Advent banking has been a way to provide business and service to companies all over the world. They started using the technology to deliver banking financial services in ( 2014). this has brought rapid transmission of information, the easy way of marketing, banking product and enhanced the customer’s access and awareness.
Banks used the opportunities offered by the internet as a strategic tool and revolutionized the way they operate. There is a quote from the financial times from the year 1996 where they said “banking is essential to the modern economy, banks are not”( tan and teo,2000).
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The new type of service provided by the bank with the help of internet technology is called “internet banking” internet banking (IB) can be characterized as a financial banking website.it enables financial institution customers, individuals, or gathers information on a financial product, at any time, anywhere internet connectivity is available (Shao,2007,praise and Malik,2008) with internet banking customer can conduct their banking activities quickly and efficiently without leaving homes or office
The merit of Online Banking
The major advantage that customers enjoy includes the following.
Online balance transfer
Online bill payment
Account balance and history include year to date information cross-account, fund transfer, scheduled transfer, work history, inquiry, images, withdrawals, recorders, and stop payment credit and statement imaging
Online loan application
Source interactive messaging with staff.
The ultimate convenience
2. Financial institution advantage:
Affordable be flat-free pricing with no hidden charges or transaction fee multiple choice of host connectivity, frame relay, UPN or DSL custom look and feel available in three different layout version dedicated banking server and communication hardware robust online security system to protect customer’s confidential information complete setup and stellation at no additional cost user- friendly administration portal.
Demerit of internet banking:
Credit, interest-rate liquidity, foreign exchange compliance, strategic, Goodwill transaction.
These risks are interrelated to add associated to e-banking operations. Additionally, web-enabled or internet-based banking has a plethora of based inter-connecting issues like identification and credentials of customers, the safety of the server, and hacking risk.
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The ability of internet banking in India is immense in considering the high pentation level of the world wide web in Indian homes and offices. Banks adopted this strategy of providing internet banking services. this has tried to familiarize the customer with services like account information, fund transfer, bill payment, request and intimation, communication with the manager, and other services.
In conclusion, the tendency of customers to bank through internet banking in the future day could well see virtual banking becoming a reality. Overall the basis remains that the given a choice customers would like to bank via interest and future years could well see virtual becoming a reality.