SBI INTERNET BANKING PROJECT

State bank of India is the nation’s largest and oldest bank. Tracing its root

back some 200 years the British East India Company (and initially

established as the Bank of Calcutta in 1806), the bank operates more than

15,000 branches within India, where it also owns majority stakes in six

associates banks. State Bank of India (SBI) has more than 80 offices in

nearly 35 other countries, including multiple locations in the US, Canada,

and Nigeria. The bank has other units devoted to capital markets, fund

management, factoring and commercial services, credit cards, and

brokerage services. The Reserve Bank of India owns about 60% of State

bank of India. Internet banking lets you carry out financial transactions on the

go, such as viewing bank statements and making money transfers. This can

be as simple as viewing bank statements and account

Internet Banking uses an application that your financial institution has

developed to carry out the said services. In fact, the service is available 24

hours a day, providedour device is connected to the internet balances,

balances, making money transfers, or purchasing prepaid services, or as

complex as reporting fraud and investing in stocks.

Before the inception of mobile web services, people performed mobile banking via text, known

as SMS banking. However, many banks started in their product via Wireless Application

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Protocol (WAP), a set of various codes that enable mobile devices to connect to the

internet.Back in the day, Web and SMS-based banking were the most popular mobile banking

products. However, once smartphones began flooding the market, financial institutions started

developing more robust features for their respective banking applications and pushing them to

consumers.

Today, most banks support mobile banking through their respective applications. In fact, the

service is available 24 hours a day, provided your device is connected to the internet. Some

services provided by these apps include. Before the inception of mobile web services, people

performed internet banking via text, known as SMS banking. However, many banks started

integrating their product via Wireless Application Protocol (WAP), a set of various codes that

enable mobile devices to connect to the internet.

Back in the day, Web and SMS-based banking were the most popular internet

banking products. However, once smartphones began flooding financial institutions started
developing more robust features for their respective banking applications and pushing them to
consumers.

Today, most banks support internet banking through their respective applications. In fact, the
service is available 24 hours a day, provided your device is connected to the internet. Some
services provided by these apps include:

Access to account information, such as statements and loan balances.

1. Management of investment portfolios in real-time.

2. Transfer of funds to and from other accounts

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 3.Location of nearby ATMs

4. Updates with the institution’s latest offerings.

5. Fraud reporting capabilities.

What Banks Offer Internet Banking?

A majority of users are looking for basic features in banking apps, such as sending and receiving

money, while others want more robust features, such as managing their investment portfolios.

Most people are also looking for a mobile banking app that’s easy to use, offers top-rated

customer support, and ensures the security of their accounts.

While most banks offer mobile banking solutions, some institutions provide different services

others. When choosing a mobile banking app, it’s

important to ensure the bank supports most, if not all, of the basic features, such as viewing

account statements, sending and receiving money, paying bills, depositing checks, and access to

customer support.

such as viewing account statements, sending and receiving money, paying bills, depositing

checks, and access to customer support.

Some banks offering valuable mobile services include:

SBI BANK

SBI banking app mobile banking app comes with loads of features, such as viewing account

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balances, transactions, tracking your credit score, and redeeming credit card rewards.

To monitor purchases and keep track of your credit history, you can simply set up instant push

notifications. And in case you misplace or lose your card, you can lock it via the SBI banking

app on your smartphone. This security feature ensures no one can illegally access the money in

your account once the card has been turned off. And if you still cannot locate your card after

searching for it, you can also file for fraud protection directly via the app.

SBI banking app is also available on devices such as the Apple Watch. You can securely log into

your account using the fingerprint you set up on your phone.

SBI banking app is also available on devices such as the Apple Watch. You can securely log into

your account using the fingerprint you set up on your phone.

Ally Bank

Ally Bank is one of the leading banking institutions in online banking–you can’t mention online

banking without mentioning Ally.

Their app covers what you’d expect a mobile banking app to do: free money transfers, check

deposit transfers, online bill payments, balance/statement inquiry, and an ATM locating feature.

The Ally bank mobile app lets users log in via fingerprint stored in their

smartphones and has a clean, user-friendly interface. The app also lets you track investment

performance and trade stocks from the comfort of your hours.

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smartphones and has a clean, user-friendly interface. performance and trade stocks from the

comfort of your hours The app also lets you track investment

In addition, the Ally mobile banking app grants you free access to Zelle, a similar service to

PayPal, to transfer funds to other people using their email address or mobile number. This means

you don’t have to share sensitive banking information with those you’d like to transact with.

Bank of America

Bank of America has a spot on this list because of how secure its mobile banking is Apart from

checking account balances, viewing mini statements, and transferring checks to other accounts,

the app lets you activate your card or request a replacement for a lost or stolen card directly

through the app.

In addition, if suspicious activity is detected from your account, the bank will contact you to

verify the transaction before approving anything from their end. In fact, you can’t be held liable

for fraudulent transactions as long as you notify the bank within 60 days of the activity.

As it is with any banking platform, mobile banking has advantages and disadvantages. The pros
include

1 .Saving you the time of going to the bank.

2. Improved customer service.

3. Reduction of costs.

4.24-hour availability

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The cons include:

1. Private information is stored online, making it an easier target for hackers.

2. Server downtime during system upgrades.

3. Potential data or internet charges

Is It Secure?

Yes, it is secure, for the most part. Even though most individuals are unlikely to face cyber

threats, some unlucky ones still will. Being aware of the risks and practicing safe internet

banking reduces the threat significantly, making mobile banking a safe, secure way to transact.

Users of mobile banking systems are vulnerable to fake notifications that mislead them into

entering or sharing their banking information inappropriately, giving scammers leeway to access

their accounts.

