CHAPTER-1

INTRODUCTION

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INTRODUCTION OF INTERNET BANKING

A number of authors and experts have defined e-banking services as a contemporary

facility that provides conventional bank products and services through a new medium
i.e. IT (Information Technology).

It is entirely automated facility based on IT delivery mechanism to conventional

banking user’s products and services. It provides online medium of conducting and
providing various banking services, such as, online accessibility of bank account,
online fund transfer facility, online bills paying facility and many other. The benefits
provided by e-banking medium have resulted into swift growth of banking sector
worldwide.

The internet facility has transformed the business world in terms of managing business.
According to Abu-Shanab et al. 2010, internet has transformed the entire business
pattern for people as well as for businesses. Although, technological advancements
are happening everyday but not every advancement has been welcomed and adapted by
financial sector; but financial sector that enjoying advantages of this new mode of
service delivery, has adapted the e-banking phenomenon from its introduction only.
Originally it was used for online banking promotional activities of their products and
services; but as the e-banking concept developed, banks have started enjoying its
various other advantages, such as, reduced per-transaction cost, enhanced customer
service, raised long term returns by providing ‘anytime anywhere’ banking to the
banking customers.

Advancement in technology provides fast innovative changes in people routine life.

The most significant recent technical advancement that drastically transformed the
entire scenario of providing services is the use of internet facility in service delivery.
Number of people that are adapted this technological advancement for online
transaction such as, online shopping, is increasing tremendously. Gradually, more
business organizations realised that it can be utilized to facilitate growth through its
advantages of easy accessibility to information and transfer of technology.

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Most of the business organizations have swiftly adapting the advancement in
technology and internet facility. Adopting new internet applications have resulted in
enhancement of efficiency and quality of service provided as well as attracting
prospecting customers. Thus, the evolution of internet facility had transformed entire
business world around the globe and same happened in banking sector. Banking sector
have always been on the top in using ICT (information and communications
technology) in banking business. Challenges faced by banking sector such as, increase
in competition, catering variety of demand of heterogeneous customers, decreasing
revenue margin and advantages provided by technology, have compelled banks to
process new HRM system. To successfully face all these challenges banks have
adapted new technological advancements as earliest possible. Other driving forces that
worked for banks to adapt technological advancements are the challenges of meeting
varied customer expectations, new regulation and entering into new geographical
areas and requirement of new products and services.

Technological advancement, specifically in IT Sector is always seen as the

main source of changes taking place worldwide. The entire banking industry has
entered into an unparalleled competitive form facilitated by new ICT infrastructure,
because of universal and gradual development of ICT.

The latest buzzword for corporate is e-commerce. Due to increase in awareness

of utilization of computer and internet facility and the increased use of these facility
resulted into development of e- commerce. Today, internet facility has become the
main medium of financial, commercial and banking transactions and advancement in
ICT have become the top concern for banks. The growth of modern financial software
applications has changed the business relationship and service provision with very fast
rate. The development in ICT more or less impacted entire business world. Today, e-
banking has been extensively used in developed nations and is swiftly escalating in
the developing nations as well.

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 Now, e-banking has become a global concept. Today, the Internet has
infiltrated every aspect of life, as exemplified by online entertainment, online shopping,
and Internet banking and these new technologies have affected people’s lives in a
number of ways. The fast growth of e-banking may make life easier in some ways;
however, it must be considered that there is another side to the issue--it also changes
lives and habits in unpredictable ways. Various alternative modes of providing banking
products are evolved and gained popularity in recent past, such as, tele-banking,
Automated Teller Machines, e-banking, credit & debit cards. The most recent one is e-
banking that has major impact on the financial market. Banks got the sense that internet
facility will open up new horizons for banks and will help them to adapt globalization
effectively. According to Thulani et.al, 2009 and Henry,2000, “Internet banking
refers to systems that enable bank customers to get access to their accounts and
general information on bank products and services through the use of bank’s
website, without the intervention or inconvenience of sending letters, faxes,
original signatures and telephone confirmations.

In essence, e-banking is an electronic consumer interface and an alternative channel of

distribution for banking services and products. E-banking is a process through which
banking consumers manage their banking transaction without even visiting a
bank branch.

Advancement of IT in banking industry resulted in increasing the processing speed of

bank transactions and the communication system between bank and its customers.
Today e-banking is the most popular delivery system in banking industry. It is the need
of hour to extend e-banking services to banking customers so that bank can maximize
the benefits for banks as well as for its customers also. The importance of e-banking is
growing day by day as it maximizes the advantage for banks and its clients. Even been
a costly and risky affair, bank and financial institutions largely investing in latest
information system. Other way round e-banking provides economies to the operations
as it enables banks to reduce their branch network and number of banking staff.
According to Kaleem & Ahmed, 2008, the primary advantage of e-banking is the
reduction in inconvenience, transaction cost and time taken in performing an operation,
whereas, major concerns are chances of government access and fraud and lack of
information security. Banks started adopting more and more technological
advancements and that resulted in enhancement of banks efficiency. Nowadays internet
banking is becoming integral part of banking services.

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1.1 HISTORY OF E- BANKING

The evolution process of latest service delivery mechanism through internet i.e e-banking
started from the early 1980s. In late 1980s, the term online got popularized and it was referred
to a banking medium of using a terminal, keyboard and monitor to access the banking system
through a phone line. Another term used for this was ‘Home Banking’ and in it, customers
were using a numeric keypad to send tones down a phone line with instructions to the bank. In
1981, e- banking has started in New York with offering home banking service using videotex
system by Citi Bank, Chase Manhattan Bank, Chemical bank and manufacturers Hanover bank.
Although due to failure of videotex system, Home Banking was not able to gain popularity
except in France and UK.

In 1983, Bank of Scotland provided UK’s first home online banking service to the banking
customers of Nottingham Building Society. This online banking service was based on Prestel
system of UK and used a computer like BBC Micro or keyboard connected to the telephone
and television system. This system was called Homelink and it enabled customers to view their
bank statements online, online fund transfer and online bill payments. To pay bills or transfer
funds, customers need to send a written instruction having details of intended transaction to
Nottingham Building Society who set the details upon the Homelink system. The usual
recipients of this service were electric company, Gas Company, telephone companies and other
banks. The account holder has to provide details of the payment through Prestel into
Nottingham Building Society system. Then, a cheque of payment amount has to be send by
Nottingham Building Society to the payee and an instruction giving details of the payment was
send to the account holder. Later, BACS (Bankers Automated Clearing System) was used to
directly transfer the payment.

