Internat Banking Systems Essay

1386 words - 6 pages

Today Information Technology revolutionized our life almost in every filed. One of among several blessing of information technology is Internet Banking services that brings ease and comfort for our banking activities. Over few years Internet Banking has evolved as convenient, self-serviced technology, cost-reducing and time saving channel. Internet banking is available 24x7 across geographies. Users of internet banking are increasing day by day since few years all over the world. In present hyper competitive environment internet banking works as a competitive differentiator among banks. Internet banking has become an important revenue builder for banks.
Due to competitive scenario in banking sector and users demand banks are moving towards providing services online. (Southard, P. & Siau, K, 2004). By moving towards new technologies and adopting them, banks try to grab the market and trying to gain more and more advantages. (Ozcan, 2007; Chang 2002). Transactions and communication are geared up for clients because of development of information technology in banking sector. Expansion and advancement of such banking features are advantageous for service providers and customers. (Safeena, Abdullah and Hema, 2010, 2011; Qureshi et al, 2008).
To reduce network of the branch and staff, to generate more revenue and to decrease costs banks has been moved and adopt internet banking previously. Now a days banks adopt internet banking to achieve competitive position and to generate more and more customers by facilitating customer services and different expansions online. Internet banking has gained acceptance throughout the world as a new delivery channel for performing various banking and financial activities.
Users can do different types of financial and banking services like bill payment, transaction of money, making investment etc. through internet banking. There is centralized database in internet banking system which is connected with different banking system in web-based environment. Services are displayed in a menu by banks. Demo is also provided for every services selected by customers. Internet banking is available across geographies and customers can use its services anytime. Move from traditional and formal banking towards internet baking has been a revolutionary step to adopt new technologies in banking sector. (Qureshi et al. 2008). Internet banking catalyze financial transactions and commercial exchanges. (Luštšik, 2003 and Calisir et al 2008).
Types of Internet Banking:
Internet banking is of three types:
(Thulani et al, 2009; Yibin, 2003 and Diniz 1998):
Informational:
Marketing information are available related to bank’s services & products on a standalone server.
Communicative:
It is an interactive type of internet banking. Customers can interact with bank which is limited to e-mail, account inquiry, loan application or static file updates.
Transactional:
Customers can transfer funds to/from accounts, pay bills and conduct other...

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