1.0 INTRODUCTION
The main purpose that banks have been serving since their inception iskeeping our money safe for us. While keeping our money safe, they also letus earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue thesame function. The only difference is in the way the transactions are made.We all know about internet banking and most of us use it quite often as well,but few of us actually understand about the history of internet banking andhow it all came out. Knowing the history of internet banking can be incrediblyuseful, especially since it will allow us to have more respect for the littlethings that we take for granted.Computers themselves have really come an enormous way since their initialestablishment, as the earliest electronic computers were so large that theywould take up the entire area of a room, while today some are so small thatthey can hardly be seen at all.In today’s world, computers play an incredibly large role in the way the worldexists in general, and the majority of tasks could actually not be completed if not for the use of computers.
Although there are certainly some areas and jobs that cannot yet be completed solely by computers and which thus stillrequire actual manpower, for the most part, computers have helped to makelife significantly easier, productive, and more convenient for us all.Internet banking has been around for quite a few years now, but has reallyonly become prominent over the past year or so in particular. Internetbanking offers an array of different advantages to the user, including: account balances and history including year-to-date information, the abilityto transfer money from one account to another and to payees for billpayments, check history, reorders, and stop payments, check credit cardbalances and statements, complete online loan applications, secureinteractive messaging with staff, and much more.Internet banking basically allows you to be able to do everything that youcan in your regular banking institution, only with the benefit that you can doit all right from the convenience of your own home. Not only is this greatbecause you can be comfortable and have peace of mind knowing that youcan keep track yourself of all your banking issues, but as well it allows formore ease because you never have to worry about rushing out and making itto the bank.
The Essay on Computers general History
In this report, youll about the components and history regarding the computer. A computer is a devise that processes, organize, and calculate, displays information. It can communicate with other computers all over the world. The most powerful computer can perform 10s of billion of calculations per second. People use computers for business, track inventories, and use bar codes, personal home use ...
1.1 STATEMENT OF THE PROBLEM
With the problems and limitations associated with manual bankingprocedures as witnessed in most parastatals today, complied with theproblems associated with the existing application programs even much morein the presence of serious technological advances aimed at improvinginformation system. This is activities aimed at shedding light upon the needfor improvement in accounting activities and the means of achieving itsefficiency, effectiveness, reliability and success promising future throughcomputer intervention.Internet banking identifies a particular set of technological solutions for thedevelopment and the distribution of financial services, which rely upon theopen architecture of the Internet. With the implementation of an Internetbanking system, the banks maintain a direct relationship with the end usersvia the web and are able to provide a personal characterization to theinterface, by offering additional customised services.
PURPOSE OF THE STUDY
The aim of this project is to develop a secured online banking system withthe following objectives:
Create a banking system that is easily accessible by customers fromthe comfort of their homes, offices etc.
The Business plan on Wide Web Internet Business World
The World Wide Web 2 ABSTRACT The World Wide Web has been an innovating concept from which many entities have prospered a great deal. Having a well-constructed strategic plan has been the key element for managers in the different areas of this vast world, which in turn help them deal with the ever-changing world of computers, and it's amazing pace. There are many individuals who have decided to ...
Reduce the flow of human traffic and long queues at banks
Reduce the time wasted in going to banks to stay on queues.
Promote efficient and effective banking for the banks by focusing onthose services that still require physical presence at the banking hall.
1.3 IMPORTANCE OF THE STUDY
This will cover the benefits derived in using internet banking and it’sfundamental.
1.3.1 ONLINE BANKING – HOW IS IT DIFFERENT?
Many consumers today are turning to the ease and convenience of Internetbanking to take care of their financial needs. With the new levels of accessmade possible by the Internet, people can now check the status of theirfinances with the click of a button. The history of Internet banking has evolved from simply allowing customersto check balances online, to now being able to trade stocks and bonds fromthe comfort of their own home
1.3.2 WHY USE ONLINE BANKING?
Online banking services have grown from simply allowing customers to checkbalances, to trading assets. Today, banks like ING Direct are functioningentirely online, with no brick and mortar building. With the costs saved byrequiring fewer employees and the lack of facility expenses, these virtualbanks can often offer higher interest rates than their traditional counterparts.Internet banking gives you the power to control your finances completely. You are no longer tied down to managing your money during the hours thebank is open. If you want to transfer a balance after business hours, you can!If you have access to the Internet and have a number of recurring monthlybills, then you should use Internet banking to make your life easier.
