Internet banking

Internet Banking

Mohammed Sohaib

What is Internet Banking?

• Internet Banking allows you to conduct bank transactions online, instead of finding a bank and interacting with a teller.

• In a broad sense, it is the use of electronic means to transfer funds directly from one account to another rather than by cheque or cash.

Definition

• A system of banking in which customers can view their account details, pay bills and transfer money by means of the internet.

• The remote delivery of new and traditional banking products and services through electronic delivery channels

History

Online services started in New York in 1981 when four of the city's major banks

Citi BankChase

Manhattan

ChemicalManufacturers

Hanover

offered home banking services using the videotex system.

TYPES

PC Banking

Mobile Banking

Services

• Bill Payment

• Download Bank Statements in PDF format

• Credit Card

• Insurance

• Customer services

• Recharging you prepaid phone

• Shopping

Requirements for Internet Banking

• Internet acess

• Registration with institution

• Authorized Website

• Username and Password

How to use Internet

Banking?

Step 1 : Access Internet Banking – Obtain your User Id and Password.

Step 2 : Create your Own Unique User ID.

Step 3 : Link the Account Number to your User ID.

Step 4 : Log in and make your transactions safely.

ADVANTAGES

• Benefits for Banks

• Benefits for Customers

Benefits for Banks

• Larger customer coverage Reducing the costs of operations.

• Promoting their services and products internationally.

• Increasing the customer satisfaction and providing a personalized relationship with customers .

Benefits for Customers

• Convenience 24 hours a day, seven days a week

• Cost Less

• Speed Banking

• Easy Communication

• Transaction Speed

• Efficiency

ISSUES IN INTERNET BANKING

• Security Issues

• Learning Difficulties

• Lack of Skills

• Technical Problems

Attacks

Attacks on online banking used today are based on deceiving the user to steal login data and valid TANs.

• 536 cases of computer intrusion, with an average loss per incident of $30,000.

• $16-million loss in the second quarter of 2007.

“2008 U.S. Federal Deposit Insurance Corporation Technology Incident Report”

Persecutions For Bank

• Should provide specific guidance to their customers

• Should take the adequate measures to ward off any problems related to the security of internet banking

• Online banking tutorials should be provided to help familiarize people with internet banking

Persecutions For Customers

• Should not disclose their customer IDs (e.g., account numbers) or passwords to anyone else.

• Periodically change their passwords

• Should promptly log out from the service

• Should regularly check their account balances and statements to identify unusual transactions.

Thank you for paying your attention

Any Queries ?