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Virtual Banking

Virtual banking allows customers to bank without a physical branch presence by offering services exclusively through online and electronic channels. The first virtual banks were Security First Network Bank, which launched in 1995 in Atlanta, and FinatiQ, a division of Bank of Singapore that launched in 2000. Virtual banking services include online banking, email banking, phone banking, mobile banking, and ATM access. These services provide customers convenience by allowing them to bank anywhere at any time. However, virtual banking also poses disadvantages like increased risk of fraud and a potential learning curve for customers.

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192 views25 pages

Virtual Banking

Virtual banking allows customers to bank without a physical branch presence by offering services exclusively through online and electronic channels. The first virtual banks were Security First Network Bank, which launched in 1995 in Atlanta, and FinatiQ, a division of Bank of Singapore that launched in 2000. Virtual banking services include online banking, email banking, phone banking, mobile banking, and ATM access. These services provide customers convenience by allowing them to bank anywhere at any time. However, virtual banking also poses disadvantages like increased risk of fraud and a potential learning curve for customers.

Uploaded by

sagarg94gmailcom
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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VIRTUAL BANKING

Virtual Banking

Bank with a very small or nonexistent branch network services through the Internet or other electronic channels

Origin
Security First Network Bank (SFNB) Oct 18,1995 - Atlanta,Georgia,USA. Asias first virtual bank was FinatiQ a division of the Bank of Singapore - April 2000

Features of Virtual Banking


Online Banking E-Mail Banking Phone Banking Mobile Banking Automatic Teller Machine

Online Banking ?
Customer to conduct financial transactions on a secure website operated by their virtual bank.

Features of Online Banking


Any Time 24*7*365 Any where Bill payments Investment (Online Trading) Fund Transfers (Inter & Intra bank) Request for Demand draft, Pay Order etc...

Email Banking ?
The service which can be done for specific transaction though Registerd Email ID.

Features of E-Mail Banking


Receive daily, monthly statements through registered email id. Cheque book request. PIN request.

Phone Banking ?
Customers to perform transactions over the telephone Most telephone banking use an automated phone answering system with phone keypad response or voice recognition capability

Features of Phone Banking


Balance Inquiry Account Statement (For the day or any specific period on Fax) Transaction Details
Cheque Related Information

Mobile Banking ?
The service which can be done for specific transaction through Registerd Mobile Number.

Features of Mobile Banking


Automatic Alerts SMS Requests

ATM ?
An Automated Teller Machine is a computerised telecommunications device that provides the customers to access financial transactions in a public space without the need for a human clerk or bank teller.

Features of ATM
Withdraw cash instantly. Withdraw cash across the world through international cards. View mini statement. Cheque Book Request. Deposit cash and cheque for collection. Card to Card Transfer

Advantages of Virtual Banking


Convenience Ubiquity Transaction speed Efficiency Effectiveness

Disadvantages of Virtual Banking


Fraud Start-up may take time Learning curve Bank site changes The trust thing

How best IOB can implement


Paying routine bills, fees and taxes Printing Bank Statements Updating passbooks Reaching the Remote Hassle Free Service Purchasing Postage Stamps Train Tickets

How Best IOB can implement


Transaction between the banks Deposit - ATM Using the Mobiles Biometrics Concepts

Biometrics Technology
Bio Metric Finger Card

Biometrics Technology

FINGER CARD

Conclusion

Virtual Banking is Virtue

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