In Oct. 1994, Stanford Federal Credit Union was the first financial institution that provided
internet banking facility to its all members.Today, a number of banks are functioning as internet
only banks. These internet only banks do not have a physical bank branches like their
predecessors. They differentiate themselves by providing better rate of interest and internet
banking facility.

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1.2 TYPES OF INTERNET BANKING

Aladwani (2001) categorized online banking in two types, first, web- based banking through
internet and second, dial-up banking consumer uses a modem to dial up to a bank’s server
to access bank account. There is a special type of dial-up banking operated by private banks
between a banking institution and its corporate clients, known as Extranet.

Thulani et al (2009), Yibin (2003) and Diniz (1998) identify three functional kinds of e-
banking that are currently employed in the market place and these are:

Informational Websites - Such services are known as first level of e-banking. Through such
services bank provides marketing information regarding banking products and services on a
standalone server. It has very low degree of risk as there is no connection between server and
bank.

Communicative Websites – In this system there is very less scope of communication between
banking system and e-banking users. This communication is only to the extent of e-mail,
account balance enquiry, loan application or static file updates. This system is not having fund
transfer facility.

Advanced Transactional Websites - This form of e-banking enables e-banking users to

transfer their fund electronically, make payment of utility bills and conduct other banking
transaction online.

Use of Information & Communication Technology is the latest mode of managing data
electronically. The advancement of ICT specifically in the utilization rate of internet facility
resulted in enhancement of production capacity and increase in fund flow all over the globe.
Subsequently, it created a cut throat competitive environment internationally and that lead to

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challenge of satisfying the customers who are now more aware and educated than earlier. Due
to the globalization, the distance between customers and service providers is become irrelevant.

As the use of computer increasing to improve the operating system in the various sectors of the
society, it also became a new medium to commit crimes for some people. With use of hacking
to solve the internet problems in 1960’s, computer crimes started and then in 1970s its pace
was increased in way of crimes such as privacy violations, phone –tapping, trespassing and
distribution of illicit materials. The list of crimes had increased in 1980s by experiencing
crimes as, software piracy, copyright violation and introduction of viruses. The scenario
became worse and the extent of loss occurred due to these computer crimes is enormous. The
international market experienced the same with computers being used for surveillance and
transnational organized crime and terrorism.

Organizations and banks while starting the computerization phase were not aware about the
fact that it would result in fasting the speed of computer crimes. Now, computer becomes a
vital part of ones life either personal or professional and its use is irrefutable. The working style
of banking institutions has completely changed with the use of computer and internet facility.
The large number of banking transactions compelled the banks to take the help of computer in
processing the transactions. Due to this, the use of computers and internet facility become
ineluctable.

In essence, computer and the internet facility help bank to facilitate customers’ transactions
records and transfer of their funds. The computer and internet facility helps customers in
various ways as they can directly communicate with the banks, pay their utility bills, transfer
the fund, check their account balances and can perform all kind of services offered by their
banks. But the use of computer and internet facility provide advantages not only to the banks
or organizations but also to the criminally minded people as well.

It is noticeable that even before the occurrence of computer crimes, bank related crimes had
occurred. The bank related crimes were bank robbery, false statement to a bank in order to
obtain a loan, misapplication or embezzlement of bank fund, false entries in the bank’s pass-
book, bribery and fraud etc. There is a significant difference between these traditional bank
related crimes and the modern computer.

crimes and that is mainly the use of violence in the traditional bank related crimes and the
committer of those crimes was more visible and detection of such crime was comparatively
easy. Although the characteristics of these crimes are different from each other but the motive

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behind these crimes are with same purpose. The use of computer has provided additional mode
and opportunity to such crimes.

In the last 30 years, the financial industry has seen dramatic and revolutionary changes.
Globalization, advancement in technology and integration have transformed banking sector in
last two decades globally. and compelled the regulators to deregulate financial system.
Deregulation resulted into enhancement of banking customer base, mark-able presence of
banks into new markets with modern technologies involved in individual as well as institutional
customer interaction. ICT facilitates conventional financial institution to inflate their business
to and through internet facility. According to Sathye 1999, internet facility transformed the
financial sector in terms of packaging, delivery and consumption of products and services.
Kamal, 2005 and Nath, Shrick & Parzinger, 2001 described internet banking as a valuable and
influential tool to economic development and growth, to promoting innovations and to
improving competitiveness. Banking and other financial institutions adapted e-banking
technique to enhance their efficiency, service quality and customer base.

Additionally, technological advancements reduced the per transaction cost of banks as now
there is no need of bank personnel to facilitate customers’ bank transaction, it could be self
served through e-banking. The various modes of e-banking, such as, ATMs (Automated teller
machine), Tele- banking, Mobile- banking, debit and credit cards etc. According to Hanson &
Kalyanam 2007, e-banking has popularised with very fast pace and as people has started using
ATMs, the customer visits to bank branches have reduced and it reduced the requirement of
bank branches even more when internet banking have been introduced to the customers in late
1990s. The numbers of internet users are increasing tremendously.

According to Internet World Stats January 31, 2022. there were 4.9 billion internet users
around the world in 2021. Therefore, internet facility has evolved as a global marketplace
with global opportunities for financial services, as a challenge and as delivery mechanism also.
It provides faster service delivery modes to the customers.

Internet mode of service delivery has increased the business volume and business transactions
through e-banking and e-commerce. As customers are relying more on online medium for
business transactions, personal finance and investment, the number of internet frauds have also

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increased and it leads to the internet fraud threats for both customers and for organizations.
Increased popularity of e-banking resulted in to increased attention of lawful and unlawful e-
banking practices. E-banking users are responsible for crimes, frauds and other threats of
security risk. Criminals focus on acquiring customers’ e- banking information’s to commit
financial frauds by using custmers’ e-banking account.

These frauds are taking various forms, like, fake products selling to scams that promise
customer huge fund if assistance can be given to foreign financial transaction through bank
account of customers. Usually, internet phishing fraud starts with receiving fake email by
customers from a reputed trusted organization, such as, bank, Credit Card Company etc. and
customer was directed to fake webpage that asks his personal specifically about bank account
number and password. Now, banks are providing Security Indicators to their websites to tackle
such threats and protect their customer from such frauds.

