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E-banking Overview: Concepts, Challenges and Solutions

• Published: 28 November 2020
• Volume 117 , pages 1059–1078, ( 2021 )

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• Belbergui Chaimaa 1 ,
• Elkamoun Najib 1 &
• Hilal Rachid 1  

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The expansion of information technology has led to a new form of banking. Traditional banking, based on the physical presence of the customer, is only a part of banking activities. In the last few years, electronic banking has emerged, adopting a new distribution channels like Internet and mobile services. The main goal was to allow businesses to improve the quality of service delivery and reduce transaction cost, and anytime and anywhere service demand for customers. However, it increased the vulnerability to fraudulent activities like spamming, phishing and credit card frauds. Then, the main challenge that opposes electronic banking is ensuring banking security. In this context, this paper aims to provide an overview of the electronic banking service highlighting various aspects, investigating various challenges and risks, and discussing some proposed solutions.

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Chaimaa, B., Najib, E. & Rachid, H. E-banking Overview: Concepts, Challenges and Solutions. Wireless Pers Commun 117 , 1059–1078 (2021). https://doi.org/10.1007/s11277-020-07911-0

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Accepted : 29 October 2020

Published : 28 November 2020

Issue Date : March 2021

DOI : https://doi.org/10.1007/s11277-020-07911-0

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Prospects and Challenges in E-banking: A Perception Study

75 Pages Posted: 18 Nov 2021

Akshaya Kumar Bhandary

Affiliation not provided to ssrn.

Date Written: November 6, 2021

The study was conducted on "Prospects and Challenges of E-banking: A Perception Study." The study aims to know the customers' perception of E-banking. The expansion of information technology has led to a new form of banking. Based on the customer's physical presence, traditional banking is only a part of banking activities. Electronic banking has emerged in the last few years, adopting new distribution channels like Internet and mobile services. The usage of E-banking by enterprises came in E-banking existence in the mid-'90s. After demonetization in 2016, digital banking has grown at a faster pace. Most Indian banks have launched their E-banking and mobile banking websites to facilitate the customers with the online availability of almost all banking products. E-banking is now a standard mode of secure and convenient banking services. The main challenge that opposes electronic banking is ensuring banking security. In this context, this paper aims to provide an overview of the electronic banking service highlighting various aspects, investigating various challenges and risks, and discussing some proposed solutions.

Keywords: E-banking

JEL Classification: G21

Suggested Citation: Suggested Citation

Akshaya Kumar Bhandary (Contact Author)

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Please note you do not have access to teaching notes, the influence of e-banking service quality on customer loyalty: a moderated mediation approach.

International Journal of Bank Marketing

ISSN : 0265-2323

Article publication date: 13 February 2019

Issue publication date: 18 June 2019

Providing high-quality e-banking services is considered a basic strategy for attracting and retaining customers with electronic-banking platforms. The purpose of this paper is to empirically investigate a comprehensive moderated mediated mechanism for enhancing customer loyalty toward e-banking platforms via e-banking service quality (EBSQ) practices. Reliability, website design, privacy and security and customer service and support are the dimensions of EBSQ.

Design/methodology/approach

Data were collected through structured questionnaires from a sample of 1,028 e-banking users in India. To test the hypotheses, a structural equation modeling approach was used.

The findings showed that of the EBSQ dimensions, reliability along with privacy and security enhanced customer loyalty to e-banking. The initial trust in e-banking mediates the effects of EBSQ dimensions on customer loyalty except for website design. The mediation effects of initial trust varied between high and low-involved consumers.

Research limitations/implications

This study was conducted with e-banking users in one country using cross-sectional data. Hence, the model should be replicated among e-banking users in other countries and with the longitudinal data.

Practical implications

Establishing a loyal customer base is an important goal for banks. This study demonstrates which specific EBSQ dimensions banks should emphasize to enhance consumers’ initial trust and loyalty toward e-banking services.

Originality/value

This study suggests a moderated mediated mechanism for enhancing customer loyalty to e-banking, which incorporates initial trust as a mediator and consumer involvement as a moderator. It applies cognitive-motivation-relational theory to link EBSQ dimensions with customer loyalty. Thus, this study enables a better understanding of this theory in the e-banking context.

