According to Furst et al. (2000) some of the reason for the increase in this aspect of banking are the notion that electronic banking and payments will grow rapidly, more or less in tandem with proliferating electronic commerce; industry projections that Internet banking will cut banks’ costs, increase banks’ revenue growth, and make banking more convenient for customers; and some vexing public policy issues. Chaven (2013) adds that internet offers customers faster access, more convenient and around the clock access to banking irrespective of the customer’s location and time. Salawu et al. (2007) adds that internet offers faster delivery of information from the customer and service provider, this adding to the importance of internet banking.
It is highly recommended that banking professionals emphasize on trust and security aspects when communicating the benefits of internet banking services to customers. Banking customers should be provided with sophisticated encryption illegal intrusion detection and firewall programs to further reassure them on security and trust aspects. The research results will also form useful and practical tools for the policy makers who are responsible for designing and marketing internet banking services in
Online payment is very important. Customers and businesses can use the credit card account to implement the payment. The overhead of a lot of people can be omitted in the Internet by using the electronic payment method. Online payment will require more reliable transmission of information security controls to prevent fraud, hacking, fraudulent and other illegal acts. Online payment will need to have the electronic finance to support, that is, the bank or credit card companies and insurance companies and other financial institutions to provide financial services to provide online services.
Online business banking is a kind of banking service catered for clients with online or Internet enterprise. Usually, people with online stores such as those transacting in Ebay, Craiglist or other online stores have this type of banking amenity. There are many benefits a client can get from having an Internet business banking. Despite you're miles from your bank or out of the homeland, you can still use this kind of banking account as far as you have Internet access. The top common benefits of having this type of banking account can be seen below.
Awad (2002) noted that while the basic types of risks generated by electronic banking and electronic money are not new, the specific ways in which some of the risks arise, as well as the extent of their impact on banks, may be new for banks and supervisors. Some of the risks and difficulties banks may face apply both to electronic money and electronic banking activities. However, there are likely to be variances in the degree to which a specific risk is applicable across diverse electronic money and electronic banking activities. According to Kalakota and Whinston (2000), operational risk, reputational risk, and legal risk are the most important risk categories for most electronic banking and electronic money activities, especially for diversified
The Level of Awareness of the Selected CBEAM Students on the Extent of E-Banking Security Technology plays an important role in the society nowadays and is already used in the different aspects of business like banking. According to Acevedo (2015), businesses rely on the access to bank information to perform the accounting tasks for the monitoring of the status of a business. In addition, E-Banking offers easy access, secured transactions and 24-hour banking. Moreover, as said by Titrade, Ciolacu, and Pavel (2008), the evolution of E-Banking started through automatic teller machines (ATMs), electronic funds transfer, and online payment. Based on the history presented by the article The History Of Internet Banking (2012), the innovations in online banking started in the early 1980’s and were giving easier job for the people who have access to it.
Also online banking has grown in a big way in nations like France, Canada, Australia, Poland, South Africa and Belgium. 1.2 BENEFITS OF E-BANKING There are numerous benefits of Online banking undoubtedly. It saves time by allowing direct transaction from office, home or any place. The virtual medium relieves customers from visiting the bank and waiting in a queue and provides a mental and physical relief from the unwanted rushes in the bank. The second important advantage is the convenience.
The bank provides Net banking facilities to its customers in addition to functioning through its regular branches. This service can be broadly divided into types namely Query based and transaction based. In Query based we can view the account details, update the account status and update the cheque book details and so on. In Transaction based we can manage demand draft, update a cheque, transfer fund and so
When only the government and higher education had access, there was no worry about credit card numbers and other types of important data being taken. There are many advantages the Internet brings to its users, but there are also many problems with the Internet security, especially when dealing with personal security, business security, and the government involvement to protect the users. The Internet is a new, barely regulated frontier, and there are many reasons to be concerned with security. The same features that make the Internet so appealing such as interactivity, versatile communication, and customizability also make it an ideal way for someone to keep a careful watch on the user without them being aware of it (Lemmons 1). It may not seem like it but it is completely
In the electronic banking system, the bank has the main attention on a database that is the web-based product. All the services that the bank has offered on the Internet explained in the menu of the bank. Any service can choose and the type of service connects the further connection. Once the branch office of the bank is inter-connecting through Internet or home links, there would be no physical visit for any branch. ELECTRONIC BANKING ATM’s is introducing in the electronic banking, which provides the facility of electronic transfer of fund, payment of bills etc.