Essay about internet banking

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essay about internet banking

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Don't share your email account with anyone. Control access to your pc do not use publicly-shared PCs for Internet Banking. Don't store your Login information and password on your browser. Change your Password on regular basis. Check your account statements on regular basis. Benefits of Internet Banking to consumers: Some other key benefits of internet banking for customers are as follows (BankAway, 2001; Guräu, 2002).

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The internet frauds and crime have warned customer to band thick ten times before adoption of internet transaction. This fear keeps them away from unbelievable advancement of banking. People are very much unwilling to use internet transaction. (Nadir Ali kolachi, 2006).To prevents such frauds. Most banks offer online banking facility has adopted. This ensures that the information exchange between computer and the banks website is completely protected. Authentication: Transactions on the internet or any other telecommunication network should be secured to achieve a high level of confidence. In cyberspace, as in the physical world, customers, banks, and merchants need assurances that they will receive the service as ordered or the merchandise as requested, and that they know the identity of the person they are dealing with. Security tips: Not with standing all the security that Banks has put into net banking, customers play a very important role in ensuring the overall security of the system and their personal information. The following are simple precautions that customers must take to safeguard security when using net banking: Don't disclose your Login Information to anyone.

(Nadir Ali kolachi, 2006). Privacy: Privacy is a consumer issue of increasing importance. In internet banking personal information's are very private or good confidential. The information should be very much secret. The bank should ensure the privacy of all these information. According to (Zeithaml., 2002 privacy is one of the vital elements of the system trust. It mean that any kind of customer information or data not be shared or misuse by the organization. Customer who adopt electronic financial service are more likely to perceived problem related to loss of privacy, as the internet seemingly allow other people to access their information easily(Jones, 2000).Customer don't always believe privacy will keep customer information confident (Cunningham, 2003). Increasing Cyber Crimes and Internet Frauds.

essay about internet banking

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Security and Legal Issues: Security is the main issue which first comes in customer mind. Strong concern about security is one common front issue related to unwillingness to use internet banking services (Madu,2002).Security violation problem such as destruction of operating system, or disruption of information access(Min and Galle,1999).Most customer are not satisfied with web security system (Black,2000).In internet banking, security. The stories of hacking and cracking, un-authorization, authentication and information leakage are some crucial problems, which have not been completely answered by bank. Forgetting pins and Passwords. Sometimes, in internet banking has such important problems, which are very difficult to cover. Internet banking is a blessing but if someone forget pin and password. There is no such solution to this problem but bank providing other pins or some other solution which most of the bank already using.

Alerts can be of the following types. Balance Alert, statement Alert, transaction Alert, cheque tracking Alert. Low/High Balance Alert, customers can perform all the above transactions and more, from the comfort and convenience of your home or office internet-connected computer, at any time of the day or night. Customer Perspective about Internet Banking: From the customer perspective internet banking provides a very convenient and effective approach to manage one's finances as it is easily accessible 24 hours a day, and 7 days a week. Besides, the information is current. For corporate customers, sophisticated cash management packages offered through Internet banking provide them with up to the minimum information, allowing the timely fund management decisions. Issues in Internet Banking in pakistan: There are a number of issues which exist in Internet banking. Some of the prominent ones are services to customer's survival, accessibility, security, infrastructure, perception, etc, which are important in the study of Internet banking. Trust has a significant impact on the acceptance of internet banking (Suh and is study focuses on security and legal, forgetting pins and password, privacy and etc which have considered importance both for bank as well as the customer especially in the context of pakistan.

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essay about internet banking

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Pay your Bills Online: pay bills online to a growing list of billers. Net banking offers the convenience to pay bills, like ptcl, gas, etc through online. Customers can make instant pathos payments or schedule their recurring payments on monthly or weekly basis. Transfer Funds between your Accounts: Customers can make instant transfers within their portfolio accounts. Having details of Debit credit accounts with amount to be transferred, the customer can instruct payments as per his own convenience. All transactions that are either rejected or are still in processing are displayed in the pending/Rejected transactions.

Schedule recurring or one-off payments: Customers can schedule monthly, weekly, annual and time-factor based payments through net banking. The customer is only required to select the debit and credit accounts, specify funds and define the fund transfer frequency. The auto Transfer Instructions can be deleted and modified by the customer as per his convenience. View Account Statements: Customers have the option of specifying a date range to view the account statements. The customers can also print, email and analyze the statement in a graphical chart. Receive customized Alerts: Customers can set alerts to track movements in the listed accounts. The customer can assign a target for alerts.

Individuals no longer have to worry about making time in their daily schedule to visit the bank when they have an access to their bank account over the internet. Using the internet for banking allows many banking functions to be performed remotely, either from home, work, or when you are traveling out of town. Banking online is a tool of convenience, but it also must be used intelligently. Manage your Account: Simple and intuitive 24/7 access to your accounts. You can keep an eye on cash flows, transactions and check real-time account balances. Send Money to anyone using the new pc-to-person facility: Net banking service to give you power to send money to anyone in pakistan even if they do not have a bank or account in any bank.

