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INTRODUCTION
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INTRODUCTION
IMPACT OF TECHNOLOGY
The major impact of technological revolution in banking can be stated in terms of:
Paradigm shift from traditional banking to customized banking as the services can be
delivered via computer and Convenient banking i.e. "Anytime, Anywhere banking". A
customer can check balance by logging into banks website through a user name and
password. In this way he can enquire balance, status of cheques, perform funds transfers,
order drafts, request issue of cheque books etc.
It has been observed that customers who adopt online banking are typically more
profitable to the bank, stay with the bank longer and use more products strengthening the
bank customer relationship8. Information Technology and Internet banking has bridged
the information gap, which was interestingly because of human involvement. Banks can
make the information of products and services available on their site, which is, an
advantageous proposition. Prospective customer can gather all the information from the
website and thus if he comes to the branch with queries it will be very specific and will
take less time of employee. Customer can visit these websites and can compare the
services offered by a bank with that of another. Customer can get all the information, by
saving money and time. The trend thus emerging out is that of virtual corporate system
where the human role is minimized to maximum effect.
The overall banking size and structure has increased considerably. It can also be
accredited to the current market characteristics. More private players and multinational
banks are establishing their base in India. Earlier nationalized bank dominated the
scenario. Now after deregulation private banks have emerged as a powerful force. For
example with over a million customer accounts, 600 branches and a network of 2,000
ATMs across country YES bank leads the way10 in private bank category. As a result,
there is a fierce competition among these players for capturing the savings of individuals
and current accounts of organisations. This has been spearheaded by the liberalization in
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the insurance industry. Insurance industry is giving fierce competition through their
offerings on various policies. This sudden surge has necessitated the use of technology in
offering better services competitively. Most of the banks have coupled IT with their
offering to add value.
Several banks have been positioning themselves as a one-stop shop financial service
provider with a fairly exhaustive range of products, including deposit products, loans,
credit cards, debit cards, depository (custody services), investment advice, bill payments
and various transactional services. These apart, banks have also been entering into the
business of selling third-party products such as mutual funds and insurance to the retail
customers. To provide their customers greater flexibility and convenience as well as to
reduce servicing costs, banks have been investing to computerize their branches and in
new delivery channels such as ATMs, phone banking, internet banking and mobile
banking.
INTERNET BANKING FEATURES & BENEFITS
COMPLETE CONTROL OVER ACCOUNTS
View your bank account / credit card balances and transactions at your
convenience
Transfer funds online to accounts with YES and other banks in India
Create and manage Fixed Deposits
Get cashier's orders and demand drafts free
Charges at Branches
Charges
Online
Cashier's OrderMinimum Rs. 50 for amount upto Rs. 100,000 or
0.1% of value for higher amountsFREE
Demand Drafts 0.3% of draft value FREE
Request for E-Statements for your bank account and credit card
Manage your investments - buy, redeem and switch between mutual funds online
You can also stop cheques, order new cheque books, redeem bonus reward points
and more using HSBC's internet banking service
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Register for E-Statements on your bank accounts and credit card and view your
statements online. You can create an archive of your E-Statements and access them when
you like. You can also store these E-Statements for your records.
FEATURES & BENEFITS
With instant access, view your latest accounts and credit card transactions anytime
at your convenience
No more worries about lost or delayed statements; Stay updated on your card dues
and payment dates
Participate in environmental change; reduce paper consumption when you opt for
e-statements
This service is available to you absolutely FREE
The main purpose that banks have been serving since their inception is keeping our
money safe for us. While keeping our money safe, they also let us earn a certain amount
of interest on the money deposited with them. Traditional banks have been doing this, and
internet banks continue the same function. The only difference is in the way the
transactions are made.
Online banking has been around for quite a few years. In fact, it was introduced in the
1980s and has come a long way since then. The last decade has seen a profuse growth in
internet banking transactions. Several pieces of legislation have also been introduced in
this area.
Though it began in the 1980s, it was only in the mid nineties that internet banking really
caught on. What attracts customers to internet banking is the round the clock availability
and ease of transactions. Studies estimate that internet banking still has a long way to go.
There are several banks that have customers who prefer banking in the traditional ways.