1.3 DISTRIBUTION CHANNELS

Today, internet has evolved as the prime medium of service delivery for various financial
institutions. Earlier to this, customers were not able to perform their personal and commercial
banking transactions with such fast speed as they can perform with internet banking. The
internet facility enables banks to perform their traditional activities on a virtual medium, which
they use to perform earlier in their branches are now using e-banking.

Initially, financial institutions were enthusiastic on identifying advantages of internet and were
one of the initiators to adapt e- commerce. After few years down the line, they transformed
their websites from only informational websites to dynamic transaction- oriented websites that
are providing ‘anytime anywhere’ banking services.

Besides having a large internet user population, most of banks are still having a wide branch
network that delivers same products and services that are provide

online as well. Therefore, there must be few opportunities to address this service overlap
existed between two kinds of the distributional channel.

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MODES OF DISTRIBUTION

The banking institutions were quick to imbibe the technological innovations taking place in the
industry; so much so that it can be said that the banking industry is completely revolutionized
post 1991. The need for change had been experienced for quite some time but the initiative of
technological up gradation was taken by the private sector banks that can be said to have
revived the industry. New modes of providing banking services can be summarized as under:

(a) Internet Banking: It is also known as Web Banking or PC Banking or e-Banking.

The easy accessibility to internet facility and availability of computer lead the banks to provide
their products and services through new delivery medium i.e internet. Today, all private and
public sector banks are providing e-banking services to their clients.

(b) Phone Banking: It is also known as Tele- Banking or Mobile- Banking or M-

Banking. India has experienced tremendous increase in the number of mobile phone users.
The rate of penetration of mobiles and landlines has risen significantly and this leads to
encourage banks to grab this opportunity and thus offered mobile- banking services. Through
this service customers can avail information regarding the bank account by sending a SMS.

(c) Plastic Money: It is referred to ATM cards, debit cards and credit cards etc. Banks
have provided ATM facility to their customers and it is connected via V-SAT. Through using
ATM, customers can avail a numerous services, such as, withdrawal of funds, account balance
enquiry, order a cheque book, deposit fund, have information regarding banking products etc.
Even through ATM banks are offering value added services also.

Recharge of prepaid mobile card is offered by Punjab National Bank who has tie ups to use
ATM of banks as:

 HDFC and SBI;

 PNB, UTI and Global Trust Bank.

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Banks have concentrated on improving their “Point of Cash Delivery”. In addition to credit and
debit cards being commonly used as a mode of payment for customers some other easy channels
of delivery have been devised for the customers.

The utilization of information technology (IT) is important in the banking industry. All
banking transactions can be transacted through the use of the internet. A customer can access
his account by logging in the website of the particular bank; he can make all enquiries, transfer
funds and pay bills through the use of the internet. According to an investigation conducted by
Booz & Allen, it was found that the Net Banking was the cheapest mode of banking.

E- Banking has following stages:

I. Information Kiosk- The conventional information and data are available on the
bank’s website regarding products and services offered by the bank.

II. Basic I- Banking- Through this internet – banking infrastructure has been
set by the bank to access basic banking services, as, online opening of a bank
account, online payment of bills, access account statement and enquire bank
account balance online.

III. Virtual Medium- This mode of e-banking uses internet facility as a mode
of conducting banking transactions. Customers can buy and sell products
and services offered through payment gateway service of bank.

More or less, every bank is having its website, by logging in these sites the clients can
have access to a variety of services offered by the banks. E- Banking is the commonly
used method of banking nowadays.

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SERVICE CHANNELS OF COMMON BANKING ACTIVITIES

Banking Activities by Physical and Assistance Needs Self Serve Assisted.

Virtual • Check balances • Modify Accounts (Change

account features & plans)

• Make payments

• Receive financial advice

• Change personal Information

Transfer funds Between • Apply for cash management

accounts services

• Check rates • Increase credit limit

• Setup pre-authorized transfers • Apply for a mortgage

• View bills & statements • Refinance mortgage

• Order cheques (personal) • Modify mortgage Payment

schedule
• Research products & services

• Apply for insurance products

• Use calculator tools for

products & services

• Execute Investment

Transactions

• Order cheques (travelers)

Physical • Make deposits • Open new accounts

• Withdraw funds • Foreign exchange services

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1.4 ADVANTAGES OF ONLINE BANKING

The prime advantage of e-banking system is reduction in operating cost per

transaction. According to Sarel & Mamorstein, 2003 and Nath et al., 2001, the estimate
cost of per e-banking transaction is $0.01, whereas, estimate cost of per fully service
branch transaction is $1.07, which is very high comparatively to the e-banking
transaction cost. Providing e-banking services is the only way to reduce the operating
cost without reducing existing service levels. These advantages lead to banks to take e-
banking as the most preferable mode of service delivery. Now, banks can deeply
analyze all the information gathered from bank customer interactions with the help of
information technology. Therefore, to have better Customer Relationship
Management (CRM) system is become key issue in internet banking services. The
effective CRM system enables banks to gain better customer intelligence, precision in
customization and better managed customer relationships through their virtual
presence.

But from a business point of view, integration of traditional physical branch

banking and modern virtual e-banking system creates win- win situation for the banks.
As e-banking enables banks transfer some of its transaction processing tasks directly to
their banking customers. To enjoy these benefits of e-banking system, banks are
encouraging their customers to adapt e-banking system and manage their own banking
through ATMs and online banking.

Technological innovations are having significant importance in human general

and professional life. This era can safely be attributed as technology revolution. The
quick expansion of information technology has imbibed into the lives of millions of
people. Rapid technology advancements have introduced major changes in the
worldwide economic and business atmosphere. Information technology developments
in the banking sector have sped up communication and transactions for clients (Booz
et al, 1997). Online banking is also one of the technologies which are fastest growing

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banking practices nowadays. It is vital to extend this new banking feature to clients for
maximizing the advantages for both clients and service providers.

To enhance its operating efficiency and providing better banking products and
services, bank has always been the pioneer in adapting the latest technological
advancements. Banks adopted electronic and telecommunication distribution channels
for providing various financial services long back. As banks’ focus has shifted from
product centric model, they have developed their own e-banking system. Now, banks
view e-banking which helped in reducing operating cost as an important value added
feature to attract and maintain existing and prospecting banking clients.