1.3.3 FEATURES OF ONLINE BANKING
Today, online banking services are quite varied. One of the best features of online banking is putting the user in control. The user controls all bill paying,transfers, and investments from home. There are other features, though of online banking. One of these is increasedaccessibility to your account information. Users of online banking servicescan access their account information from anywhere in the world! This isparticularly helpful for businesses. Internet business banking is becomingincreasingly popular, as businesses are becoming more global in their reach.Now business people can access their accounts, even when on overseasbusiness trips. Business Internet banking is extremely popular for thisreason.A particularly popular aspect of online banking services is the ability to makebill payments electronically. With a minimum degree of set-up, customerscan enter the amounts of their paper bills (or opt to receive electronic bills)and process all their payments at one time, from one screen
The Essay on Banking Online
... transfers between accounts. It demands more and more space and speed from the customer's computer. With Internet banking, on the ... but an advertisement for the bank as well. Early entrants in the Internet banking market will ... online service. In conclusion, a home page in the Internet is not only a customized product tailored specifically for that bank's customers, ...
1.4 SCOPE OF THE STUDY
The scope of this project is limited to the activities of the operations unit of the banking system which include opening of Account, Deposit of funds,Withdrawal of funds and transfer.
1.5 METHODOLOGY
This project employs the object oriented approach of software engineeringusing appropriate (UML TOOLS) an object oriented approach. Some of thesteps to be taken are:
Feasibility study – understanding and identifying of existing system andassociated study.
Analysis – proper analysis and suggested solution to tackle suchproblems will be considered.
Design – designing the new system will be achieved through an objectoriented software tools (UML).
Coding – this is implemented as a 3tier architecture model using javalanguage. The 3 layers of the application are as follows.1, Java server pages / html pages – front end2, Java server pages / servlets – middle end3, SQL server as the back-end
1.6 MODE OF OPERATION
WEBTRUST will contain self explanatory hyperlinks that customers can clickto make any request or perform a task. If a customer clicks on account opening links, he is taken to page where hefills a form and clicks the submit button if he is through. A successful filling of the form gives a response that confirms the customer account is open andactivated. Thus such a customer can receive money into such an accountthrough funds transfer. Account details are sent by the bank to thecustomer’s email box.Registered customers or Account holders of the bank can now login using theaccount details posted to their email box to login before they can performfinancial transactions. The system is secured such you cannot operateanother mans account even if you knew his account details because a newtransaction number is always sent to a customer for each login. Thistransaction number is what will be used to authenticate any transaction pertime
The Term Paper on Virtual Banking Network Bank
... such as transfers between accounts. It demands more and more space and speed from the customer's computer. With Internet banking, on the other hand, ... any authentication requirements for the connection. Currently First Citizens National Bank's online banking application supports data encryption at the highest level (128 bit). ...
CHAPTER TWO LITERATURE REVIEW
The emergence of electronic commerce over the past decade has radicallytransformed the economic landscape. For developing countries, the digitalrevolution offers unprecedented opportunities for economic growth anddevelopment, a case study of Pakistan.
2.1 DEFINING E-BANKING / ONLINE BANKING
“In the 21st century there will be a lot of banking, but there will be no banks.“Says Bill Gates. The term “online banking” or “internet banking” covers both computer andtelephone banking. Using computer banking, a customer either uses hiscomputer to dials directly into its bank’s computer or gains access to thebank’s computer over the internet. Using telephone banking, the customercan controls its bank accounts by giving the bank instructions over thetelephone. Both computer and telephone banking involve the use of passwords which give access to the customer’s accounts.Using these methods, banking transactions can be actioned 24 hours a day.
Online banking allows the person, for instance, to view recent transactions,print out statements and transfer funds between accounts and makepayments.Many banks also have the facility for someone to set up, amend or cancelstanding orders. Internet banking also allows payments to be made to thecustomer, i.e. acceptance of credit card donations. Most people that usenternet banking will also continue to use some of the elements of moretraditional methods of banking, such as a cheque book..
2.2 E-BANKING IN DEVELOPING COUNTRIES
Just like Internet infrastructure, E-Banking in developing countries is at earlystages; however there are some exceptions where countries like:
Brazil have 75% of enterprises, excluding micro-enterprises using theInternet for banking in 2005.
Morocco (34.9%).
(United Nations Conference on Trade andDevelopment, 2006), There is an increasing growth of online banking, indicating a promisingfuture for online banking in these countries.
In China, while banks issue credit cards and while many use debitcards to draw directly from their respective bank accounts, very fewpeople use their credit cards for online payment. Cash-on-delivery isstill the most popular mode of e-commerce payment. Nonetheless,online payment is gaining popularity because of the emergence of China pay and Cyber Beijing, which offer a city-wide online paymentsystem. (Zorayda Ruth B. Andam, 2003).
The Term Paper on Online Workgroup Group Ideas Internet
Summary of the Book Today, the internet is a growing community. Millions of people from all over the world go online everyday to check email, research, shop, or even just interact with someone halfway around the world. As this community grows, so does the number of interactions between people. The Psychology of the Internet examines the psychology of new behavior produced by this novel method of ...