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Statistics released by the YES bank show that only 40% of the banks in the India offer
internet banking facilities worth mentioning. All the others may have an online presence
but do not have enough online transactions to justify their presence on the internet.
Some customers have been known to turn to internet banking due to dissatisfaction with
standard procedures and practices. The total absence of human interaction appeals to
some people. Some customers turn to internet banking facilities for security reasons. This
is mainly because of customers being assured of banks' ability to keep transactions safe
and secured.
Most online transactions are made using the Internet Explorer interface. The InternetExplorer has been around for more than ten years now.
Security Tips
The following is a summary of checks you can make to ensure your data remains secure,
as detailed in this Security FAQ.
Check your browser connects using 128 bit encryption.
Verify the fingerprint of the Sign In page you connect to.
Never disclose your password to anyone. Do not write it down or store it on your
computer.
Select a password that is difficult to guess and change it regularly.
Check your transactions carefully.
Always Sign Out when you have finished your banking.
CUSTOMER SATISFACTION:
THE FORCE DRIVING INCREASED SHARE OF WALLET,
PROFITABILITY, RETENTION AND ACQUISITION
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Customer satisfaction is a key metric for banks to assess how effectively the web
furthers their objectives of customer acquisition, retention and increased share of
wallet. To assess the role of the online channel in meeting the needs and
exceeding the expectations of customers, For See Results teamed with Forbes.com
to conduct a customer satisfaction survey focused on online banking and bill
payment. The goal of this survey, the second of its kind, was to use the framework
of customer satisfaction to understand and quantify the role of online banking in a
banks success. As banks have aggressively pursued multi-channel strategies, the
online channel is growing in importance and adoption. According to Forrester
Research, the number of Indian households
Banking online has more than doubled since 2000, totaling 69.3 million
households in 2004.
While the channel is still in a growth mode, banks have a window of opportunity
to figure out how to maximize the impact of their websites to increase loyalty and
share of wallet among existing customers while reaching out to new ones. Since
our first survey in Summer 2003, the overall customer satisfaction of online
banking customers has increased by 5.5%, as reflected by the data collected for
this survey in the fourth quarter of 2004. This upswing in satisfaction is significant
because satisfaction is highly correlated to the purchase of additional goods and
services. The survey also found that customers who pay bills online are more
satisfied than those who dont, providing banks an opportunity to increase
satisfaction and loyalty by converting online bankers to online bill payers.
According to our survey, banks have been effective in increasing Indiage of online
bill payment, which is up 26% among our survey respondents since the summer of
2003. This year, we delved deeper into the variances and similarities in customer
satisfaction among online customers of three types of financial institutions: large
banks, community banks and credit unions. While scores for all three are strong,
credit unions outperform both types of banks in terms of satisfaction and Indiage
of most online banking features.
KEY FINDINGS
Key findings from our measurement of customer satisfaction with the online
banking experience include:
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Online banking satisfaction has surpassed satisfaction with the overall
banking experience.
The satisfaction score for people who bank online has increased 5.5% to 77,
compared to the aggregate Yes Bank banking score of 75. This indicates online
banking is beginning to fulfill its promise as a convenient and cost-effective
channel to serve customers while increasing customer satisfaction, loyalty and
share of wallet. The increase in satisfaction corresponds with increases in
customer behaviors tied to loyalty.
Highly satisfied online bankers are nearly 39% more likely to purchase
additional products and services from their bank than are very dissatisfied
online banking customers.
Prospects for online banking cite the convenience (79%) and ability to pay
bills online (38%) as key motivators to sign up for online banking services.
Yet concerns about privacy continue to hold them back, as 34% cited privacy as a
key issue.
Use of more online features drives satisfaction. Online bankers who use six or
more online features are 15% more satisfied and 23% more likely to purchase
other products and services from the bank that those who use only one or two
online features.
Converting online bankers to online bill payers is a huge opportunity for
banks, as customers who pay bills online cite higher levels of satisfaction and
loyalty. Online bill pay customers are 17% more likely to purchase more products
and services, increasing share of wallet, and 34% more likely to recommend their
banks website, which fosters greater online banking and bill payment adoption.