• Customer loyalty
• Moderated mediation
• E-banking service quality
• Initial trust in e-banking
• Involvement in e-banking

Shankar, A. and Jebarajakirthy, C. (2019), "The influence of e-banking service quality on customer loyalty: A moderated mediation approach", International Journal of Bank Marketing , Vol. 37 No. 5, pp. 1119-1142. https://doi.org/10.1108/IJBM-03-2018-0063

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• Corpus ID: 220644814

E-BANKING: REVIEW OF LITERATURE

• Anukool Manish , Hyde
• Published 2017
• Business, Computer Science, Economics

4 Citations

Digital technology in banking post demonetization, effectiveness of e-banking to customer life service, digital payments: blockchain based security concerns and future, systemic acquired critique of credit card deception exposure through machine learning, 35 references, an empirical investigation of the turkish consumers’ acceptance of internet banking services, core capabilities for exploiting electronic banking, relationship quality, on‐line banking and the information technology gap, a survey of online e-banking retail initiatives, application of the latent class regression methodology to the analysis of internet use for banking transactions in the european union, e-banking and customer preferences in malaysia: an empirical investigation, adoption of internet banking by australian consumers: an empirical investigation, balances and accounts of online banking users: a study of two us financial institutions, the adoption of electronic banking technologies by us consumers, the bank of the future, related papers.

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Business Jargons

A Business Encyclopedia

Definition : E-banking is a blanket term used to indicate a process through which a customer is allowed to carry out, personal or commercial banking transactions using electronic and telecommunication network.

It is a product offered by banks which facilitates online banking, with the help of which the customer can have access to the bank account in just one click.

E-banking covers facilities such as – fund transfer, checking account statements, utility bill payments, opening of bank account, locating nearest ATM, obtain information on financial products and services, applying for loans, etc. using a personal computer, smartphone, laptop or personal digital assistant.

E-banking Services

In simple words, e-banking refers to a banking arrangement, with which the customer can perform various transactions over the internet, which is end-to-end encrypted, i.e. it is completely safe and secure.

E-banking promotes paperless/cashless transactions. It comes with a number of rights, responsibilities and fees as well. The range of services covered under E-banking are:

• Internet Banking : A banking facility provided to the customers through which the customers are able to perform a number of monetary and non-monetary transactions, using the internet, through the bank’s website or application.
• Mobile Banking : Almost all the banks have designed their mobile applications with which you can perform transactions at your fingertips. For this, four things are required – a smartphone, internet, mobile application, and mobile banking service enabled in your bank account.
• ATM : Automated Teller Machine, popularly known as ATM is one of the most common and initial service, provided under e-banking. It is not just a machine with which you can withdraw cash as and when required, but it also allows you to check your account status, transfer fund, deposit fund, changes mobile number, change Debit Card PIN, i.e. Personal Identification Number.
• Debit Card : Debit cards are used in our day to day life so as to perform end number of transactions. Debit cards are linked to the customer’s bank account and so the customer only needs to swipe the card, in order to make payment at Point of Sale (POS) outlets, online shopping, ATM withdrawal. In this way, the amount is deducted from the customer’s account directly.
• Credit Card : Just like a debit card, a credit card is also a payment card which the banks issue to the customers on their request, after checking their credit score and history. It enables the cardholder to borrow funds upto the pre-approved limit and make payment. The limit is granted by the banks which issue the card. The cardholder promises to repay the amount within a stipulated time, with some charges, for the use of credit card.
• Point of Sale (POS) : Points of sale system refers to the point, in terms of date, time and place (retail outlet) where the customer makes a payment, using a plastic card, for the purchase made or services received.
• Electronic Data Interchange (EDI) : EDI is a new mode of communicating information between businesses electronically using a standardized format, which was conventionally paper-based.
• Electronic Fund Transfer (EFT) : When money is transferred electronically from one bank to another, it is called as electronic fund transfer. It covers direct debit, direct deposits, wire transfers, NEFT , RTGS, IMPS, etc.

Benefits of E-banking

• It enables digital payments, which encourages transparency.
• It allows 24/7 access to the bank account.
• It also sends notifications and alerts to get updated with the banking transactions and changes in the rules.
• It lowers transaction cost for the banks.
• It is convenient and easy for customers, as they are not required to visit the bank branch every time.

In a nutshell, any type of banking transaction performed through electronic mode comes under E-banking.

It is a secure, fast and convenient electronic banking facility that allows its customers to undertake online banking services anytime during the day and at any place using the internet, for which the customers used to visit the banks in earlier days.

Related terms:

• National Electronic Funds Transfer (NEFT)
• Commercial Bank
• Lockbox Banking
• Concentration Banking
• Virtual Banking

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Meaning of E-Banking:

Banks give administrations or bank services to draw in clients, from giving advances, issuing of debit cards and credit cards, computerised monetary services, and surprisingly personal services or administrations. Even so, some fundamental present-day administrations are presented by many commercial banks.

