Virtual banking

virtual banking

1. “My father walked for 30 minutes to Save 30 rs .. I spent 100 rs to save 30 minutes ..” - Gen Y

2. Virtual Banking By Avinash Heston Sana Nizam V.Shriram Mandava Raghavendra Rao HareRam Group

3. Introduction One of the major innovations in the field of banking. Information Revolution Internet E-Commerce E-Banking

4. History It Dates Back to 1980’s Wells Fargo  launched its personal computer banking service in 1989 and was the first bank to offer Internet banking services through wellsfargo.com  in May 1995. ICICI  was the first bank to initiate the Internet banking revolution in India as early as 1997 under the brand name 'Infinity'. The Reserve Bank of India constituted a working group on Internet Banking.

5. What is Virtual Banking ? Traditional Banking would mean a 9-5 job for the employee, going there and standing in the queue for the customer. Banking is basically a service which will obviously look at ensuring customer satisfaction. Internet was growing , and there was a scope for The banks to bask under the popularity of internet.

6. Average Customer in traditional banking Once there was E banking

7. The Customer might not see the bank , but all the banking operations can be carried out successfully by the customer being at his/her place. Today’s banks are offering various delivery channels to provide product &services to the customers. The IT has helped bank in improving their products and services and also in marketing them..

8. Major Channels :- ATM. Online banking. Tele Banking. Smart cards. Mobile banking.

9. Where is it Useful ? Online fund transfers. Bill payments. Credit card. Insurance. Shopping . Other Services like booking cab, movie , hotel etc.

10. Advantages Round the clock Banking. User friendly. Portability and speed of banking is the biggest asset. Efficiency. Quality. Ubiuity .

11. Shortcomings.. Initial setup cost. Training and maintenance. Legal Issues. Security issues.

12. Security Risks. Increasing number of fraudulent websites. Fake emails which appear to have been from the bank. Mails which say we have won so many dollars as lottery. Use of Trojan horse to capture User ids and passwords.

13. Any Respite from Security Threats ? OWASP – an organization dedicated for web applications security , they have listed top ten vulnerabilities for any web application which needs to be security checked to ensure that there is safety . https://www.owasp.org/index.php/Top_10_2013-Top_10 Virtual banking would mean customers using the browsers which is exposed to threats listed above.

14. In which case while building a protection is very important against it… “BANKING IS NO LONGER SOMEWHERE YOU GO , BUT SOMETHING YOU DO..” “ALWAYS BANKING AND NEVER AT A BANK”.

15. THANK YOU.