In India the number of internet users is increasing with very fast pace that
eventually increase the opportunity to increase the number of e-banking users as well.
But the success of e-banking largely depends on the technological adaptation rate of
Indian retail and corporate banking customers. Therefore, the driving forces that
influence the adaptation of e-banking system in India will definitely be a critical issue
to banks as well as to regulators of the banking industry.

Although the main factor that effect success of e-banking as a delivery medium of
banking services and products is the adaptation rate of the both kind of banking
customers by retail and corporate customers as well to e-banking services.

Therefore, influencing factors to e-banking adoption in India are the prime concern for
e-banking offering banks as well as for policy makers.

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(A) BENEFITS TO CONSUMERS:

General consumers have been significantly affected in a positive manner by E-banking. Many
of the ordinary tasks have now been fully automated resulting in greater ease and comfort.


Customer’s account is extremely accesses able with an online account.


Customer can withdraw can at any time through ATMs that are now widely available
throughout the country.


Besides withdrawing cash customers can also have mini banks statements, balance
inquiry at these ATM.


Through Internet Banking customer can operate his account while sitting in his office
or home. There is no need to go to the bank in person for such matter.


E banking has also greatly helped in payment of utility bill. Now there is no need to
stand in long queues outside banks for his purpose.


All services that are usually available from the local bank can be found on a single
website.


The Growth of credit card usage also owes greatly to E-banking. Now a customer can shop
worldwide without any need of carrying paper money with him.


Banks are available 24 hours a day, seven days a week and they are only a mouse click
away.

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(B) BENEFITS TO BANKING INDUSTRY:

Banking industry has also received numerous benefits due to growth of E-

Banking infrastructure. There are highlighted below:


The growth of E-banking has greatly helped the banks in controlling their overheads
and operating cost.

 Many repetitive and tedious tasks have now been fully automated resulting in greater
efficiency, better time usage and enhanced control.


The rise of E-banking has made banks more competitive. It has also led to expansion
of the banking industry, opening of new avenues for banking operations.


Electronic banking has greatly helped the banking industry to reduce paper work, thus
helping them to move the paper less environment.


Electronic banking has also helped bank in proper documentation of their records and
transactions.


The reach and delivery capabilities of computer networks, such as the Internet, are far
better than any branch network.

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 (C) BENEFITS TO GENERAL ECONOMY:
Electronic Banking as already stated has greatly serviced both the general public and
the banking industry. This has resulted in creation of a better enabling environment that
supports growth, productivity and prosperity. Besides many tangible benefit in form of
reduction if cost, reduced delivery time, increased efficiency, reduced wastage, e-
banking electronically controlled and thoroughly monitored environment discourage
many illegal and illegitimate practices associated with banking industry like money
laundering, frauds and embezzlements. Further E-banking has helped banks in better
monitoring of their customer base. This it is a useful tool in the hand of the bank to
device suitable commercial packages that are in conformity with customer needs. As e
banking provide opportunity to banking sector to enlarge their customer base, a
consequence to increase the of volume of credit creation which results in better
economic condition, Besides all this E-banking has also helped in documentation of the
economic activity of the various masses.

(D) ECONOMICAL BENEFITS:

E-banking served so many benefits not only to the bank itself, but also to the
society as a whole. E-banking made finance economically possible:

(i) Lower operational costs of banks.

(ii) Automated process.

(iii) Accelerated credit decisions.

(iv) Lowered minimum loan size to be profitable.

Potentially lower margins:

(i) Lower cost of entry.

(ii) Expanded financing reach.

(iii) Increased transparency.

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1.5 DISADVANTAGES OF E-BANKING

Although e-banking system provides a no. of advantages to the customers but

still prospecting e-banking users should identify its few disadvantages as well. Even
after investing heavily in e-banking awareness campaign and offering so many benefits
through e-banking system, still it lacks in gaining trust factor among its customers.

The disadvantages of e-banking system are as follows:

1. Impersonal: Absence of personal interaction makes it very impersonal. Thus,

customers who are more comfortable in dealing with people in physical bank
setting that provide those personalized services rather than mechanical
interaction; e-banking is not a good option for them.

2. Lack of trust: Still many customers do not trust online mode of service
especially for money related transactions. Users who are not seasoned in e-
banking feel very uncomfortable as they have doubt regarding the correctness
of the transaction done by them online. As they require some kind of proof of
transaction as receipt, to verify their transactions.

3. Difficult for first timers: For the beginners, it appears as a complex mode
of service as customer find it complicated to navigate through bank’s website.
While opening an account online, bank’s website requires a number of
information and that seems time taking and inconvenient process to the new
users.

4. Security fraud: People generally hesitate to have an online bank account

due to the security risk involved in it. Although, it is not a big issue for banks
providing e-banking services, as they prioritize security. To avoid security risk,
banks use the most advanced security system in protecting their websites.

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 OTHER DISADVANTAGES OF E-BANKING:
(a) If the bank’s server is down, customer can’t use it.

(b) To use internet banking, customer is compelled to have computer with internet
access.

(c) There is always the possibility of a cracker gaining access to customer’s

account.

(d) Many banks don’t show customer how to use online banking very well and
those are usually the ones with the non- intuitive interface & cluttered design,
which makes it pretty easy for customer to screw up something.

(e) Banks bears heavy costs to install high firewall.

(f) It leads to missing of personal services.

(g) E-banking promotes lack of socializing or social contacts

1.6 RISKS IN E- BANKING

As we cannot deny the advantages offered through e-banking, same way we cannot
ignore the risks involved in e-banking. Bank should maintain adequate leverage
between the advantages and risks of e-banking. Although, marketing and advertising
campaign initiated by banks are encouraging a no. of customers to adapt e-banking, but
for managing such a huge customer base banks need to prepare their internal system on
prior basis. To have a deep understanding about the risks of e-banking system, it is
categorized in various categories, so that bank can effectively design risk management
strategies for e-banking. As now e-banking enabled banking beyond the geographical
boundaries, banks have local as well as international customers to process their requests
or solve their problems. Complexity of e-banking system has increased due to its close
network that involves various service delivery mode offered by a bank and open
network, such as internet facility that is subject to

security and reputational risks. It also includes operational risk, legal & regulatory
risks, systematic risks, credit risks, market risks and liquidity risks.

