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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
“E-BANKING IN INDIA AND ITS PRESENT SCENARIO
AND FUTURE PROSPECTS”
BASAVARAJAPPA
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T M
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Developments in Information technology
have given a rise to innovations in the product & service designing and their supply in the
banking sector and finance industries, customer services and satisfaction are their centre point of
all the efforts
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With the advent of
online banking, electronic funds transfer and other similar products & services for funds transfer
within quick time which was impossible a few years age
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Keywords: Electronic banking, Online banking security, Technology,
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DEPARTMENT OF PG STUDIES IN COMMERCE, UNIVERSITY COLLEGE,
HAMPANKATTA, MANGALORE
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Now-a-days banking is known as innovative banking
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Present banking scenario has come up with a lot of new initiatives which are
oriented to provide a better customer service and facilities with the help of information
technology
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Indian banking sector, presently has the
same sense of opportunity that is evidence in the Indian banking market and economy
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In today's competitive banking word improvement day by day in customer services is the
most significant tool for their growth and development
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Banks are playing an important role in the economic development country
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The bank
collects small savings from the public for investment in various projects
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The purchase and sales of investment securities, equity & preference shares, making
payments, receiving subscription funds and collection of
utility bills for the Government
department
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Bank also
arranges foreign exchange for the business transactions of customer with other countries
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ELECTRONIC BANKING
Electronic Banking in simple terms means, it does not involve any physical exchange of
money, but it's all done electronically, from one account to another, using the Internet
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You don't have to go to the bank for
DEPARTMENT OF PG STUDIES IN COMMERCE, UNIVERSITY COLLEGE,
HAMPANKATTA, MANGALORE
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Instead, you can access your account any time and from any part of the world, and
do so when you have the time, and not when the bank is open
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ELECTRONIC BANKING AND ITS UTILIZATION
Electronic Banking also known as Internet Banking is the latest in the series of
technological wonders of the recent past
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Banks know that the Internet opens up new horizons for them and moves them from local to
global frontiers
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It is the types of services through which bank customers can request
information and carry out most retail banking services such as balance reporting, interaccount
transfers,
bill-payment,
etc
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It provides universal connection from any location worldwide and is
universally accessible from any internet linked computer
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It is vital to
extend this banking feature to clients for maximizing the advantages for both clients and service
providers
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The navigability of the
Website is a very important part of IB because it can become one of the biggest competitive
advantages of a financial entity
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Due to increase in technology usage the banking sector's performance increases day by
day
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PROBLEMS BEFORE ELECTRONIC BANKING
DEPARTMENT OF PG STUDIES IN COMMERCE, UNIVERSITY COLLEGE,
HAMPANKATTA, MANGALORE
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A Customer may have to face some risky transaction & frauds
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Failure or interruption of power supply cause to break down in e-banking
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Financial Loss of heavy income at times of settlement of higher magnitude
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Cost to be incurred for training the staff may not be profitable
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Easy Electronic Fund transfer facility
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Better efficiency in Customer relationship management
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Making the Payments of bills like electricity, telephone bills, and mobile recharge
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It introduces virgin & innovative banking products & services
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It can view of balance of accounts and statements;
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IMPACT OF IT ON BANKING SYSTEM
The banking system is slowly shifting from the Traditional Banking towards relationship
banking
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This was put into operation with clearing and decision making
responsibilities concentrated at the individual branch level
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The bank monitored the organization's performance and set the decision making
parameters, but the information available to both branch staff and their customers was limited to
one geographical location
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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
BENEFITS OF E-BANKING
To the Customer:
Anywhere Banking no matter wherever the customer is in the world
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, from anywhere in the world is possible
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Convenience acts as a tremendous psychological benefit all the time
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Cash withdrawal from any branch / ATM
On-line purchase of goods and services including online payment for the same
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Integrated customer data paves way for individualized and customized services
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It gives an ever-growing market both in terms of number of potential customers and
geographical reach
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More and more people across the globe are accessing the net either
through PCs or other devices
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Anybody accessing Internet is a potential customer irrespective