Electronic banking has many names like web-based banking, e-banking, virtual banking, or web banking, and online banking. It is just the utilisation of telecommunications networks and electronic networks for conveying different financial services and products. Through e-banking, a client can acquire his record and manage numerous exchanges utilising his cell phone or personal computer.

Classification of E-Banking:

Banks offer different kinds of services through electronic financial stages. These are of three sorts:

This is the essential degree of administrations or services that banks offer through their sites. Through this assistance, the bank offers data, information regarding its services and products to clients. Further, a few banks might respond to an inquiry through email as well.

In this category, banks permit their clients to submit directions or applications for various administrations, check their record balance, and so on. Be that as it may, banks don’t allow their clients to do any fund-based exchanges with respect to their records or accounts.

In the third category, banks permit their clients to work or operate their records or accounts for bill payments, purchase and redeem securities and fund transfers, and so on.

Most conventional banks offer e-banking administrations as an extra technique for offering support. Further, many new banks convey banking administrations principally through the other electronic conveyance channels or web. Likewise, a few banks are ‘internet only’ banks with no actual branch anyplace in the country.

In this way, banking sites are of two sorts:

Transactional Websites: These sites permit clients to go through with exchanges on the bank’s site. Further, these exchanges can go from a plain retail account balance request to huge business-to-business liquid assets transfers. The accompanying table records some normal wholesale and retail e-banking administrations presented by financial institutions and by banks.

Informational Websites: These sites offer general data regarding the bank and its services and products to the clients.

Wholesale services by banks: Include Account management, Cash management, Small business loan applications, Approvals or advances, Commercial wire transfer, Business-to-business payments, Employee benefit, and Pension administration.

Retail services by banks: Include Account management, Bill payment, New account opening, Consumer wire transfers, Investment and brokerage services, Loan application and approval, and Account Aggregation.

Services Under E-Banking:

Mobile banking:.

Mobile banking (otherwise called M-banking) is a name utilised for performing account exchanges or transactions, bill payments, credit applications, balance checks, and other financial exchanges through a mobile phone like a Personal Digital Assistant (PDA) or cell phone.

Electronic Clearing System (ECS):

The Electronic Clearing System is a creative provision for occupied individuals. With this provision, an individual’s credit card bill is consequently charged from the same individual’s savings bank account, so one doesn’t have to stress over missed or late payments.

Smart Cards:

A smart card is a card that stores data on a microchip or memory chip or a microprocessor in lieu of the magnetic stripe found on debit cards and credit cards. Smart cards are not utilised for transferring or moving monetary data alone, but also they can be utilised for an assortment of identification grounds. Exchanges made with smart cards are scrambled or encrypted to shield the exchange of data from one party to another. Each encoded exchange can’t be hacked and doesn’t transmit any extra data past what’s required for finishing the single exchange or transaction.

Electronic Fund Transfers (ETFs):

Electronic fund transfer (EFT) is the electronic exchange of cash starting with an individual account in the bank to another individual account of the same bank, or within or with other financial institutions or with multiple institutions, by means of personal computers based frameworks, without the immediate intercession of bank staff.

Telephone Banking:

Telephone banking is an assistance given by a bank or other monetary foundation or other financial institutions, that empower clients to perform via telephone a scope of monetary exchanges which don’t include cash or financial instruments, without the need to visit an ATM or a bank branch.

Internet banking:

Web-based banking is an assistance presented by banks that permits account holders to get their record information by means of the web or the internet. Web-based banking or Internet banking is otherwise called “Web banking” or “Online banking.”

Internet banking through customary banks empowers clients to play out every standard exchange, for example, bill payments, balance requests, stop-payment requests, and balance inquiries. Some banks even proposition online credit card and loan applications.

Account data can be acquired day or night, and should be possible from any place.

Home banking:

Home banking is the most common way of concluding the monetary exchange from one’s own home as opposed to using a bank’s branch. It incorporates making account requests, moving cash, covering bills, applying for credits, and directing deposits.

Significance of E-Banking:

Importance to clients:.

• Lower cost per exchange: Since the client doesn’t need to visit the branch for each exchange, it saves him both time and cash.
• No topographical hindrances: In conventional financial frameworks, geological distances could hamper specific financial exchanges. Nonetheless, with e-banking, geological obstructions are diminished.
• Convenience: A client can get to his record or bank account and execute from any place at any time.

Importance to Businesses:

Better efficiency: Electronic banking further develops usefulness. It permits the computerisation of ordinary, regularly scheduled payments and provides further banking activities to upgrade the efficiency of the business.

