMs. The US has about 30 virtual banks;
Asia has two, launched in 2000 and 2001; and the European
Table 1: Relative Costs of Banking Transactions
United States1 India2

Physical branch 100 100

In simple words, e-banking implies provision of banking products Postal .. 40
and services through electronic delivery channels. Electronic Telephone 50 18
ATM 27 18
banking has been around for quite some time in the form of PC dial-up 8 na
automatic teller machines (ATMs) and telephone transactions. Internet 1 12
In more recent times, it has been transformed by the the internet Notes: (1) Simple average of three studies by (a) US Department of Commerce;
– a new delivery channel that has facilitated banking transactions (b) Booz, Allen and Hamilton; and (c) Goldman Sachs and Boston
Consulting Group
for both customers and banks. For customers, the internet offers (2) Figures taken from ICICI Bank.
faster access, is more convenient and available around the clock Source: Bank of International Settlements.

Economic and Political Weekly December 27, 2003 5377

Union has several, either as separately licensed entities or as technological changes. Adoption of technology has facilitated
subsidiaries or branches of brick and mortar banks. alternative channels for delivery within the PSBs, and, in turn,
In developing economies, however, the spread of e-banking put pressure on them to restrict or limit the branch network and
is much limited. Globally speaking, internet usage only starts employ a better skilled workforce. E-banking, facilitated by the
to take off once the average purchasing power of citizens exceeds technological revolution, has strongly impacted strategic busi-
US $ 10,000, although of course this is also affected by the ness considerations for Indian banks (including the PSBs) by
distribution of income. But there are some emerging economies, cutting down costs of delivery and transaction massively.
which have higher internet usage than their incomes would In India, currently, there are two types of customers – one who
suggest such as Korea. An important factor that affects usage is a multi-channel user and the other who still relies on the branch
is the cost of connecting to the internet, which varies widely. as the anchor channel. The primary challenge for banks is to
This highlights the critical importance of an efficient telecom- provide consistent service to customers irrespective of the kind
munications industry in developing economies. Table 2 below of channel they use. The channels broadly cover the primary
gives an idea about India’s relative position in the penetration channels of branch (i e, teller, platform, ATM), phone (i e, call
of information and telecommunications technology vis-a-vis other centre, interactive voice response unit), and internet channel
developed and emerging economies. As revealed in Table 2, (i e, personal computer, browser, wireless) banking. Banks in
usage of personal computers (PCs) or the internet or total ex- India have been working towards a vision that includes trans-
penditure on ‘IT and Telecom’ as a per cent of GDP in India formed branches, enhanced telephone services, and leading-edge
is abysmally low in comparative terms. internet banking functions that provide a consistently positive
multi-channel experience for customers. Even for PSBs, the
IV ongoing and future investments in technology are massive. At
Indian Scene present, the cumulative amount earmarked by 10 major PSBs
add up to a hefty Rs 2,200 crore plus (Table 3). It is expected
To cope with the pressures of growing competition, Indian that the provision of financial services through a versatile tech-
commercial banks have adopted several initiatives and e-banking nology platform will enable these banks to acquire more cus-
is one of them. The competition has been especially tough for tomers, cut costs, and improve service delivery. Though many
the public sector banks (PSBs), as the newly established private positive signs are already visible in India, including a
sector and foreign banks have already sharpened their competi- higher acceptance of technology by banks and customers, it
tive edge. Some of the proactive PSBs have been striving hard is a reality that most projects have not yet been deployed on a
to make their structures flexible enough to accommodate large scale.