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 Flow chart

Business
Strategic risk
risk

Security risk

TYPE OF RISKS
Operations
OF INTERNET
risk
BANKING

International
Development
Reputational risk
risk

Credit risk Liquidity interest

rate Price or
market risk

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 1. STRATEGIC RISK

As e-banking is very new phenomenon, for strategic risk, there is possibility

that senior management people would not be known about its prospects & challenges.
People, who are good in technological skills not necessarily good in banking skills, take
the initiative toward e-banking adoption. Initiative taken by internet users originated in
unclear pattern and in various stages. E-initiatives can be expensive and non
recoverable. Even more to it, they are mostly viewed as the loss- leaders to increase
market share even it may not encourage those clients that a bank expects and may have
unknown impact on existing business lines.

To face this risk, bank should have a definite strategy at the top level and that
should comprise the effects of e-banking at the relevant areas. This strategy should be
properly communicated across the business and should have a proper and adequate
business plan with a performance review system.

2. BUSINESS RISKS

These risks have great importance in any business. As a e-banking is a contemporary

issue, people are unaware about the fact that whether e-banking users are having same
features as conventional consumers or not. E-banking users not have same features as
traditional banking customers. For example, Customers who are requested some services
to be conducted immediately, lead to inappropriate existing score card model, therefore
it resulted into either high rejection rate or incur inadequate risk covering charges.
Furthermore, banks could not assure the effective credit quality at a distance
comparatively to they provide serving in branch in person. As well as analysing the
quality and nature of collateral security from a distance, specifically if it is of area not
familiar to bank. The exact forecast of cash inflow & outflow is very difficult so it pose
a challenge to maintain an adequate level of liquidity.

Although, these risks are not new and banking staff have significant experience
in facing them but still need to be addressed properly.

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3.OPERATIONS RISK

Operation risks faced by banking institution may be categorized in 3 ways:

(a) volume forecasts

(b) management information systems

and,

(c) Outsourcing.

Exact anticipation of banking transactions is very difficult. Main risk in e-

banking service environment is the uncertainty to predict the volume and number of
banking transactions. When a bank is not able to manage the demand, bank has to face
reputational risk which resulted in financial loss and sometimes compromising in
security if additional system configured to manage it properly.

To overcome these risks bank should

 undertake market research,

 adopt systems with adequate capacity and scalability,

 undertake proportionate advertising campaigns and

 Ensure that they have adequate staff coverage and develop a suitable
business continuity plan.

In other words, this is new unknown area and banks require operating cautiously.

The 2nd kind of operational risk is to manage proper information system.

Although, it is not only available to e-banking, it is common for all service delivery
system. Generally, bank faces problem in generating proper information to analyze its
e-banking services due to the difficulty in configuring new information system which
can generate adequate, clear and meaningful data. FSA (Flexible Spending Account)
provided guidelines to the banks to obtain information needed by them in proper format

22
as to get an understanding and to differentiate between important and unessential
information.

Eventually, most of the banks providing internet banking have outsourced the
related business functions, such as, security. The primary reasons of it are to reduce
operating cost and lack of expertise in home. Although, outsourcing can also pose a
challenge i.e. material risk due to reduction in bank’s control over that particular
function that has been outsourced. However, risk created by outsourcing is manageable
but bank should consider FSA, guidelines regarding outsourcing that helps in reducing
such risk.

3. SECURITY RISKS

Another major problem which is attracting attention in recent years is the

security of information collected by banks. With the advent of e-banking the risk of
leaking information has increased considerably. In the past the banks functioned in an
environment which was secluded where there were no security issues but with
interconnected banking operations the banks are exposed to security risks as they
function in an open environment. They have to consciously monitor these risks
constantly and manage them whenever necessary.

There are majorly three kinds of security breaches,

(i) those breaches which have a prior criminal motive (i.e fraud, having access to
financial information which can be used for commercial purposes),

(ii) breaches undertaken by casual hackers (these breaches may lead to a website not
working properly, giving false information or not providing any service at all, may even
ultimately lead to a crash of website) and

(iii) there may be some defect in the design of the website which may lead to leak of
information). All these type of breaches lead to serious financial, legal or reputational
repercussions.

23
Many banks are finding that these systems are hacked several times a day but the losses
are minor in the nature. However, the banks should develop some kind of Burglar
Alarm to trace the number of and the frequency of these unsuccessful attempts to hack
the security of inform.

Those computer systems that contain details of high valued payments or which contains
highly sensitive confidential information must be properly guarded. An

adequate security system must protect such information. Generally, therefore the
greater is the risk of loss the greater the possibility that such a loss may occur. Although
the banks are trying to secure overall systems but more attention needs to be paid to the
separation of internal systems and poor internal security. One possibility which may
lead to hacking of website is gaining entry through a less guarded less valued website
and then it gaining entry into a high value system through banks’ internal network. It is
being contemplated those banks erect firewalls (i.e., software that prevents an
unauthorized person from gaining entry into the system) among their different systems.
This would ensure minimization of damage even if an external breach does occur. The
greatest risk to security however is from internal sources that are the employees of the
organization and the contractors.

Even though there are security risks involved in e-banking, it could also eliminate some
of the mistakes of manual processing of information (customers are directly contacted
through the bank’s system rather than customers contacting the bank first and then bank
eliciting information from them). With the development of e-banking practices and
management of security risks, large gains could be achieved.

The banks should proactively concentrate on addressing the risks involved effectively.
They must devise a strategic approach toward safety of data establishing correct
working procedures and security controls into systems and networks. A focused
approach on information security needs to be developed which should include testing
of systems’ security controls (i.e., penetration testing), monitoring of new competitors
and keeping an eye on the weak spots, reviewing market developments and recruiting
adequate staff with expertise to manage information security and its security control
system. The above-mentioned concerns would be taken up by line managers when they
supervise banking operations, they should used reassurances as these accounts.

24
5.REPUTATIONAL RISKS

The reputational risks of banks have increased a great deal with increased use of internet
by them. Through the internet everybody has knowledge of all good or bad incidents
that take place in a quick span of time. Rumors on the net can be exaggerated as
forecast.

The communication with the help of the internet is undertaken at an alarming speed,
this gives perhaps no time for anyone to respond or for managers to control such
rumors. The crises management of the banks must be in place and the PR department
should be handle such occurrences (whether they are real or hoax).