Lower costs: Usually, costs in financial relationships and connections depend on the assets used. Assuming that a specific business needs more help with deposits, wire transfers, and so on, then, at that point, the bank charges its higher expenses. With internet banking, these costs are limited.

Lesser errors: Electronic financial diminishes mistakes in normal financial exchanges. Awful penmanship, mixed-up data or information, and so on can cause mistakes that can be exorbitant. Likewise, a simple audit of the record or account activity, movement upgrades the precision of monetary exchanges.

Diminished misrepresentation: Electronic banking gives an advanced impression to all representatives who reserve the privilege to alter banking exercises. In this manner, the business has better perceivability into its exchanges, making it hard for any fraudsters from committing crimes.

Account reviews: Business proprietors and assigned staff individuals can get to the records rapidly utilising a web-based financial interface. This permits them to audit the record action and, furthermore, guarantee the smooth working of the account.

Importance to banks:

• Lesser exchange costs: Electronic exchanges are the least expensive methods of exchange.
• A decreased edge for human blunder: Since the data is handed-off electronically, there is no space for human mistakes or errors.
• Lesser desk work: Advanced records decrease desk work, paperwork, and make the cycle simpler to deal with. Likewise, it is ecological.
• Decreased fixed expenses: A lesser requirement for branches which converts into a lower fixed expense.
• More steadfast clients: Since e-banking administrations or services are convenient to the clients, banks experience higher reliability from their clients.

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E-Banking in India: a Study with Reference to Various Financial Services

2014, International Journal of Research

Electronic banking and finance is the penetrating mechanism with a variety of services especially in the banking sector. Globalization and technological advancement like kiosks and internet brought many products and services like ATMs, Smart cards, Online Banking which is facilitating electronic payment, Plastic money services, Brokerages and foreign exchange transactions, which automatically leads to wide access of B2B and B2C business domains. The website technology has totally transformed the banking business. The success of Internet banking depends upon the well designed website of a bank. India has 155 scheduled banks with 99,218 ATM network (June-2012). SBI leads the pack with 22,469 ATMs followed by Axis Bank with 10,337 ATMs. In India E-Finance are governed by several acts like IT act-2000, Central bank guidelines on internet banking etc. Even it has many advantages; E-Finance in banking sector has associated with many risks like security risk, System architecture and design etc. So this paper discusses the impact of E-Finance on banking sector, its various products and services, diverse risk associated with electronic banking services and its solutions to tackle these challenges. The study is based on exploratory research mainly on qualitative analysis.

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Inclusive growth is possible only through proper mechanism which channelizes all the resources from top to bottom. Inclusive growth has been a priority of the Government of India (GoI) over the past decade. The policy making and regulating institutions (Government of India, RBI, IRDA, PFRDA (for micropensions) have developed regulations and guidelines for strengthening financial inclusion, but these are yet to have a substantial impact on outreach to the excluded population. Financial inclusion is aimed at providing banking and financial services to all people in a fair, transparent and equitable manner at an affordable cost. This a descriptive paper focuses on an overview of financial inclusion in India and its progress through various indicators.

Suraj Sharma

A robust and strong financial system is an essential pillar of sustainable development, economic growth, and progress of an economy because it helps in meeting national objectives of creating a market-driven, productive and competitive economy. Inclusive growth of an economy is possible only with the help of proper mechanism which channelizes all the resources from top to bottom. Financial inclusion is an innovative term which includes techniques in promoting the banking habits among the rural people because, India is considered as largest rural people consist in the world. Thus, financial inclusion can be defined as the delivery of financial services at an affordable cost to various sections of low-income and disadvantaged segments of society. An allinclusive financial system is essential because it enhances efficiency and welfare by providing scope for secure and safe saving practices and by facilitating a wide range of efficient financial services. The present study will focus on the challenges and opportunities of financial inclusion in India.

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Essay on Internet Banking

In this essay we will discuss about Internet Banking. After reading this essay you will learn about: 1. Meaning of Internet Banking 2. Objectives and Drivers of Internet Banking 3. Trends in India 4. Facilities Available 5. Emerging Challenges 6. Main Concerns 7. Strategies to be Adopted by Indian Banks.

• Essay on the Strategies to be Adopted by Indian Banks for Introducing Internet Banking 

Essay # 1. Meaning of Internet Banking :

With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, the structure and nature of banking and financial services have gone for a sea change. Internet banking or e-banking is the latest in this series of technological wonders in the recent past which involves use of internet for delivery of banking products and services.

Even the Morgan Stanley Dean Witter Internet Research emphasised that web is more important for retail financial services than that for many other industries. Internet banking or e-banking is changing the banking and its structure and is having major effects on banking relationships.