of his or her location
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2 Unique opportunities
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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
Internet offers a unique opportunity to register business presence in a global market
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Time sensitive information can be updated faster than any other media
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Use of multimedia capabilities, i
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, sound, picture, movies etc
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However, help of other media is
necessary to draw the potential customers to the web site
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It is generally accepted that the cost of
overhead, servicing and distribution, etc
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Although the magnitude of difference varies depending on the type of
business and the estimates made, but there is unanimity that Internet provides a substantial cost
advantage and this, in fact, is one of the major driving forces for more number of traditional
businesses adapting to e-commerce and pure e-commerce firms to sprout
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It is a key feature of any e-commerce venture
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Internet
offers such opportunity, since the business presence is not restricted by time zone and
geographical limitations
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are some of the
features of business
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Many
a time one's presence in the web may bring in international enquiries, which the business might
not have targeted
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THE FUTURE SCENARIO
Compared to banks abroad, Indian banks offering online services still have a long way to
go
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The 'Infinity' product of ICICI Bank Ltd
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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
30,000 hits per month, with around 3,000 transactions taking place on the Net per month through
this service
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The customer can only be
assured of a secured conduit for its online activities if an authority certifying digital signatures is
in place
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A contractual agreement is entered into by
the customer with the bank for using the Internet banking services
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The contract details are
often one-sided, with the bank having the absolute discretion to amend or supplement any of the
terms at any time
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are available, are often hesitant to use the Internet
banking services offered by Indian banks
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Nonresident Indians for whom it is expensive and time consuming to access their bank accounts
maintained in India find net banking very convenient and useful
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Cyber crimes are therefore difficult to be identified and controlled
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Government has
introduced the Information Technology Bill, which has already been notified in October 2000
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The Department of
Telecommunications (DoT) is moving fast to make available additional bandwidth, with the
result that Internet access will become much faster in the future
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The proposed setting up of a Credit Information Bureau for collecting and sharing credit
information on borrowers of lending institutions online would give a fillip to electronic banking
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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
India have also been circulated to banks for implementation
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Internet banking is expected to get a
boost from such developments
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Under the RTGS system, transmission,
processing and settlements of the instructions will be done on a continuous basis
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Any member of the system
will be able to access it through only one specified gateway in order to ensure rigorous access
control measures at the user level
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Following a reference made this year, in the Monetary and Credit Policy statement of the
Governor, banks have been advised to develop domestic generic model in their computerization
plans to ensure seamless integration
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With the process of dematerialization of shares having gained considerable ground in
recent years, banks have assumed the role of depository participants
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Online trading in equities is
being allowed by SEBI
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HDFC Bank Ltd
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Demat account holders with the
bank can receive securities directly from the brokers' accounts
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IT – the
InfoTech arm of the exchange
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CONCLUSIONS
E-banking is a generic term for delivery of banking services and products through
electronic channels, such as the telephone, the internet, the cell phone, etc
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It facilitates an effective payment and accounting system
thereby enhancing the speed of delivery of banking services considerably
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UGC SPONSORED NATIONAL CONFERENCE ON INFORMATION TECHNOLOGY AND ITS IMPLICATION ON
BANKING SECTOR: CHALLENGE AND PROSPECT
improved efficiency and convenience, it has also posed several challenges to the regulators and
supervisors
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The government of India
enacted the IT Act, 2000, which provides legal recognition to electronic transactions and other
means of electronic commerce
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It issued guidelines on risks and
control in computer and telecommunication system to all banks, advising them to evaluate the
risks inherent in the systems and put in place adequate control mechanisms to address these risks
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It covers
various issues that fall within the framework of technology, security standards, and legal and
regulatory issues
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Ogilvie, M
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Uppal, Rimpi Jatana, E-Banking in India – Challenges & Opportunities (Western Books
Corporation)
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DEPARTMENT OF PG STUDIES IN COMMERCE, UNIVERSITY COLLEGE,
HAMPANKATTA, MANGALORE