Internet Banking Review of Related Literature Presented in this section is the related literature and studies taken from books of the library, magazines, newspapers and internet websites to provide information about the study. Safeena et al determines the consumer's perspective on internet banking adoption.
In this essay we will discuss about Internet Banking. After reading this essay you will learn about: Meaning of Internet Banking 2. Objectives and Drivers of Internet Banking 3.
Trends in India 4. Strategies to be Adopted by Indian Banks. Meaning of Internet Banking: With the growth of internet and wireless communication technologies, telecommunications etc.
Internet banking or e-banking is the latest in this series of technological wonders in the recent past which involves use of internet for delivery of banking products and services. Even the Morgan Stanley Dean Witter Internet Research emphasised that web is more important for retail financial services than that for many other industries.
Internet banking or e-banking is changing the banking and its structure and is having major effects on banking relationships. Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts.
In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch anywhere banking at any time.
The net banking is, therefore, more of a norm rather than an exception in many developed countries because it is the cheapest way of providing banking services. Under this system, online banking is possible where every bank customer is provided with a personal identification number PIN for making online transactions with the bank through internet connections.
Internet banking or e-banking falls into four main categories, from Level 1—minimum functionality sites that offer only access to deposit account data—to level 4 sites highly sophisticated offering, enabling integrated sales of additional products and access to other financial services—such as investment and insurance.
In other works, a successful internet banking solution offers: Checking Account with no monthly fee, free bill payment and rebates on ATM surcharges. Credit card facilities with low rates. Easy online applications for all accounts including personal loans and mortgages.
Quality customary service with personal attention. Objectives and Drivers of Internet Banking: The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking is a cost-effective delivery channel for the modernized financial institutions.
In this system, consumers are embracing many benefits of e-banking. Following are the six primary objectives or drivers of internet banking: To improve customer access. To facilitate the offering of more services. To increase customer loyalty.
To attract large number of customers. To provide cost-effective services offered by competitors. To reduce customer attrition.
Keeping objectives in mind, the internet banking facilities has been progressing at a rapid pace throughout the world. Trends of Internet Banking in India: In India, initially a beginning was made in internet banking only in some big cities which was just in rudimentary stage. After getting initial success, the internet banking facility is gradually being expanded in all cities and towns to make the system popular.
The deregulation of the banking industry along with emergence of new technologies are enabling the new competitors in the banking sector to enter the financial services market quite efficiently and quickly.
Core or Anywhere Banking:In addition to that, the bank has a leading position in international foreign exchange, fixed-income and equities trading. Deutsche Bank is dedicated to being the best financial services provider in the world.
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- Online Banking: How Technology has Affected the Bank Industry Aluscine Kabia Diana Mickle Jennifer Ross Betty Tekeste University of Phoenix COM Managerial Communication and Ethics Edward L.
Dempsey March 14, Modern technology has set the stage for today’s industries to adopt faster, more effective and efficient tools to improve their business and productivity. I. Internet or Online Banking Internet banking is the act of conducting financial intermediation on the internet.
It includes offering of information and selected services through the World Wide Web by banks and other financial service firm. The Bank has been offering mobile banking cost-free and was first to launch an Internet Bank service in the united states known as Infinity.
Infinity now offers a web host of online banking answers to retail as well as corporate and business customers.