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Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts.

In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Thus providing Internet banking is gradually becoming a “need to have” than a “nice to have” service.

The net banking is, therefore, more of a norm rather than an exception in many developed countries because it is the cheapest way of providing banking services. Under this system, online banking is possible where every bank customer is provided with a personal identification number (PIN) for making online transactions with the bank through internet connections.

Internet banking or e-banking falls into four main categories, from Level 1—minimum functionality sites that offer only access to deposit account data—to level 4 sites highly sophisticated offering, enabling integrated sales of additional products and access to other financial services—such as investment and insurance.

In other works, a successful internet banking solution offers:

1. Exceptional rates on savings, CDs and IRAs.

2. Checking Account with no monthly fee, free bill payment and rebates on ATM surcharges.

3. Credit card facilities with low rates.

4. Easy online applications for all accounts including personal loans and mortgages.

5. 24-hour account access.

6. Quality customary service with personal attention.

Essay # 2. Objectives and Drivers of Internet Banking :

The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking is a cost-effective delivery channel for the modernized financial institutions.

In this system, consumers are embracing many benefits of e-banking. To have access to one’s accounts at any time and from any location through world wide web (www) is a convenient practice, which was unknown a short time ago.

Thus, a bank’s internet presence transforms from ‘brochure/ware’ status to ‘internet banking’ status once the bank goes through a technology integration effort so as to enable its customer to access information about his or her specific account details.

Following are the six primary objectives or drivers of internet banking:

1. To improve customer access.

2. To facilitate the offering of more services.

3. To increase customer loyalty.

4. To attract large number of customers.

5. To provide cost-effective services offered by competitors.

6. To reduce customer attrition.

Keeping objectives in mind, the internet banking facilities has been progressing at a rapid pace throughout the world.

Essay # 3. Trends of Internet Banking in India :

In India, initially a beginning was made in internet banking only in some big cities which was just in rudimentary stage. After getting initial success, the internet banking facility is gradually being expanded in all cities and towns to make the system popular.

The banking industry in India is also facing unprecedented competition from non-traditional banking institutions which are now a day’s offering banking and financial services over the Internet. The deregulation of the banking industry along with emergence of new technologies are enabling the new competitors in the banking sector to enter the financial services market quite efficiently and quickly.

Core or Anywhere Banking:

In order to support internet banking facilities another new concept of banking i.e., core or anywhere banking is introduced. Initially introduced by the foreign banks, the same concept in new increasingly adopted by public sector banks and also the private sector banks.

Under this concept of banking, bank customers who have an account with any select branch can easily operate his account from different designated branches on the bank spread throughout the country.

Under this system, a customer can avail cash withdrawal, cash deposit, transfer of funds, inter-city and intra-city transactions, collection of draft and cheques etc. facilities from any of such designated branches conveniently irrespective of its locations.

Core banking concept has improved the standard of the banking services with the help of modern technology. In present times, most of the public sector banks have already adopted this concept and started extending these facilities to its customers gradually by including more and more of its important branches under this category.

Progress of Internet Banking:

In India, internet banking is gradually being developed throughout the country.

As per the recent study it is observed that:

(a) A number of banks have already adopted internet banking and are offering varied kind of services through it,

(b) These internet sites generally offer only most of the basic services. Only 50 per cent are known as ‘entry level’ sites offering little more than company information’s and basic marketing materials and 10 per cent are offering ‘advanced transactions’ such as online funds transfer, transactions and cash management services etc.; and

(c) Most of the foreign and private banks in India are much advanced in terms of the number of sites and their level of development in terms of rendering advanced technology linked services to its customers. Recently, an authority of ICICI Bank observed, “Our Internet banking base has been growing at an exponential pace over the last few years. Currently around 78 per cent of the bank’s customer base is registered for Internet banking.”

Security Precautions :

In order to make their bank account safe, one should follow certain security precautions. Customer should never share personal information like PIN number, passwords etc. with anyone, including employees of the bank. It is important that documents that contain confidential information are safeguarded. PIN or password should be changed immediately and memorized before destroying the mailers.

Customers are also advised not to provide sensitive account-related information over unsecured e-mails or over the phone. He must take simple precautions like changing the ATM, PIN and online login and transaction passwords on a regular basis. It is also important to ensure that the logged in session is properly signed out.

Essay # 4. Facilities Available Under Internet Banking in India:

Following facilities are made available for customers under internet banking in India:

(i) Bill Payment Service:

Bill payment service is a utility service of internet banking. Accordingly, each bank has tie-ups with various utility companies, service providers, insurance companies across the country. Such tie-ups can facilitate online payment of bills of electricity, telephone, mobile phone, credit card, insurance premium bills etc.