Table 2: Penetration of Information and Communications V
Technology
Challenges in E-banking for
Country Personal Computers Internet Users Information and
(Per 1000 Persons) (in Thousands) Communications
Developing Countries
2001 2001 Technology Exp
(Per Cent of GDP) Based on ‘best practices’ in developed countries, United Nations
2001 Conference on Trade and Development (UNCTAD) report has
Austria 335.4 2,600 7.2 identified four challenges that developing countries, in general,
Australia 515.8 7,200 10.7 are expected to overcome to achieve the advantages that e-
China 19.0 33,700 5.7 banking initiatives can bring about [UNCTAD 2002]:
Hong Kong 386.6 2,601 8.7
France 337.0 15,653 9.1 (1) The ability to adopt global technology to local requirements:
Germany 382.2 30,800 7.9 An adequate level of infrastructure and human capacity building
India 5.8 7,000 3.9 are required before developing countries can adopt the global
Japan 348.8 55,930 9.6 technology for their local requirements. For example, the review
Korea, Rep 256.5 24,380 7.4
Singapore 508.3 1,500 9.9 of the migration plan of Society for Worldwide Interbank Financial
Switzerland 540.2 2,223 10.2 Telecommunications (SWIFT) to the internet shows that to date
United Kingdom 366.2 24,000 9.7 full migration has not occurred in many developing countries
United States 625.0 142,823 7.9 due to the lack of adequate infrastructure, working capital, and
Source: World Development Indicators, World Bank, April 2003. required technical expertise. Broadly accepted e-payment systems
are another such example. Many corporates and consumers in
Table 3: PSBs’ Investment Plans in IT Development some developing countries either do not trust or do not have access
Bank Investment (Rs Crore) Period (Years) to the necessary infrastructure to be able to process e-payments.
(2) The ability to strengthen public support for e-finance: His-
Bank of Baroda 400 5
Bank of India 100 2003-04 torically, most e-finance initiatives in developing countries have
Bank of Maharashtra 150 3 been the result of cooperative efforts between the private and
Canara Bank 100 2003-04 public sectors. For example, Singapore’s successful TradeNet
Indian Bank 120 2003-04 system was a government-sponsored project. If the public sector
Oriental Bank of Commerce 280 5
Punjab National Bank 300 2003 does not have the necessary means to implement the projects
State Bank of India 500 2003-04 it is essential that cooperative efforts between public and private
UCO Bank 200 na sectors, along with the multilateral agencies like the World Bank,
United Bank of India 150 2
be developed to facilitate public support for e-finance related
Source: The Financial Express, October 17, 2003. initiatives.

5378 Economic and Political Weekly December 27, 2003

(3) The ability to create a necessary level of regulatory and insti-
tutional frameworks: The lack of regulatory frameworks, trust,
security and privacy standards, high trade barriers, customer and
investor protections impede progress in implementing e-banking
initiatives on a larger scale in many developing countries.
(4) The ability to mainstream small and medium scale enterprises
(SMEs) towards e-banking: The availability of and access to quality
data and banking information is required for SMEs in developing
countries to move towards e-banking. Similarly, on-line credit
information will enhance SME’s ability to secure financing.
VI
E-banking in India: Major Concerns
First, in India, there is a risk of the emergence of a ‘digital
divide’ as the poor are excluded from the use of the internet and
so from the financial system. Empirical evidence shows that
richer countries possess higher concentrations of internet users
(higher than income concentration) in comparison with poorer
countries [Hawkins 2002]. In India (where the poverty ratio is
still adverse at 26.1 per cent of total population), it is likely that
wealthier people will rapidly migrate to e-banking platforms
leaving the poor to bear the cost of the physical infrastructure
of branches in the form of transaction fees or non-competitive
interest rates on their deposits.
Second, even today, the operational environment for public,
private and foreign banks in the Indian financial system is quite
different.
A handful of foreign banks operating in India first offered e-
banking services to their customers such as ATMs, computerised
monthly statements, secure online operations, etc. The new
generation of private sector banks (who did have developmental
obligations similar to their counterparts in the public sector) did
not possess a legacy of manual practices and, hence, were able
to adopt easily modern banking practices with state-of-the-art-
operations. However, challenges before the public sector banks
are plenty and of a different kind. While, they have to handle
volumes which are mind boggling, there are also issues of legacy,
old habits and political pressures. Systems of accounting, control
and delegation were set up decades ago and adoption of tech-
nology in terms of ‘real time’ banking and its compatibility with
all phases of banking is not yet adequately perceived. Further-
more, the security risk involved in computerisation is directly
related to the size of the network. For PSBs, the major problems
are in the form of security risks, network downtime, scarcity of
trained personnel, expensive system upgrades and recurring costs
given the massive scale of their current operations.
A research study by Errol D’Souza (2002) on the comparative
performance of public and private sector banks in the decade
of the 1990s shows that though the turnover/employee ratio rose
in PSBs, the turnover per employee in private and foreign banks
doubled relative to the ratio for PSBs. Also, this is not due to
the presence of a large rural and semi-urban concentration of
bank branches amongst PSBs but rather due to technological
upgradation in the private and foreign banks. Private and foreign
banks have changed the structure of their employment towards a
higher skilled workforce by increasing the recruitment of officers
and reducing clerical and subordinate staff. The combination of
higher technology and higher skills have posted a higher turnover
for these banks as they have been able to provide better customer
support and have managed their assets well.