Credit unions outperform large banks and community banks when it comes
to satisfying online bankers. In addition, credit unions have higher levels of
adoption of their institutions online services, except online bill payment. As
financial institutions battle for greater share of wallet, credit unions find
themselves well positioned to capitalize on higher levels of satisfaction to increase
adoption of online bill payment.
Offline bank channels are the leading source of information about online
banking.
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To reach online customers and prospects outside of bank channels, online
news sites are
the preferred source of business news and information.
THE YES BANK: POWERFUL, PRECISE AND PREDICTIVE
MEASUREMENT OF CUSTOMER SATISFACTION
Data was gathered from Forbes.com newsletter subscribers, both those who are
online banking customers, and those who are not. The data was analyzed using the
methodology of the Indian Customer Satisfaction Index (YES BANK), the most
precise method of measuring customer satisfaction and quantifying its impact on
customer behavior. The YES BANK has been a leading indicator of customer
satisfaction with goods and services in the Indian economy for more than a
decade. For See Results applies the YES BANK methodology to the web to assess
overall customer satisfaction, determine key drivers of satisfaction with the online
experience and quantify the link between satisfaction and customers future
behaviors tied to loyalty, such as referrals and purchases of other products and
services.
ONLINE BANKING CUSTOMERS MORE SATISFIED THAN
BANKING CUSTOMERS IN GENERAL
In the latest measurement, customer satisfaction with online banking rose 5.5% to
a score of 77, compared to 73 in 2003. This aggregate satisfaction score includes
includes all online bankersboth those who pay bills online and those who use
the website for other reasons, such as to monitor account balances. In this years
survey, customer satisfaction with online banking exceeded satisfaction with
banking in general, which had an YES BANK score of 75. Satisfaction with the
online channel is driven by the convenience of utilizing the web for banking tasks
and the consistent quality of service provided. In the past, the online banking
satisfaction scores trailed the offline banking sector, a strong indicator that online
banking was not fulfilling its promise. Now the online banking channel is starting
to live up to its expectations of providing a channel that meets the needs and
exceeds the expectations of its customers better than traditional banking channels.
The rise in both satisfaction and Indiage may also reflect the effectiveness of
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financial institutions at promoting the web channel as a convenient, effective and
safe alternative to in-person or telephone transactions and service assistance.
SATISFACTION WITH ONLINE BANKING DRIVES LOYALTY
AND INCREASES SHARE OF WALLET
Analysis of customer satisfaction provides insights into the future behaviors of
online banking customers, such as ongoing loyalty and increasing share of wallet.
The cause-and effect methodology of the YES BANK enables us to not only
measure current levels of customer satisfaction, but to use this information to
project the impact of satisfaction increases on how customers are likely to behave
in the future. We looked at satisfaction with several specific behaviors tied to
loyalty: likelihood to recommend the banking website to others and likelihood to
purchase more products and services. For both of these key measures of loyalty,
satisfaction increased from 2003. The likelihood of current online bankers to
recommend the banking website to others increased 3%, from 73 to 75. At the
same time, the likelihood of online bankers to purchase additional products and
services via other channels an indicator of the financial institutions success at
garnering additional share of walletrose from 59 to 60, a 2% increase. However,
this score is still relatively low and indicates that banks could do a better job at
using the web to promote products and service available via other channels.
Another measure of loyalty is the number of online bankers surveyed who
switched banks during the past 12 months. This percentage fell from 15% in the
last survey to 8% this time, partially due to higher satisfaction with the overall
banking experience, including use of the website. Satisfaction yields considerable
dividends in terms of cross-selling as well. Very satisfied online bankers are
nearly 40% more likely to purchase additional products and services than those
who are highly dissatisfied. Additionally, online bankers who are very satisfied
are 21% more likely to purchase additional products and services than moderately
satisfied customers. There is clearly a quantifiable reward for banks to strive for
high levels of satisfaction among online banking customers.
NAVIGATION AND TASKS & TRANSACTIONS ARE KEY
DRIVERS OF CUSTOMER SATISFACTION WITH ONLINE
BANKING
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Overall customer satisfaction with online banking is derived via measurement of a
series of interrelated elements that are key drivers of the online experience. As
part of our analysis of the data using the YES BANK methodology, we looked at
specific elements, or drivers of satisfaction, with the online banking experience.
