Internet Banking Case Study Example | Topics and Well Written Essays - 4250 words

Internet Banking - Case Study Example The report also has certain recommendations before the concluding words. In the present era of globalisation and privatisation, the only word that is presumed to be constant is the word 'change' itself. With the effects of globalisation reaching all nook and corners of the world along with the remarkable development and innovation in the field of communication and technology, the tricks of the trade are changing very fast. The development of communication and technology has definitely make the world much smaller and brought it within the periphery of our living room. The satellite television and the electronic media have kept the world on its toes by their commendable coverage. But the most beneficial has been the evolution of internet. Internet and its allied services have really done wonders in almost every aspect of life. The commercial world has been one of the most beneficial sectors from the upsurge of internet. The internet covers almost all the aspects of life. The online aspects have really made the financial world much better place to be it. Mo st importantly it has brought in the transparency and promptness that was long due. Among the various financial sub-sectors, it is the commercial banks that are the most important. And the introduction of internet in the daily operation of such financial banks have made the transaction all the most beneficial for all the concerned parties be it the valued customers, be it the commercial bank, be it the government or the monetary authority be it the media. Online Banking In simple words, online banking is referred as the internet banking where the customer can operate and transact from any computer or terminal through internet and need not be present at the bank branch. The online banking is basically operated from a secured website (https) and the customer of the bank is provided with a specified 'login' and secret 'password', through which he can initiate almost all the operations that is done at the bank branch like that of account statement, fund transfers and bill payments, etc. With in the purview of the online banking also fall the debit and the credit cards. Debit card deals with withdrawing money from one's account from any counter of the banks' or other banks; anywhere in the world (the card has to be supported by the withdrawing bank). The credit card assists the holder to have a certain specified sum of money from the bank even if he does not have the money in his account, in lieu of a loan, again any where in the world (where the card is supported). The debit and the credit cards are also used to pay bills at the major brands like that for travelling, shopping and dinning. The cards, an important aspect of online banking have made life easier for billions as one does not have to carry cash while travelling any more. With the advent of mobile technology and increasing use of internet through the GPRS and WAP enabled mobile handsets, the facilities of banking is with in one's