Economic and Political Weekly December 27, 2003
Third, confidentiality, integrity and authentication are very
important features of the banking sector and were very success-
fully managed the world over in pre-internet times. Communi-
cation across an open and thus insecure channel such as the
internet might not be the best base for bank-client relations as
trust might partially be lost [Grethen 2001]. Though at different
levels in the computerisation spectrum, both public and private
banks in India have realised the importance of Public Key
Infrastructure (PKI) solutions. PKI is expected to guarantee the
required level of trust and to provide for the security needs of
all e-communities in terms of confidentiality, integrity, non-
repudiation services, etc. However, the size of the initiative is
going to vary significantly between public and private banks. For
private banks, security considerations are an important value-
added and risk reduction utility for their online and real time
transactions. But for public sector banks, computerisation is the
first agenda – a massive exercise given their very large branch
networks and security is the second priority. But this endangers
the position of public sector banks in the immediate period as
breaches of security and disruptions in the system’s availability
can damage a bank’s reputation. The more a bank relies on
electronic delivery channels, the greater the potential for
reputational risks.
Fourth, e-banking has created many new challenges for
bank management and regulatory and supervisory authorities.
They originate not just from increased potential for cross-
border transactions but also for domestic transactions based
on technology applications which raise many security related
issues [Hawkins 2002]. The Basel Committee on Banking
Supervision’s Electronic Banking Group (EBG) (2001) has
defined risk management principles for electronic banking.
They primarily focus on how to extend, adapt, and tailor the
existing risk-management framework to the electronic
banking setting. It is necessary to know whether the efforts
undertaken by the RBI are sufficient to ensure a reasonable level
of security.
Fifth, there are some serious implications of international
e-banking. It is a common argument that low transaction costs
potentially make it much easier to conduct cross-border banking
electronically. For many banks, cross-border operations offer an
opportunity to reap economies of scale. But cross-border finance
also needs a higher degree of cross-border supervision. Such
cooperation may need to extend to similar supervisory rules and
disclosure requirements (for efficiency and to avoid regulatory
arbitrage) and some harmonising of legal, accounting and taxa-
tion arrangements. The real question here is whether India at the
present juncture is adequately prepared to face the consequences
of cross border e-banking?
Sixth, there is no commercial bank in India, which has exclu-
sively specialised in the small business segment. SMEs in India
have generic problems like the inability to provide quality data,
to exhibit formal systems and practices and the lack of asset cover.
This has created unwillingness in banks to undertake large-scale
lending to SMEs. Legal and regulatory compliance has also been
inadequate. Traditional drawbacks like asymmetric and non-
transparent data and low capital bases continue to characterise
their balance sheets. The problem is further compounded due
to the preponderance of a large cash economy in this segment.
There are many challenges involved in a web-based relationship
model for SMEs within India given the current state of regulation
[Sushant Kumar 2001].
5379
 VII
State of E-banking Regulations in India
At present, there are three major statutes or guidelines gov-
erning e-finance operations within India, notably, The Informa-
tion Technology Act, 2000; The Information Technology (Cer-
tifying Authorities) Rules 2000; and Central Bank (Reserve Bank
of India (RBI)) guidelines on Internet Banking in India.
The RBI guidelines have defined the operational framework
on internet banking with a focus on security issues. Though the
RBI has mandated that the commonly used PKI technology
standard should be followed, no compulsory timeframe has been
set for the same so far. However, the guidelines detail the
organisational, operational, and supervisory structures that banks
will have to implement while offering internet banking. The IT
Act 2000 and the IT Rules for Certifying Authorities lay down
the framework for appointment of digital certifying authorities,
acceptance of digital signatures, etc, which would enable the
orderly development of cyber business [Sushant Kumar 2001].
However, there is a feeling that the Act has not given enough
power to safeguard E-banking from frauds and complexities.
With many sites getting hacked and content being changed, it
is felt that the IT Act should have given more powers to deal
with the complexities of the virtual world.