Last reputational risk involves that the products which are sold with the help of the net
are properly marketed in such a way that the bank may not be charged with using wrong
marketing practices, exactly in the same manner as in the physical world. Banks need
to ensure that the rights of the consumers are adequately protected.

6. INTERNATIONAL DEVELOPMENTS

E-banking exposes the banks to certain peculiar risks. Supervision of banking

activities has to be conducted at a global level if it has to be done effectively. This is
essential because e-banking is by nature non- territorial customers can very easily
access the site and not only elicit the required information but can also purchase the
products of their choice. The regulators have to understand and efficiently deal with the
regulatory problems of global e-banking. Cross border supervision mechanisms have
been established agreements over home or host responsibilities (within the members),
bilateral agreements for sharing of information and setting benchmarks which all
domestic as well as bankers abroad are expected to fulfil. The ultimate purpose is that
a common mechanism of supervision, strong enough is to be developed which matches
the physical banking environment.

25
7. CREDIT RISK

Generally, a financial institution’s credit risk is not increased by the mere fact
that a loan is originated through an e-banking channel. However, management should
consider additional precautions when originating and approving loans electronically,
including assuring management information systems effectively track the performance
of portfolios originated through e-banking channels. The following aspects of on-line
loan origination and approval tend to make risk management of the lending process
more challenging. If not properly managed, these aspects can significantly increase
credit risk.

8. LIQUIDITY, INTEREST RATE, PRICE OR MARKET

RISKS

Funding and investment-related risks could increase with an institution’s e-

banking initiatives depending on the volatility and pricing of the acquired deposits. The
Internet provides institutions with the ability to market their products and services
globally. Internet-based advertising programs can effectively match yield-focused
investors with potentially high-yielding deposits.

But Internet-originated deposits have the potential to attract customers who

focus exclusively on rates and may provide a funding source with risk characteristics
similar to brokered deposits. An institution can control this potential volatility and
expanded geographic reach through its deposit contract and account opening practices,
which might involve face-to-face meetings or the exchange of paper correspondence.
The institution should modify its policies as necessary to address the following e-
banking funding issues:

26
a. Potential increase in dependence on brokered funds or other highly rate-sensitive
deposits;

b. Potential acquisition of funds from markets where the institution is not licensed to
engage in banking, particularly if the institution does not establish, disclose, and
enforce geographic restrictions;

c. Potential impact of loan or deposit growth from an expanded Internet market, including
the impact of such growth on capital ratios;

d. Potential increase in volatility of funds should e-banking security problems negatively

impact customer confidence or the market’s perception of the institution.

1.7 CHALLENGES OF INTERNET BANKING

Indian internet banking sector is still prevailing in its primary level of growth. Only
some banks are providing certain basic services only. Only limited number of private
sector banks like HDFC & ICICI Bank is fully computerized and they are providing
all services through the use of internet. One of the major factors responsible other
Indian banks upgrading technology and competing with other competitors is
liberalization of the economy.

Challenges of E- Banking are as follows:

 Demand side pressure due to increasing access to low-cost electronic

services.

 Emergence of open standards for banking functionality

 Global players in the fray

 Dual responsibility, to protect customer’s privacy and protect against

fraud.

27
 (a) Proper understanding of customer: Bank should adequately and properly

identify customers’ requirements and wants. To identify the customers exact

needs bank should conduct a research survey.

(b) Due to significant increase in customers’ awareness, the need of

maintaining transparency has increased significantly.

(c) Breach of privacy: While customers conducting banking

transactions online, it directly enters into banking records that reveal the
identity of customers. Therefore, no one can easily transfer black money.

(d) Bandwidth: Although, internet facility providers claim to provide speedy

and high bandwidth, still the problem of high-speed internet prevails. E-
Banking can popularize more only with adequate infrastructure comprising
telecommunication and bandwidth.

(e) The level of computer literacy is still very low in India and it works as a
bottleneck in the fast acceptance of e-banking.

(f) The attitude of customers is required to be transformed in India.

(g) Bank should have proper security measures to protect its customers against

“Net – jacked” or from frauds.

THREATS OF E-BANKING ARE AS FOLLOWS:

1. The most common way of hoaxing with the information is the cracking login
and passwords of e- banking users.

2. Denial of services: high trafficking of queries results into jamming computer

network.

28
 3. Data Diddling: Information and data can change in an unauthorized way. It
can result in receiving higher amount bill rather than actual amount to be paid
by customers.

4. Session Hijacking: Hijacker becomes unauthorized intermediary between the

customer and the server. Then hijacker can hijack the data and restricts it to
reach the relevant destination.

Most online transactions involve disclosing up of the credit or debit card number.
Hackers can very easily track down these numbers. They can thus enjoy the full
benefits of the card without being an actual cardholder. Reserve Bank of India
provided some guidelines on e-banking to protect interest of customers as well as of
banks.

THE GUIDELINES ARE AS FOLLOWING:

1. It instructed that although banks can accept application of account opening

online, but the bank account should be opened after adequate physical
verification & introduction of the client.

2. It guided that security measures adopted by bank, for users authentication, must
be recognized or approved as a substitute for sign, for legal perspective. As per
the IT Act 2000 Sec.3 (2), asymmetric crypto system and hash function tech.
should be used as a medium of authentication of electronic records. If bank uses
any other medium, it would be taken as a source of legal risk.

3. Banks should maintain secrecy and confidentiality of their customer’s bank

account.

4. IT Act 2000 & Consumer Protection Act is applicable to the banking

business and they provided legal guidelines to generate, conduct & preserve
electronic data that can be treated as a proof in the court whenever required,
other than the areas that continue to be regulated by the provisions of
Negotiable Instrument Act, 188
29
 CHAPTER-2
REVIEW OF LITERATURE

30
REVIEW OF LITERATURE

In this field few studies were conducted in India. The researcher reviewed many researches conducted
in India and abroad to find out the correct area to carry out the research work, which will fruitful for
the professionals and country.

Rangan, V. Kasturi and Lee, Katharine L., (2012), “Mobile Banking for the Unbanked “,
The case describes in detail the workings of two mobile banking operators in AfricaWIZZIT in South
Africa and M-PESA in Kenya. It explores the dimensions of strategy that make for success in the
market for the unbanked. It raises questions regarding the portability of the model to other countries
and settings.