In order to make online payment of bills, a simple one-time registration for each bills has to be made and a standing instruction has to be made to make online payment of recurring bills automatically. Most interestingly, the bank usually does not charge customers for such online bill payment.

(ii) Fund Transfer:

Internet banking has made provision for transfer of any amount of fund from one account to another of the same or any other bank. Accordingly, customers can send money anywhere in India. Once a customer logs in his account, he needs to mention the payee’s account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method it takes about three to four working days. ICICI Bank recently reported that its online bill payment and fund transfer facility have been most popular online services.

(iii) Credit Card Customers:

Internet banking provides the facility of credit card to its customers. With internet banking, customers can not only pay their credit card bills online but also gets a loan on their cards. Not just this, they can also apply for an additional card, request a credit line increase and in case the card is lost, one can report lost card online.

(iv) Railway Pass and Online Booking:

Through Internet banking facility to issue Railway pass is also available. Indian Railways has tied up with ICICI bank for this purpose and one can now make railway pass for local trains online. The pass can be delivered to the customer at his doorstep. Initially, the facility was limited to Mumbai, Thane, Nashik, Surat and Pune. The bank would just charge Rs 10 + 12.24 per cent of service tax. Moreover, online booking of e-tickets of Railways, Airlines etc. can also be made with some arrangement with banks through Internet banking.

(v) Investing through Internet Banking:

Through Internet banking, opening a fixed deposit account has become easier. A customer can now open an FD account online through funds transfer. Online banking can also be a great friend for lazy investors. Moreover, investors with interlinked de-mat account and bank account can easily trade in the stock market and the amount will be automatically debited from their respective bank accounts and the shares will be credited in their de-mat account.

Besides, some banks provide its customers the facility to purchase mutual funds directly from the online banking system. Nowadays, most leading banks offer both online banking and de-mat account facilities. However, if a customer is having his de-mat account with independent share brokers, then he needs to sign a special form, which will link his two accounts.

(vi) Recharging Prepaid Phone:

Through Internet banking, recharging of prepaid phone has also become possible. It is no longer needed to rush to the vendor to recharge prepaid phones as and when talk time runs out. Here the customer just tops-up his prepaid mobile cards by logging in to Internet banking. By just selecting operator’s name, entering mobile number and the amount of recharge, the prepared phone of the customer is again back in action within few minutes.

(vii) Shopping at Fingertips:

Internet banking provides facility of shopping at fingertips. Leading banks have tied-up with various shopping websites. With a range of all kind of products. One can shop online and the payment is also made conveniently through his account. One can also buy railway and air tickets through Internet banking.

Essay # 5. Emerging Challenges of Internet Banking in India :

In India, a large sophisticated and highly competitive Internet Banking Market is gradually being developed with market pressure and is subjected to the following emerging challenges:

1. Demand side pressure due to increasing access to low cost electronic services.

2. Emergence of open standards for banking functionally.

3. Growing customer awareness and need for transparency.

4. Global players in the fray.

5. Close integration of bank services with web based E-commerce or even disintermediation of service through direct electronic payments (E-cash).

6. More convenient international transactions due to the fact that the Internet along the general deregulation trends, eliminate geographic boundaries.

7. Move from one stop shopping to ‘Banking Portfolio’, i.e., unbundled product purchases.

The Internet and its underlying technologies have been changing and transforming not just banking but all aspects of finance and commerce. It usually represents much more than a new distribution opportunity. Internet banking will also enable nimble players to leverage their traditional brick and mortar presence for improving customer satisfaction and gain share.  

Essay # 6. Main Concerns in Internet Banking :

Internet banking in India has its areas of concern. In the mean time, a number of cases related to fraud and cheating of banks and customers by unscrupulous persons have already been lodged in India with this type of banking facilities. Irrespective of that attempts have been made by the RBI and the banking authorities for promoting safety and soundness of online and e-banking facilities in the country by issuing necessary guidelines.

In a recent survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. Thus there is a dual requirement to protect customers privacy and product against fraud.

Banking Securely:

Online Banking provides an overview of Internet Commerce and how one company can handle secure banking practices for its financial institution clients and their customers. Moreover, some basic information on the transmission of confidential data is presented in Security and Encryption on the web. In this respect, PC Magazine Online also offers a primer as to how encryption works.

Besides, a multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that customers account information is protected fully from un-authorised access in the following manner:

(i) Firewalls and filtering routers ensure that only the legitimate Internet users are usually allowed to access the system.

(ii) Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.