It’s always important to practice safety when accessing your bank account via a mobile app.

Avoid accessing the app via public Wi-Fi, always use strong passwords, and avoid clicking on

untrustworthy links. All of these practices reduce your risk of cyber threats.

What Banking Services Can You Do on Internet?

The variety of services that can be accessed via mobile banking is incredible.

The most basic services,  balance/statement inquiry, transfer of funds, check

deposits, are of daily value to all users. And more advanced tools, like

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investment portfolio management, opening and closing of an account, and

loan application, make even the more tedious aspects of banking more

straightforward.

From the bank’s side, mobile services reduce the costs of handling transactions because

customers don’t need to regularly visit the institution’s physical location to perform these basic

operations.

One of the most helpful mobile banking solutions is the ability to report fraud and cancel cards in

case they get lost. Being able to quickly report and act on fraudulent activities, lost cards, or

incorrect charges prevents headaches for both the bank and users.

The advantages of internet banking

 Availability: You can avail the banking services round the clock throughout the

year. Most of the services offered are not time-restricted; you can check your

account balance at any time and transfer funds without having to wait for the bank

to open.

 Easy to Operate: Using the services offered by online banking is simple and

easy. Many find transacting online a lot easier than visiting the branch for the

same.

 Convenience: You need not leave your chores behind and go stand in a queue

at the bank branch. You can complete your transactions from wherever you are.

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 Pay utility bills, recurring deposit account instalments, and others using online

banking.

Time Efficient: You can complete any transaction in a matter of a few

minutes via internet banking. Funds can be transferred to any

account within the country or open a fixed deposit account within no

time on netbanking.

 Activity Tracking: When you make a transaction at the bank branch, you will

receive an acknowledgement receipt. There are possibilities of you losing it. In

contrast, all the transactions.

Disadvantages of internet banking

Internet Requirement: An uninterrupted internet connection is a foremost

requirement to use internet banking services. If you do not have access to the

internet, you cannot make use of any facilities offered online. Similarly, if the bank

servers are down due to any technical issues on their part, you cannot make use of

any facilities

offered online. Similarly, if the bank servers are down due to any technical issues on

their part, you cannot access net banking services

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 Transaction Security: No matter how much precautions banks take to provide

a secure network, online banking transactions are still susceptible to hackers.

Irrespective of the advanced encryption methods used to keep user data safe,

there have been cases where the transaction data is compromised. This may

cause a major threat such as using the data illegally for the hacker’s benefit.

 Difficult for Beginners: There are people in India who have been living lives far

away from the web of the internet. It might seem a whole new deal for them to

understand how internet banking works. Worse still, if there is nobody who can

explain them on how internet banking works and the process flow of how to go

about it. It will be very difficult for inexperienced beginners to figure it out for

themselves.

 Securing Password: Every internet banking account requires the password to be entered

in order to access the services. Therefore, the password plays a key role in maintaining

integrity. If the password is revealed to others, they may utilise the information to devise

some fraud. Also, the chosen password must comply with the rules stated by the banks.

Individuals must change the password frequently to avoid password theft which can be a

hassle to remember by the account holder himself.

Secure Internet banking

Accessing your account through your smartphone, either using a website or a

banking app, is becoming more popular.

It’s a fast, convenient way to manage your finances, and banks invest heavily in making
mobile banking safe.

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Some high-street banks have real-time notifications of transactions, such as Monzo and
Starling. This makes it much easier and quicker to spot fraudulent transactions.

How secure is internet banking?

Keeping your online account safe

Banks take lots of precautions to make sure your online account is safe. These include
encrypted websites, timed log outs and many authentication processes. You can ask
your bank for more details.

Accessing your bank account online is generally safe. This is as long as you make sure
you enter in all the right details when making a transaction and follow a few rules:

 Check your statement often and report any unusual activity to your bank.

 Don’t reply to emails that claim to be from your bank that ask for personal details
or passwords.

 Always remember to log out of your online banking session.

 Only use secure wi-fi connections to access your bank account.

 Public wi-fi connections are often not secure, so it’s important not to use them for
banking or to make purchases. If you’re out and about with a mobile or tablet, it’s
safer to use your 3G or 4G connection.

 Keep your operating system and anti-virus software.

 Choose your password carefully – create it by combining three random words and
don’t re-use the same one for different accounts.

Find out more

Find out more about Making phone and online bank transfers

Read up on E-payments – why, when and how to use them

Learn How to choose the right bank account

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
How to a online banking without an internet connection

Even if you don’t have an internet connection at home, you might be able to access
your online account using a computer in a bank branch.

You might also be able to access your online bank account through a secure connection
at a friend or relative’s home.

If you have a smartphone, you might be able to get a cheap data plan which you can
use to access your bank account online.

If bank doesn’t offer internet banking

If your bank doesn’t offer online banking, or you’re not happy with the service provided,
you’re free to switch to another provider.

What if something goes wrong?

If you notice anything strange on your account, or you accidentally make a payment to
the wrong account, get in touch with your bank as soon as possible.

Some banks offer instant card freezing, where you can block your card in you app
without having to call or visit a branch. Contact your bank to check if they offer this
additional security feature.

How to access online banking without an internet connection

Even if you don’t have an internet connection at home, you might be able to access
your online account using a computer in a bank branch.

You might also be able to access your online bank account through a secure connection
at a friend or relative’s home

Protect yourself against scams

Unfortunately, when doing anything online, it’s easy to be targeted by scammers.

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Find out more about identifying scams, including knowing when your bank has
legitimately contacted you via email, in our beginner’s guide to scams.

It’s also important to stay safe when transferring money. It can be easy to transfer
money to the wrong account.

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 major threat such as using the data illegally
for the hacker’s benefit.
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