V. Raja, Joe A. (2012), “Global e-banking scenario and challenges in banking system”,
This paper is an attempt to explore the various levels of internet banking services provided by banks
using the secondary data. It also compares the traditional banking systems with net banking. It lists
out the various advantages of internet banking and the successful security measures adopted by
different banks for secured banking transactions. It also analyzes how E-banking can be useful for
banking industry during this global financial melt down.

Nel J., Boshoff C., Raleting T., (2012), “Exploiting the technology cluster effect to enhance the
adoption of WIG mobile banking among low-income earners” This study investigated the attitude
formation of low-income, non-users of Wireless Internet Gateway (WIG) mobile banking, by
including use of the Short Message Services (SMS) as a moderator of attitude formation. A non-
probability sample of 465 South African non-users of mobile banking was drawn and clustered into
High users and Low users of the SMS, based on the average number of text messages sent in a week.
The moderating effect of "use of the SMS" was investigated by means of a structural equation
modelling multi-group analysis. The findings revealed that the influence of Ease of use on Attitude
and of Self-efficacy on Ease of use were stronger for High users and significantly different from Low
users, while the opposite was true for the influence of Facilitating conditions on Usefulness.

Oliveira P., Eric V. H., (2011), “Users as service innovators: The case of banking services”
Fond that 55% of today's computerized commercial banking services were first developed and
implemented by non-bank firms for their own use, and 44% of today's computerized retail banking
services were first developed and implemented by individual service users rather than by
commercial financial service providers. Manual precursors to these services – manual procedures

31
that carried out functions similar to computerized services in our sample – were almost always
developed by users as self-services.

Ahmed S. M, Shah J. R., Md. A. I., Samina M., (2011), “Problems and prospects of mobile
banking in Bangladesh” This study revealed that 61 % respondents think it saves time than
traditional banking, the highest number of respondents use mobile banking for ‘Air-time top-
up’ service, that is 21%, out of 120 respondents 56% replied it is less costlier than traditional
banking, 100% respondents did agree that it is speedy, and 38% respondents are upper class.
Although this concept is new in Bangladesh but its potentiality is high. From this research, other
researchers and policy makers will get an insight about the problems and prospects of mobile banking
in Bangladesh.

Mas I., (2011), “Capturing the Potential of M-Payments for the Unbanked”,
This article discusses the potential of using mobile phones to greatly increase access to financial
services in developing countries, and reviews the main success factors in a mobile banking project.

Murillo R. H., Llobet G., Fuentes R. (2010) “Strategic online banking adoption”,
found out that bank-specific characteristics are important determinants of banks‘ adoption
decisions, competition also plays a prominent role. The extent of competition is related to the
geographic overlap of banks in different markets and their relative market share in terms of
deposits. In particular, banks adopt online banking services earlier in markets where their
competitors have already adopted this technology. This paper is one of the first to construct local
banking markets using the geographic market definitions delimited by the CASSIDI® Database
compiled at the Federal Reserve Bank of St. Louis.

Alain Y. C., Keng B. O., Binshan L., Boon I. T., (2010) "Online banking adoption: an
empirical analysis" showed that perceived usefulness, trust and government support all positively
associated with the intention to use online banking in Vietnam. Contrary to the technology
acceptance model, perceived ease of use was found to be not significant in this study.

Kenneth B. Y., David H. W., Claire L., Randall B, (2010) "Offline and online banking - where
to draw the line when building trust in e-banking?", found that Traditional service quality
builds customer trust in the e-banking service. The size and reputation of the bank were found to
provide structural assurance to the customer but not in the absence of traditional service quality.
Web site features that give customers confidence are significant situation normality cues.

32
 CHAPTER-3
RESEARCH METHODLOGY

33
RESEARCH METHODOLOGY
OBJECTIVES
 To Study how online banking changed our lives.

 To study positive and Negative impact of online banking.

 To study role of internet banking in society.

 To study impact of internet banking on business customer relationships.

 To study the level of customer satisfaction with respect to internet banking.

 To study impact of internet banking in India.

34
1) Sample Size

A sample of 50 respondents has been drawn.

2) Sample unit

Individual having bank account and using E-BANKING.

3) Sampling Technique

Depending on the size and strength of the department a proportionate number of people
were picked, on the lines of ‘convenience sampling’.

4) DATA COLLECTION

There are two sources of data collections:

 Primary Sources
 Secondary Sources

Primary Sources
 The data has been collected by structured questionnaire.
 Structured questionnaire contained both close ended and open-ended
questions.

Secondary sources

 Journal of Indian institute of bankers.

 Books
 Websites

35
 CHAPTER-4
DATA COLLECTION AND
ANALYSIS

36
COLLECTED DATA AND ITS INTERPRETATIONS

1. Customers are using the following bank’s services: -

Frequency Percentage

Public Banks 32 65%

Private banks 18 35%

Interpretation

a) 65% respondent s are having account s in public banks.

b) 35% respo ndent s are having account s in pr ivat e banks.

37
2. Following respondents know how to access Internet

Frequency Percentage

YES 42 85%

No 8 15%

No
15%

Yes
Yes
85% No

Interpretation

(a) 85% respondents know how to use Internet.

(b) 15 % respondents don’t know how to access Internet.

38
3. Awareness of the concept of E-Banking?

Frequency Percentage

Yes 50 100%

No 0 0%

No
0%

Yes
No

Yes
100%

Interpretation

This question is based upon to find the awareness level of respondents regarding
E-Banking 100% respondents are aware of E-Banking.

39
4. Following are availing the services of E -Banking:

Frequency Percentage
Yes 18 35%
No 32 65%

Yes
35%

Yes
No

No
65%

Interpretation

(a) 35% respondents avail the net banking services.

(b) 65% respondents are not avail the services.

40
5. Response to Bank’s assistance to its customers are as follows: -

Frequency Percentage

Yes 7 14%

No 43 86%

70
60
60
No. of Respondents

14
50

40

30 Yes
23
17 No
20

10

0 86
Good Knowledge Moderate Knowledge No Knowledge
Knowledge of Respondent

Interpretation

(a) 86% respondents are in the favors that bank should provide assistance of net
banking to its customers.

(b) 14% respondents do not want any type of assistance from bank.

41
6. An Idea about Scope of E-Banking

Frequency Percentage

Great Scope 37 75%

Low Scope 3 5%

Can’t Say 10 20%

GREAT SCOPE LOW SCOPE CAN'T SAY

20%

5%

75%

Interpretation

(a) 75% respondents have believe that E-BANKING has great scope.