Elements include general website features and functions such as navigation,
tasks/transactions and content, as well as banking-specific satisfaction drivers
such as bill payment and bill payee set-up.
The list of elements measured is as follows:
Bill Payee Set- Up
Bill Payment
Content
Functionality
Look and Feel
Navigation
Privacy
Retail Satisfaction
Site Performance
Tasks & Transactions
USE OF MORE ONLINE FEATURES DRIVES SATISFACTION
The most popular online banking feature, as in last years survey, was view
online statement/check, which is used by 92% of survey respondents. This was
followed by check deposit balances with 88% Indiage. The third most popular
online banking feature, online bill payment, saw a 26% increase in Indiage from
last year: from 58% to 73%. Another online feature that gained in popularity from
last year was self-service (e.g., reordering checks), which climbed 15%from
Indiage of 33% in summer 2003 to 38% in fourth quarter 2004. Increases in
Indiage are important because both satisfaction and the likelihood to purchase
additional products and services are tied to the number of online features that a
person uses
As shown above, satisfaction for people using three or more online banking
features is 15% higher than those who only use one to two. Further, the likelihood
to purchase additional services is 11% higher for purchase of three to five services
as compared to one or two, and 23% higher when the number of services increases
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to six or more. Despite the growing adoption of online banking, customers are still
using multiple channels to conduct their banking business. Seventy-two percent of
online bankers in our survey also visited a bank branch in the past 90 days, while
35% contacted their bank via phone in the same time period. While use of offline
channels didnt necessarily decrease, the benefit to banks that encourage online
bankers to perform more functions online is a more satisfied, more loyal customer
who will reward the bank with a greater share of wallet and recommend the
banks website to others, which will increase adoption These numbers show that
banking truly is a multi-channel experience. Customers use multiple channels to
connect with the bank, but may develop a preferred channel for particular
transactions. The challenge is for the bank to meet the product needs and service
expectations of its customers across channels while encouraging customers to
utilize the most cost-effective online channel where it makes sense to do so. Smart
banks will also take advantage of opportunities to promote products and services
across channels for greater visibility and brand reinforcement.
ONLINE BILL PAYMENT IS CLOSELY TIED TO HIGHER
LEVELS OF
Further proof of the importance of online bill payment is the increase in
satisfaction realized as the number of bills paid online rises: Interestingly, 75% of
people who pay bills online also pay bills through other providers. Since number
of bills paid correlates positively with increasing satisfaction scores, banks have a
tremendous opportunity to increase satisfaction and loyalty by promoting the bank
as the central source for all online bill payment. Even non-customers see the value
of online bill payment: 38% of prospective online bankers cite online bill payment
as one of the reasons theyd consider online banking. However, banks need to
overcome the common misperception held by non-users that the online bill
payment process is difficult and address privacy concerns. Of customers who
dont use their banks online bill payment feature but do pay bills online
elsewhere, 60% do so through the service provider (e.g., utility company), 24%
with a third-party payment service and 16% with another financial institution. To
encourage these people to pay all of their bills online through the bank, banks
should assess the need for improvements to navigation, tasks & transactions and
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the site performance among their own online customers, which will influence their
likelihood to recommend the online channel to others. As 16% of people who
dont pay bills online with their bank have incomes of $175,000 or more, it is in
their banks best interest to convert as many people as possible to online bill
payers.
People who pay bills online also represent a prime audience for marketing.
Eighty-seven percent of customers who pay bills online visit the site at least once
a week (compared to 79% for non-online bill payers) and 41% visit their banks
website daily. Their frequent visits to the site provide ample opportunity to
reinforce the banking relationship and market new products and services through
the web medium.
Significant variations in overall satisfaction by type of financial institution used
for online banking services. In addition to looking at overall satisfaction for online
banking customers (both those who pay bills online and those who dont) by
institution, we analyzed satisfaction with various elements for large banks,
community banks and credit unions. We also looked at how using different online
banking features, e.g., checking deposit balances, budget management, etc., varied
by type of financial institution. Customers of all three types of institutions are
most satisfied with functionality and rated it the highest scoring element.
