ONLINE BANKING

Submitted by-Preet Raj

Topic covered….

Online bankingFeaturesBenefitsDrawbacksSecurity featuresConclusion

ONLINE BANKING

Online banking (Internet banking) allows customers to conduct financial transactions on a secure website operated by the institution.

It may include of any transactions related to online usage

To access a financial institution's online banking facility, a customer having Internet must register with the institution and set up some password for customer verification.

FEATURES

A bank customer can perform some non-transactional tasks through online banking, including –

1. viewing account balances2. viewing recent transactions3. downloading bank statements4. viewing images of paid cheques5. ordering cheque books

FEATURES (contd…)

Bank customers can transact banking tasks through online banking, including-

1. Funds transfers between the customer's linked accounts

2. Paying third parties, including bill payments3. Investment purchase or sale4. Loan applications and transactions, such as

repayments of enrollments

ONLINE BANKING GRAPH

BENEFIT OF ONLINE BANKING

Anytime banking and anywhere bankingReduction in cost of transactionPay bills online there by saving postal serviceEasy to make utility paymentOnline purchaseService is available 24x7 Online banking is much cheaper for the bank.

A survey says that Online Banking costs only 10% of branch services

DRAWBACKS OF ONLINE BANKING

Difficult in adoption of technologyBank site changesNeed an account with an Internet Service

providerSecurity concern, like “hackers” accessing

your bank accountHigh cost of technologyMust have basic computer skills and internet

knowledge

SECURITY FEATURES

Security is a primary concern in internet banking

SSL(secure sockets layer) protocol is used to ensure data security between customer browser and web server

Customer database is protected by double firewalls

User name and pinsAnti-virus

SAMPLE SAFETY MEASURES

Change your password periodically Review your bank accounts frequently Try to use low limit credit card for internet

transaction

CONCLUSION

The strategy of bank is to provide value added service and product to the customer, utilizing the internet extensively

The main aim is to making transactions through online possess and make customer more beneficial

Thank You