You can either send money to another bank customer through Account-to-account transfer, or get a tezraftaar, western union cheque delivered at payee's doorstep just within 48 hours anywhere in pakistan. Real-Time Account Balance summary: Net banking offers easy, 24-hour access to the account information. The customers can see an overview of the listed accounts in a summarize form with the available account balance. Using net banking the customer can also keep an eye on their cash flows, transactions and check their balances before paying their bills or scheduling a transfer. Multiple Accounts: Using net banking, the customers can manage more than one account. All accounts are linked, which enables them to perform fund transfers and set auto transfers between these accounts. If you have multiple accounts with the same Internet bank, you can easily move funds online from one to the other. This also includes credit cards, so you can pay your credit card bill online from your checking or savings account. This allows you to do transactions that would otherwise require sending a check through the mail or making a personal visit.

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In terms of value, it reached Rs16 million registering an increase of 30 percent. Difference between Internet Banking and Electronic Banking: Some people use term Electronic banking as a substitute of Internet banking. The term electronic banking is most wide in its nature and therefore it is normally used without any further justification or description. Electronic banking is not equal to the term Internet banking even though the latter is undoubtedly the most common type. Electronic banking includes several transaction services like telephone banking, credit cards, debit cards, atms. The most recent additions fruit are Internet banking, mobile banking and digital pc banking. Electronic banking is also known as electronic funds transfer (EFT) and basically is simply the use of electronic means to transfer funds directly from one account to another. Internet banking services are crucial for long-term survival of banks in the world of electronic commerce. Features of Internet Banking: Internet banking is a method of banking that is popular due to the convenience of having an online banking account.

essay about internet banking

Internet banking includes payments and electronic funds transfer (EFT). The funds transfer, however, is presently limited to intra bank account to account funds transfer except for a bank which offers interbank funds transfer facility through internet. Internet banking in pakistan is growing slowly but at a steady pace. During FY09, banks reported.1 million transactions involving an essay amount of Rs68.4 billion. This shows an increase of 59 percent in numbers and 56 percent in amount compared to increase of 49 percent in value and 58 percent in amount recorded last year. There are few banks which offer transactions through mobile. These transactions include payment through mobile (excluding utility bills payment utility bills payment, A/C to A/c funds transfer and third party A/c to A/C funds transfer. The number of transactions was 71,240 for fiscal year 09 shows an increase of 46 percent in number of mobile transactions.

banking services (Frust., 2000). Bank offers Internet banking in two main ways (Frust., 2000). An existing bank with physical offices can establish a website and offer Internet banking to its customers as an addition to its traditional delivery channels. A second alternative is to establish a virtual Internet-only banking. The computer server that lies at the heart of an Internet-only bank may be housed in an office that serves as the legal address of such a bank, or at some other location. Internet-only banks may offer their customers the ability to make deposits and withdraw funds via atms or other remote delivery channels owned by other institutions. Internet banking service is presently being offered to two sets of client. Personal clients and business clients.

It is not only beneficial to manage personal finance but also help in managing different types of business finances. Internet banking the use of technology to communicate instructions to and receive information from a financial institution where an account is held. Internet banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial product and services through a public or private network, including the Internet. When first introduced, Internet banking was used mainly as an information presentation medium in which banks marketed their product and services on their Web sites. With hotel the development of asynchronous technologies and secured electronic transaction technologies, however more bank have come forward to use internet banking both as a transactional as well as an informational medium. As a result, registered internet banking users can now perform common banking transaction such as writing checks, paying bill, transferring funds, printing statements and inquiring about account balances. Internet banking has evolved into a "one stop service and information unit" that promises great benefits to both banks and customers (Lewis., 1997). In internet banking Security standards has prime importance The Internet dissolves traditional boundaries between financial institutions and empowers individuals to choose and define their own financial futures (Shevlin,.

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Print, reference this, published: 23rd March, 2015, banking system is very essential part to summary boost up the economy on all over the world. The adoption of Internet banking in pakistan will have its own advantages to both the banks and the ultimate customers. Internet banking is offering a very simple, convenient and secure method of accessing bank accounts on the Internet. Cost reduction, effective, easy to maintain, speedier and highly competitive would be the use of information technology. It's so easy to access and manage your finances in a secure, real-time, online environment anywhere and anytime. Internet Banking facilitates the customer to check his or her balance over the net. This is conducted via wireless technology through both personal digital assistants (PDAs) and cellular phones. Online banking system present to their consumers a set of information-related benefits that favors to adopt e-banking, including the facility for the customers to control their bank accounts at any time and any place, and to access information content for making investment and financing decisions.

essay about internet banking
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