3-1part2onlineservices

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BenefitsThe company can increase their sales.Costs associated with processing orders is also reduced Companies can receive payments quickerCompany can keep track of purchases; determining which product is most or least popular.Before the shop comes online4Back to contents The Online SystemIt can be made secure by the use of usernames and passwords.It must allow customers to make use of orders stored in the database. This is so that they can find what they want quickly, see their history, and maintain their own accounts.The website MUST be a friendly user interface.The customers must feel confident that all the transactions that will be made are secure

6Back to contents Online BankingFeatures of online banking:Up-to-date bank statementsBill paymentTransfer of fundsLoan applicationsHigher interest ratesOnline Banking Steps7Back to contents What can a customer do with online banking?Order a bank statementPay a billTransfer moneyGet account detailsChange/ create standing orders and direct debits (E.g. paying a gas bill)Stop a chequeGet a new PIN13Back to contents Security IssuesIdentity Fraud

Criminals using a victims identity to defraud a third party.

14Back to contents Steps in Online Banking1. Customers have to log in2. Security Information3. Account information and available services 4. Account details8Back to contents Advantages of online bankingAdvantages to the bankAdvantages to the customerDont need to rents area on main streets (which can be very expensive)Dont need to spend money on transportEmploy fewer staff need to pay fewer wages + have fewer running costsIt is easier for people who have disabilitiesLow costs higher interest rates for savers and lower rates for borrowersCustomer can back at any time that is convenient of themLess likely that the bank will be robbedIt wont be embarrassing when asking for a load online rather than in personReduced amount of money spent on security staffInterest rates on saving accounts is higherDont need to worry as to when the bill payments will reach the company because you can send it onlineLess likelihood of robbery.

15Back to contents Disadvantages of online bankingDisadvantages to the bankDisadvantages to the customers Less personal touch so reduced amount of up sellingLoose social contactFraud or interception of account information may be a possibility which could cause the bank to loose money.Necessary to have computer skills, internet access, a computer, reliable electricity supplyCostas are still involved in running the business website developers Hackers may intercept data and take money from the customers accountInitial costs may be highCustomers may mismanage accountsRetrain staff costs moneyOutdated reason: phone bill may increase if the phone line is being used to connect to the internetCustomers cant make cash deposits; so they will have to physically have to go to the bankCustomers may be victims of phishing (when the customer receives an email claiming that it is from the bank and requests you to give out bank details.

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