(iii) Digital certification procedures provide the assurance that the data a customer receive is from the infinity system.

Essay # 7. Strategies to be Adopted by Indian Banks for Introducing Internet Banking :

In present times, Internet banking has no alternatives. Indian banking is gradually getting more and more access of Internet banking. Thus, Internet banking would drive us into an age of creative destruction due to non-physical exchange; complete transparency is also giving rise to perfectly electronic market place and customer supremacy.

At this moment, the question may be asked “what the Indian Banks should do under the present circumstances?” Whatever is the strategy chosen and options adopted, certain key parameters would largely determine the success of banks on web.

In order to attain long term success, in respect of Internet banking, a bank may follow:

(i) Adopting a webs mindset.

(ii) Catching on the first mover’s advantage.

(iii) Recognising the core competencies.

(iv) Enabling handling multiplicity with simplicity.

(v) Initiating senior management to transform the organisation from inward to outward looking.

(vi) Aligning roles and value propositions with customers segments.

(vii) Redesigning optimal channel port-folio.

(viii) Acquiring new capabilities through strategic alliances.

However, the above mentioned steps can be implemented by following four steps mentioned below:

(i) In the first phase, the customer be familiarized to new environment by demo version of software on banks, website. This will enable users to give suggestions for improvements, which can be incorporated in its later versions wherever possible.

(ii) The second phase provides various services such as account information and balances, statement of account, transaction tracking, mail box, check book issue, stop payment, financial and customized information.

(iii) The third phase may include additional multi-utility services like fund transfers, DD issue, standing instructions, opening fixed deposits and intimation of loss of ATM cards.

(iv) The final phase should include advanced corporate banking services like third party payments, utility bill payments, establishment of L/Cs, Cash Management Services etc. Enhanced plan for the customers in future may include requests for demand drafts and pay orders and many more to bring in the ultimate in banking convenience.

Thus by following the above mentioned strategies, it will help banks to translate their traditional business model into a Internet banking one, falling into the following three main categories:

(i) One-stop shop.

(ii) Virtual one stop shop.

(iii) Best of Breed Supplier.

Thus by following the above steps, the Indian bankers can pave the way for the successful introduction and popularizing the new concept of Internet banking on a large scale.

Related Articles:

• Essentials of a Sound Banking System
• Top 12 Functions of the Central Bank | Banking
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• Essay on Indian Postal Services

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Title: impact of e-banking on traditional banking services.

Abstract: Internet banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net banking, thus, now is more of a norm rather than an exception in many developed countries due to the fact that it is the cheapest way of providing banking services. This research paper will introduce you to e-banking, giving the meaning, functions, types, advantages and limitations of e-banking. It will also show the impact of e-banking on traditional services and finally the result documentation.

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Official websites use .gov A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS A lock ( Lock A locked padlock ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

Social Security Matters

What you can do to protect your personal information.

August 21, 2024 • By Dawn Bystry, Associate Commissioner, Office of Strategic and Digital Communications

Last Updated: August 21, 2024

With various reports of data breaches involving Social Security numbers in the media, we’d like to remind you about the importance of protecting your personal information. Someone illegally using your Social Security number (SSN) and possibly assuming your identity can cause many problems.

What to do if you suspect your Social Security number has been stolen  

Identity thieves can use your SSN and other personal information to apply for loans and credit cards and open cellphone and utility accounts in your name. If you believe your information has been stolen and you may be a victim of identity theft, you can:

• Visit IdentityTheft.gov to make a report and get a recovery plan. IdentityTheft.gov is a one-stop resource managed by the Federal Trade Commission, the nation’s consumer protection agency. Or you can call 1-877-IDTHEFT (1-877-438-4338).
• File a police report and keep a copy for your records in case problems arise in the future.
• File an online report with the Internet Crime Complaint Center (IC3) at ic3.gov . Its mission is to receive, develop, and refer cybercrime complaints to law enforcement and regulatory agencies.
• Equifax at 1-800-525-6285.
• Experian at 1-888-397-3742.
• TransUnion at 1-800-680-7289.
• Regularly check your credit report for anything unusual. Free credit reports are available online at AnnualCreditReport.com .
• Contact the IRS to prevent someone else from using your Social Security number to file a tax return to receive your refund. Visit Identity Theft Central or call 1-800-908-4490.

To learn more, read our blog , Protect Yourself from Identity Thieves , and our Identity Theft and Your Social Security Number publication.

What else can you do to protect yourself

Create or sign in to your personal my Social Security account to check for any suspicious activity. If you have not yet applied for benefits:

• You should not find any benefit payment amounts, and you should be able to access your Social Security Statement and view future benefit estimates.
• Review your Statement to verify the accuracy of the earnings posted to your record to make sure no one else is using your Social Security number to work.