VIII
Exploiting E-banking in India
for Strategic Advantage
Nobody would deny that electronic banking is the wave of the
future. Though the ‘practice’ of e-banking in India is quite
limited, there is a huge potential for it given its impact on the
cost and efficiency of financial intermediation. As suggested by
Claessens, Glaessner and Klingebiel (2001), developing coun-
tries in general have an advantage as they can learn from the
experience of advanced economies. It may even be possible for
them to leapfrog straight to the most advanced technologies. They
can put in place appropriate policies (especially regarding se-
curity aspects) before e-banking becomes widespread rather than
reacting to it at the time of implementation. In this section, an
attempt is made to see how India can exploit the ongoing e-
banking wave to reap maximum possible benefits without in-
curring any major risks.
As regards the problem of a possible ‘digital divide’, there is
a lot one can learn from the experiences of other developing
countries to include the poor within the net of e-banking. For
instance, some countries have adopted policies to encourage the
spread of mobile phone networks into poorer rural areas. Claessens,
Glaessner and Klingebiel (2001) have cited examples like, “licence
obligations to serve rural communities (as in Mexico and the
Philippines); subsidies through rural telecom development funds
(as in the case of Chile, Peru); variations of build-operate-transfer
arrangements (as in Thailand) and low-interest loans”. They have
also described an experiment undertaken in South Africa, where
post offices in remote parts of the country provided financial
services including bill payments through terminals where illiterate
users were identified biometrically (i e, using fingerprints). In East
Africa, the internet has been effectively used to make micro-loans
to small entrepreneurs. These and many such innovative efforts
would help India tide over the emerging problem of a digital divide.
As regards PSBs within India, one certainly sees a paradigm
shift in their behaviour triggered by the heightened competition.
5380
There has been a strong realisation that technology is not just
an enabler but a driver of business [Kohli 2003]. At least the first
phase of technology adoption has been more or less completed
within PSBs, and involved large-scale computerisation of branches
and operations for better operational efficiencies. There has been
some reorientation of staff in terms of newer skills, though at
a lower level. There is also an awareness that such large-scale
computerisation is not going to help in other operational areas
like back-office functions, management information systems (MIS),
fraud prevention, marketing and higher value-added business. As
stated earlier, security concerns are an important factor for many
internet users in India who are shying away from the PSBs.
PSBs can try to change this situation by creating a positive work
culture and gaining the confidence and support of all the employees
for organisational goals. What matters for success is leadership
and not ownership, whether for private or public entity. As sug-
gested by a Bureau of Indian Standards (BIS) paper on ‘Risk
Management Principles for E-banking’, a bank’s board of directors
and senior management should review and approve the key aspects
of the security control process, which should include measures
to authenticate the identity and authorisation of customers, promote
nonrepudiation of transactions, protect data integrity, and ensure
segregation of duties within e-banking systems, databases and
applications. Top leaders in PSBs should ensure that their staff
members have the relevant technological expertise to assess
potential changes in risks, which may necessitate significant
investment in staff training and in hardware/software. The general
tendency of PSBs is to contract out operations to service pro-
viders. But this makes them vulnerable to problems with these
service providers. Also, in the process of adoption of new techno-
logy, a due role has to be played by experts in the banking field,
who have better insights about the banks’ functions and operations
as compared to technocrats in order to avoid the havoc created
by inefficient applications of technology. As an article in the
Economist observed, “few things have promised so much and
delivered so little as customer (or client) relationship management
(CRM) software. In implementing CRM, insiders reckon that four
out of five such projects fail to deliver the goods. But that has
not stopped banks and other financial institutions from piling
layers of CRM software on top of one another” [Economist 2003].
The PSBs in India, at the present juncture, can learn lessons not
just from international experience but also from mistakes made
by domestic private sector banks in this regard and avoid wastage.
So far as the regulatory or legal framework is concerned, the
IT Bill in India has served the purpose of bringing in structure,
legal validity and authenticity for transacting online. Its passage
could be seen as an indication of the government’s inclination
towards promoting e-commerce and e-governance while ensur-
ing accountability. However, there should be a proper inclusion
of IT issues and their accompanying operational risks in RBI’s
safety and soundness evaluations. In addition to aspects like
privacy and security, the regulator should also examine the banks’
business plan for e-banking in greater detail, especially if banks
have outsourced critical functions to the third party.
To avoid potential risks involved in cross border e-banking,
India can make a gradual beginning. For instance, as suggested
by Mathew and Nitsure (2002), to begin with, Indian banks should
seek benefits in the export of remote processing services for which
they have developed comparative advantage in recent years. These
include financial data processing services, back-office operations,
share transfers, processing of insurance claims, travel booking,
customer call centres and any other customer services.
