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INTRODUCTION

Computer has eased human life. Every day new dimensions of its utility are emerging.E-Banking is one of the gifts to human beings by computer technology. Use of computers have automated banking process and thus has given birth to e-Banking. E-Banking is a fast spreading service that allows customers to use computer to access account-specific information and possibly conduct transactions from a remote location - such as at home or at the workplace. Use of internet has made every thing available at our finger tip. Lot of websites are ready to serve people, just at the mouse click. ATM cards, credit cards ,debit cards, smart cards ,all these have eased human life up to such a extent that today life without these seems to be hard, full of misery. Evolution of e-Banking:Electronic banking started after Second World War with the use of proprietary software and private networks. But the whole credit of making e-Banking big hit goes to Internet.Internet made e-Banking trustworthy and useful. International trade has increased significantly in post world war period and with it monetary transactions between different countries have increased. e-Banking has facilitated trading between distant corners of the world without worrying about monetary transactions. E-commerce has grown exponentially over last 30 years.

Internet banking in India The Reserve Bank of India constituted a working group on Internet Banking. The group divided the internet banking products in India into 3 types based on the levels of access granted. They are i) Information Only System: General purpose information like interest rates, branch location, bank products and their features, loan and deposit calculations are provided in the banks website. There exist facilities for downloading various types of application forms. The communication is normally done through e-mail. There is no interaction between the customer and bank's application system. No identification of the customer is done. In this system, there is no possibility of any unauthorized person getting into production systems of the bank through internet. ii) Electronic Information Transfer System: The system provides customer- specific information in the form of account balances, transaction details, and statement of accounts. The information is still largely of the 'read only' format. Identification and authentication of the customer is through password. The information is fetched from the bank's application system either in batch mode or off-line. The application systems cannot directly access through the internet. iii) Fully Electronic Transactional System: This system allows bidirectional capabilities. Transactions can be submitted by the customer for online update. This system requires high degree of security and control. In this environment, web server and application systems are linked over secure infrastructure. It comprises technology covering computerization, networking and security, inter-bank payment gateway and legal infrastructure.

What made e-Banking so hit? E-Banking has certain features which give it edge over traditional banking system. Real time bankingUnlike traditional banking which suffers from time consuming procedures, e-Banking provides real time banking to the customers. One get all the relevant information about his account instantly. One can access all the details about his account sitting at home or at any distant location. E-Banking has turned the whole world into a small village. 24/7 bankinge-Banking has removed the time constraint from banking. Now a customer can withdraw cash or get any banking facility anytime. He are not required to ask bank employees for it. Electronic system will do all of this for the customers instantly. Banking from anywheree-Banking certainly leaves no room for blaming the distances. Smart banking is ready to serve you anywhere, anytime. Safe and secure BankingElectronically enabled banking is more immune to security and safety related problems. Password Based Encryption (PBE), Secure Socket Layer (SSL), electronic signatures and electronic tokens gives a high level of security. Any malfunctioning or any inconsistency in the account can be traced easily. This makes e-Banking more reliable.

Easy Loans, Instant LoansUse of smart cards, debit cards, credit cards has eased you from hatred, time consuming loaning procedures. Banks provide instant loans. No need to keep cash in hand at all, a small chip card has replaced piles of cash. Certain web sites provide facility of online loaning. One can get instant loan there, just by filling a small form. High Performance and flexibilitye-Banking is a high performance system satisfying its customers for their every banking related queries and desires. E-banking is made interesting because of its flexibility. e-Banking is using everyday advancements in technology, which makes it smart and banking system of today and tomorrow. Online Banking offers a higher level of convenience for managing one's finances even from one's bedroom. However, it continues to present challenges to the financial security and personal privacy. Many people have had their account details compromised, as a result of online banking. Thus, if one is going to use it for financial transactions, he should be aware of the risks involved. Awareness of the risks and problems, enables him to take precautions for a more secured online banking experience. Facilities Offered To Customers Automated Teller Machine (ATM): ATM is designed to perform the most important function of bank. It is operated by plastic card with its special features. The plastic card is replacing cheque, personal attendance of the customer, banking hours restrictions and paper based verification. There are debit cards. ATMs

used as spring board for Electronic Fund Transfer. ATM itself can provide information about customers account and also receive instructions from customers - ATM cardholders. An ATM is an Electronic Fund Transfer terminal capable of handling cash deposits, transfer between accounts, balance enquiries, cash withdrawals and pay bills. It may be on-line or 0ff-line. The on-line ATN enables the customer to avail banking facilities from anywhere. In off-line the facilities are confined to that particular ATM assigned. Any customer possessing ATM card issued by the Shared Payment Network System can go to any ATM linked to Shared Payment Networks and perform his transactions. Credit Cards/Debit Cards: The Credit Card holder is empowered to spend wherever and whenever he wants with his Credit Card within the limits fixed by his bank. Credit Card is a post paid card. Debit Card, on the other hand, is a prepaid card with some stored value. Every time a person uses this card, the Internet Banking house gets money transferred to its account from the bank of the buyer. The buyers account is debited with the exact amount of purchases. An individual has to open an account with the issuing bank which gives debit card with a Personal Identification Number (PIN). When he makes a purchase, he enters his PIN on shops PIN pad. When the card is slurped through the electronic terminal, it dials the acquiring bank system - either Master Card or VISA that validates the PIN and finds out from the issuing bank whether to accept or decline the transactions. The customer can never overspend because the system rejects any transaction which exceeds the balance in his account. The bank never faces a default because the amount spent is debited immediately from the customers account. Smart Card: Banks are adding chips to their current magnetic stripe cards to

enhance security and offer new service, called Smart Cards. Smart Cards allow thousands of times of information storable on magnetic stripe cards. In addition, these cards are highly secure, more reliable and perform multiple functions. They hold a large amount of personal information, from medical and health history to personal banking and personal preferences. Tele Banking In this, the customer is required to open the account with the bank initially by visiting the bank. The customer is given the additional facility of using the telephone line for certain type of routine transactions. The bank usually provides telephone banking services on a special number. The number at the bank is connected to a terminal in the bank, which is either handled manually or automated by connecting the same to the computer network. Electronic Fund Transfer The transfer of funds in India is done through telegraphic transfers, mail transfer and drafts. However the courier services changed the situation but it is restricted to certain areas like cities and metros. Normally the telegraphic transfers credit to be credited to the beneficiary account after 2 to 4 days. With the improved technology in communication coupled with privatization of banks necessitated the govt to feel the importance of electronic fund transfer. Government constituted Saraf Committee to draw blue print for the phased improvement in the system

E-Banking services are offered to customers through the internet and web using HTML. In order to use e-banking services, customers need internet access and web browser software. One of the other main concerns of internet banking is security. Without confidence in security, customers are unwilling to use a public network, such as the internet to view their financial information online and conduct financial transactions. Possibility of frauds and lack of face-to-face interaction may also prevent customers from relying upon e-banking. Todays banking customers are faced with a lot of options as far as their routine financial activities are concerned. There are many changes in the process of banking functions. But has it been useful to all the segments of people in the country. Our project deals in depth with e-banking and its relevance to customers of different Banks in the country.

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