(b) 5% respondents say that it has less scope.

(c) 20% respondents say that they do not have fixed opinion about it.

42
CHAPTER-5
FINDINGS &
CONCLUSION

43
 5.1 FINDINGS

• Majority of respondents are availing bank services from Nationalized Banks.

• Almost all respondents are aware about E-Banking.

• Majority of respondents are aware of E-Banking services being offered by

banks.

• Customers have well knowledge of computers as well as Internet.

• The basic problem is unawareness about E-Banking.

44
 5.2 CONCLUSION

GENERAL CONCLUSION

1. E-banking impact on service quality.

2. Regarding the comparative service quality level of public and private sector bank.
3. E-banking on payment and clearing system.

FINAL CONCLUSION

Technology is a part of the business, it no longer just a tool. “Technology has become our
business driver right from our inception.” We went in our centralized processors, used open
systems and ensured that they were scalable, web enabled and distributive is nature. We
positioned ourselves to offer alternative distribution channels like Landline and Mobile Phones,
PCS Cable and eventually wireless. Now firstly private and foreign and then public banks have
also introduced third party payments and loans on the Net. Internet Banks are using several
initiative ways to deal with its customers in more convenient manner as to increase the level of
customer satisfaction. Internet banks have also introduced E-net product which enables
corporate clients to transact business from every work states.

45
 CHAPTER-6
SUGGESTIONS
&
LIMITATIONS

46
 6.1. SUGGESTIONS

 Demonstration Kit at banks should be made available so that customers can come and
take a demonstration. This will increase the comfort level of customers in the usage of
Net Banking and remove apprehensions or hitches if any in the customer’s min.

 Just like the concept of offsite ATM, information section should be established in
different parts of the city where the customer can come and make queries and
transactions.

 Measures to increase the awareness of E-Banking services should be taken.

 All the cyber cafes should be bombarded with displays / banners of E-Banking
Services and arrangements for free demo should be worked out. Banks should provide
to its customers E-Banking through the Internet such that one of the PC’s in the bank’s
premises is connected to the web server, so that the customers can come and have an
easy access to their account.

47
 6.2 LIMITATIONS OF THE STUDY

Time constraint: -

The studies on such issues require really shear hard work and full attention from the side of the
researcher which is very difficult for a student to give along with due attention to one’s study.
Further the time was the biggest constraint in conducting the study.

Small Sample: -

The sample used for the study is not sufficient for such comprehensive study. The sample size
of the study is 50 which cannot result into some very authentic piece work. The sample size
was one of the constraints which if would large, would have resulted into some more reliable
authentic study.

48
ANNEXURE

49
QUESTIONNAIRE
1. Name

2. Age
a) Below 20 years
b) 21-30 years
c) 31-40 years
d) More than 40 years

3. Gender
a) Male
b) Female

4. Which of the following bank’s services are you are using?

(a) Public banks 

(b) Private banks 

5. Do you know how to access internet?

(a) Yes 

(b) No 

6. Are you aware of net banking?

(a) Yes 

(b) No 

50
7. Are you availing the services of E -Banking?

(a) Yes 

(b) No 

8 Should bank undertake training programs to impart

knowledge about E-Banking and its operation?

(a) Yes 

(b) No 

If yes, then rank t he ways of training:

(a) Personal Assistance ___

(b) Live Demonstration ___

(c) Practical Training ___

9 Your idea about scope of E-Banking?

(a) Great Scope 

(b) Low Scope 

(c) Can’t say 

(d) Any other Idea 

51
10. Are you satisfied with the using e -banking?

(a) Yes 
(b) No 

11. Frequency of transactions?

(a) 2-3 time per week 

(b) Daily 
(c) Once per month 
(d) Not at all 

12. Does the bank have an electronic banking co mmittee (or

something similar)?

(a) Yes 
(b) No 

13 Are any application from available on website?

(a) Yes 
(b) No 

14 Did the bank do a cost analysis specifically on e -banking?

(a) Yes 
(b) No 

15 Degree of satisfaction fro m the service via Internet comparatively

to service via bank?

(a) Very high 

(b) High 
(c) Not at all 
(d) Some 
(e) Little 
52
BIBLIOGRAPHY

53
 BIBLIOGRAPHY
 Bhasin, Niti (2010), “Financial Institution and Markets in India” New Century
publication, New Delhi.
 Dasgupta P. (2002), Future of E-Banking in India.
 Diviz, E (1998), Web Banking in USA. Journal of E-Banking and Commerce.
 Kaur Manjot (2015), “A Complete Study on E-Commerce” Kalyani Publishers, New
Delhi.
 Murthy C.S.V. (2007), “E-Commerce” Himalaya Publication House, New Delhi.
 Pegu. R (2000), E-Banking is fast becoming popular, June 25 the Week.
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 Rangan, V. K., & Lee, K. L. (2012). Mobile banking for the unbanked. Harvard
Business School Marketing Unit Case, (511-049).

 Raja, V. (2012). Global e-banking scenario and challenges in banking system. Asian
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 Nel, J., Raleting, T., & Boshoff, C. (2012). Exploiting the technology cluster effect to
enhance the adoption of WIG mobile banking among low-income
earners. Management Dynamics: Journal of the Southern African Institute for
Management Scientists, 21(1), 30-44.

 Oliveira, P., & von Hippel, E. (2011). Users as service innovators: The case of
banking services. Research policy, 40(6), 806-818.

 Ahmed, S. S., Rayhan, S. J., Islam, M. A., & Mahjabin, S. (2012). Problems and
prospects of mobile banking in Bangladesh. Journal of Information Engineering and
Applications, 1(6), 16-34.

 Hernández-Murillo, R., Llobet, G., & Fuentes, R. (2010). Strategic online banking
adoption. Journal of Banking & Finance, 34(7), 1650-1663.

 Chong, A. Y. L., Ooi, K. B., Lin, B., & Tan, B. I. (2010). Online banking adoption: an
empirical analysis. International Journal of bank marketing.

54
 Yap, K. B., Wong, D. H., Loh, C., & Bak, R. (2010). Offline and online banking–
where to draw the line when building trust in e‐banking?. International Journal of
Bank Marketing.

Web Site

 www.bankingandsaving.com
 www.financialexpress.co m
 www.google.co m
 www.tirpude.edu.in
 www.wikipedia.org
 www.worldjute.com

55
56