Economic and Political Weekly December 27, 2003
 As regards SME financing, some private sector banks in India
are aggressively developing web-based relationship banking
models, which are customer driven [Sushant Kumar 2001]. Their
focus is on giving the SME customer what is wanted and in the
form in which it is wanted. They are using e-channels to offer
processes or relationship benefits and not just as channel point
solutions to maximise value for customers. It is strongly felt that
after acquiring the necessary technical capabilities, PSBs are
better situated to provide value maximising services to SMEs
given their comparatively larger sizes and extensive branch
networks, which has given them a unique advantage of a close
relationship with their business clients and a good knowledge
of their needs, requirements and cash positions. They are in a
much better position to select the right clients and to offer them
right products or services at the right time. Thus, e-financing to
SMEs offers another growth channel to PSBs, which is un-
matched by most private players.
IX
Conclusion
The e-banking revolution has fundamentally changed the
business of banking by scaling borders and bringing about new
opportunities. In India also, it has strongly impacted the strategic
business considerations for banks (including the PSBs) by sig-
nificantly cutting down costs of delivery and transactions.
It must be noted, however, that while e-banking provides many
benefits to customers and banks, it also aggravates traditional
banking risks. Compared to developed countries, developing
countries face many impediments that affect the successful
implementation of e-banking initiatives.
In this paper, we have identified some such impediments in
the Indian context and have suggested ways to overcome them
in order to move forward with the wave of e-banking successfully.
In India there is a major risk of the emergence of a digital divide
as the poor are excluded from the internet and so from the
financial system. Even today, the operational environment for
public, private and foreign banks in the Indian financial system
is quite different. Though there has been higher acceptance of
technology by public sector banks, they are at a different level
in the computerisation spectrum as compared to private and
foreign banks. This has endangered their position in the immediate
period due to the lack of adequate systems for customer and
investor protection. PSBs are more susceptible to breaches of
security and to disruptions in the system’s availability and hence
to reputational risk. E-banking in India has also created many
new challenges for bank management and regulatory authorities,
which originate from increased potential for cross border trans-
actions and lack of adequate cross border supervision. Given the
importance of the SMEs in India, there is a strongly felt need
to mainstream this segment towards e-banking. But currently
there is no commercial bank in India that has exclusively specialised
in this segment and SMEs in India continue to have generic
problems like inadequate quality data, asset covers, etc.
However, there are ways to overcome these obstacles and
exploit trends in e-banking to derive the desired benefits. As
regards the problem of a digital divide, there is a rich international
experience from which India can learn many lessons and include
the poor within the net of e-banking. As regards the PSB situation,
they can rapidly change their work environment by attracting
young specialists in critical functional domains and by cre-
ating a positive work culture that has all employees supporting
Economic and Political Weekly December 27, 2003
organisational goals. For the security issues involved in e-bank-
ing, risk management principles recommended by the BIS should
be implemented by PSBs on an urgent basis. Their board of
directors and senior management should regularly review and
approve key aspects of the security control process. The top
management should ensure that their staff members have the
relevant technological expertise to assess potential changes in
risks. For this, they should accord a high priority to investment
in staff training and technological infrastructure. As far as possible,
PSBs should avoid contracting out operations to service provid-
ers, which makes them vulnerable to problems of these service
providers. In the process of adoption of new technology, a major
role has to be played by the internal banking experts who are
not necessarily the technocrats. As regards the problem of se-
lection of appropriate technology, PSBs in India can learn lessons
not just from international experience but also from the mistakes
made by domestic private players so as to avoid wastage.
In the regulatory arena, in addition to aspects like privacy and
security, the regulator should also examine banks’ business plan
for e-banking more closely, especially if banks have outsourced
critical functions to a third party.
To avoid the risks involved in cross-border e-banking, India
can make a gradual beginning, first by seeking benefits in the
export of remote processing services in which it has a strong
comparative advantage.
In the case of SME-financing, it is strongly felt that after
acquiring the necessary technical capabilities, PSBs are better
situated to provide value propositions to SMEs given their
comparatively extensive branching networks, close relationship
with business clients and a good knowledge of their needs,
requirements and cash positions. This actually offers them another
growth channel unmatched by most private players. EPW
Address for correspondence:
chief.economist@bankofbaroda.com
[The views expressed in this article are the author’s personal views and do
not necessarily reflect the views of the organisation to which she belongs.]
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