akkul e banking
TRANSCRIPT
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Online banking (or Internet banking or E-banking)allows customers of a financial institution to conductfinancial transactions on a secure website operated bythe institution, which can bea retail or virtual bank, credit union or buildingsociety.
It is a part of e-commerce and comes under thecategory of retail services of the e-commerce.
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Non transactional tasks:
viewing account balances
viewing recent transactions downloading bank statements, for example
in PDF format
viewing images of paid cheques
ordering cheque books
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Electronic fund transfer
Automated teller machines
Electronic data interchange
Credit cards/debit cards Smart cards
Digital cash
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First electronic channel
introduced to HK
Accepting deposits and
dispenses cash
Convenient in handling accounts
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- Choose the category, merchant and bill type
- Insert the bill payee account number
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Choose the account that you want to transfer from
Insert the amount of fund that you would like to transfer
Choosing the date of transfer
Step 2
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Benefits to the bank
Benefits to the customers
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Competitive advantage
Unlimited network
Lesser workload
Lesser chances of fraud Better profitability
Increases customer relationship
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Convenience- 24 hours a day, seven days a week
Cost
- Reducing transfer fees
Speed
- Faster circulation of assets
Competitiveness
- Fostering competition in financial market
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A need for customer skill to deal with computers
and browsers.
Security Risk:
Increasing number of fraudulent bank websites Fake emails purporting to be sent from banks
Use of Trojan Horse programs to capture user IDs and
passwords
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Constituted by the RBI, a working group divided theinternet banking products in India into 3 types basedon the levels of access granted.
Information Only System
Electronic Information transfer system
Fully Electronic Transactional System
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Finland was the first country in the world to have
e-banking.
In India, it was first introduces in 1997 by the ICICI bankUnder the brand name infinity
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ICICIs registered a profit of 21% to its equityshareholders in the year 2001.
Suvidha the initiative started by the Citibank in 1998claims to encourage customers to interact withelectronically using telephones, the internet and
ATMs.
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A Reserve Bank of India (RBI) committee has come out
with the road map for electronic banking and has sought
legislation on EFT systems to facilitate multiple payment
systems for banks and financial institutions.
The RBI has been gearing up to upgrading itself as a
regulator and supervisor of the technologically dominated
financial system
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Several initiatives taken by the Government of India aswell as the RBI have facilitated the development of E-banking in India. The Govt. of India enacted the ITAct, 2000 with effect from Oct.17,2000, which provides
recognition to electronic transactions and other meansof electronic commerce.
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The potential of E-banking is huge. With theincrease in connectivity, the number of users willexplode, says K.V. Kamat, the CEO of ICICI Bank.
Web based banking service or E-Banking the latestgeneration of banking transactions, has opened upnew window of opportunity to the banks and existing
financial institutions. Since its evolution in 90th decade, it is having
unprecedented growth.
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