If you receive benefits, you can add blocks to your personal my Social Security account:

• The eServices block prevents anyone, including you, from viewing or changing your personal information online.
• The Direct Deposit Fraud Prevention block prevents anyone, including you, from enrolling in direct deposit or changing your address or direct deposit information through  my Social Security or a financial institution (via auto-enrollment).

You’ll need to contact us to make changes or remove the blocks.

Other ways to safeguard your information

• Don’t carry your Social Security card with you. Keep it at home in a safe place. Be careful about who you give your number to.
• Change your passwords regularly and use a unique password for each account to prevent hackers from accessing multiple accounts if one password is stolen.
• Add an extra layer of security to your online accounts by using multi-factor authentication, which is a sign-in process that requires a password plus additional information.
• Be wary of scammers pretending to be Social Security employees. If you get a suspicious call, text, or email about a problem with your Social Security number or account, ignore it, hang up, and don’t respond! To report the scam and to learn more, visit Protect Yourself From Scams .

You’ll find more tips at our Fraud Prevention and Reporting page.

Please share this important information with your friends and family and post it on social media.

Did you find this Information helpful?

Tags: data privacy , fraud , scams , Social Security card

About the Author

Dawn Bystry, Associate Commissioner, Office of Strategic and Digital Communications

Deputy Associate Commissioner, Office of Strategic and Digital Communications

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Guard your card: protect what’s important to you, social security’s top 5 data privacy resources, 10 ways to protect your personal information, social security’s top 5 scam awareness articles.

August 25, 2024 8:25PM

From this Aug 21, 2024 article by Dawn Bystry, under What else can you do to protect yourself She states: If you receive benefits, you can add blocks to your personal my Social Security account: The eServices block prevents anyone, including you, from viewing or changing your personal information online. The Direct Deposit Fraud Prevention block prevents anyone, including you, from enrolling in direct deposit or changing your address or direct deposit information through my Social Security or a financial institution (via auto-enrollment).

Which sounds good, but no amount of searching reveals how I can place these blocks on my account!

It does state:

So presumably I’ll need to call the SSA 800 number or visit the local SSA office?

August 27, 2024 9:26PM

Hartsville South Carolina and Lamar South Carolina and Florence South Carolina and Darlington South Carolina and United States and Child Tax Credit Monthly check CTC and 2,000 and 3,000 age15 and age13 and 4th stimulus check and 1,700.00 and SSA and SSDI and SSI and 1,400.00 and P-EBT K-12 and 391.00 and 🇺🇸 🙄

August 24, 2024 2:23PM

Like so many others, your process is useless. My PI has been exposed and sold to Dark Web 4 times in the last 2 years. You allow sale of our data as if we were slaves to be bartered?

August 24, 2024 7:41AM

The social security office or US Social Security Administration at location 1871 Rockaway Pkwy, Brooklyn, NY 11236 and phone number 1- 800 772-1213 or 1-866-667-7342 want me to do illegal prostitution with them for my ssi money is why they gave me the worker the Asian worker to ask about my payee money that I need another instead of giving it to me the sole owner. I don’t need a representative

August 25, 2024 1:19AM

this is one of my links that can help that is connect with us or external websites

https://youtu.be/JW3oKZUzC5M?si=HqugNe95x-rmiqpc

August 27, 2024 9:27PM

South carolina and United States and SSA and SSDI and SSI and 1,400.00 and 4th stimulus check and 1,700.00

August 23, 2024 12:12PM

Why is the onus on ‘We the People’ to fix government mishaps? Private companies should NEVER have been allowed to store ANY critical private data in the first place! This is a complete failure. What are YOU doing to course correct? /We/ didn’t /get/ our data stolen, /YOU/ failed to provide /protection/ from thieving. What is being done about it?

August 22, 2024 11:14AM

Good Morning, My question is Is there a way I can add a pin or password to my number or maybe put a freeze on my SS number????

August 22, 2024 5:40PM

I like this question.

August 26, 2024 6:43AM

You can lock and unlock your social security number by creating an account at https://myeverify.uscis.gov/

Make sure the first thing you do is check to make sure that website actually has https on it as well as the little lock at the top and the word .gov to show it is an actual government website.

Once you create the account you can go there to proceed to lock your social security number. This will prevent anyone, including you to get a job with any employer that uses electronic background verification and will also prevent anyone from applying for benefits in your name. Keep in mind that if you go to get another job or apply for benefits you will need to temporarily unlock your social security number to apply.

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