E-Banking

The Internet has initiated an electronic revolution in the global banking sector. Its dynamic and flexible nature as well as its ubiquitous reach has helped in leveraging a variety of banking activities. The Internet has emerged as one of the major distribution channels of banking products and services for banks in the US and in European countries.

The use of the Internet in banking started way back in 1995. The Internet served as an ideal platform for commercial exchange, helping banks achieve higher efficiency in financial transactions, strengthen customer relationships, promote price discovery and ensure wider reach. It offered banks better opportunities to expand their client base and rationalize their business, while customers received value in the form of savings in time and money.

Initially, banks offered information regarding their products, services and advice through the Internet. More recently, advances in Internet security have made it possible for banks to play their primary role as financial intermediators and facilitators of commercial transactions, via electronic networks especially through the Internet. However, while the Internet has brought more convenience for customers, it has also affected the profitability of banks because of the increase in online competition. Not many banks have been successful in exploiting the opportunities offered by e-banking. Banks need to define niche markets and develop an effective Internet strategy to utilize these opportunities fully.

The concept of e-banking covers the definition of e-banking and explains how a typical e-banking transaction takes place. The e-banking scenario studies the actual state, prospects, and issues related to e-banking in Asia (focusing on India), the US and Europe. In e-banking strategies, we will study the key strategies that banks must implement to derive maximum value through the Internet. In e-banking transactions, we will study how the Internet has radically transformed banking transactions. The key issues in e-banking will identify various reasons why e-banking is not gaining popularity among customers and the risks involved in it.

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