Regardless of where they do their online banking, customers rate their satisfaction
with bill payee set-up as the lowest of any of the measured elements. This is
significant, considering the large gains in satisfaction and loyalty to be realized by
encouraging people to use online bill payment, which they will be more likely to
do if they are happy with the process for setting it up. The most and least popular
online banking features were consistent across financial institution type, perhaps
reflective of industry trends in making specific features available and promoting
their use. Viewing online statements/checks was the most heavily used feature,
with Indiage of 97% by online credit union customers, 92% by online customers
of large banks and 89% of online community bankers. Checking deposit balances
is a close second, with Indiage of 94% at credit unions, 89% at large banks and
84% at community banks.
Credit Unions: Highly Satisfied and Avid Users of Online Banking
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Credit union members report the highest level of satisfaction with the online
banking experience with a score of 80. This isnt surprising, considering that
credit unions, unlike banks, are actually membership organizations and may
therefore have more of a members first mentality. Still, while we might have
expected that large banks had more resources and expertise to offer online
banking customers, we found that credit unions did a better job satisfying online
banking customers, with a 2.6% advantage over large banks satisfaction score
and a 5.3% advantage over community banks.
Satisfaction with most of the specific elements of the online banking experience
were higher for credit unions than for large and community banks. One exception
was bill payee set-up, where credit unions (73) scored higher than community
banks (72), and scored lower than large banks (75). Satisfaction among credit
union online bankers with content and functionality was especially high; these two
elements garnered high scores of 87 and 86, respectively. While credit unions are
doing a good job of meeting the needs of their members, they could experience
gains in satisfaction through conversion of more members to online bill payers.
Credit union members who pay bills online are 9.2% more satisfied than members
who dont, with a score of 83 compared to 76. Opportunities to increase online bill
payment are significant as 13% of people who currently dont use online banking
to pay bills came from credit unions. In almost all cases, credit union members
included in our survey have been the most eager adopters of online banking
features. Indiage by credit union members exceeded that of customers of both
large and community banks in all areas, except for the critical area of online bill
payment, where credit union Indiage (65%) lagged Indiage by large bank
customers (75%). In all features included in our survey, Indiage by large bank
customers seconded use by credit union members. Even the lesser-used features
were more popular among credit union members. Customers of all financial
institutions named online loan application as one of the least used online features.
However, nearly a quarter of respondents from credit unions say they apply for
loans online, compared to 9% of large bank and 5% of community bank
customers, which illustrates credit unions relative success at leveraging the web
channel to grow share of wallet and overcome the limits of the branch reach of
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credit unions. Budget management was an infrequently-used feature, perhaps due
to the popularity of
Quicken and other software-based budget management tools. Again, credit union
customers are significantly more likely to manage their budgets online. Twenty-
seven percent of surveyed credit union members use this web-based feature,
compared to 14% of large bank customers and only 9% of community bank
customers.
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COMPANY PROFILE
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COMPANY PROFILE
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Country India
Industry Banking
NSE/BSE Listing NSE Code -532648
Regd.& corporate office Nehru centre,9th
floor, Discovery of India,Dr.A.B.Road, worli, Mumbai 400018 Tel:-
+91(22) 6669 9000
Northern Regional Corporate Office 48,Nyaya Marg, Chanakyapuri, New Delhi
110021 Tel:-+91(11)6656 9000
Website www.yesbank.in
Bank Name: YES Bank Ltd
Branch Name: MORADABAD,UTTAR PRADESH
Address:
GRND AND FIRST FLOOROF KHASRA NO 267,GRAM
MAJOLA,DELHI MORADABAD
HIGHWAYMORADABAD
City: MORADABAD,UTTAR PRADESH
District: MORADABAD
State: Uttar Pradesh
Phone: +912266699000
Fax: +91 (22) 2490 0314
Email: contactus@yesbank.in
MICR Code 244532002IFSC Code: YESB0000044
Yes Bank, Indias new age private sector Bank is the outcome of the professional
commitment of its founder Mr. Rana Kapoor supported by his highly competent top
management team to establish a high quality, customer centric, service driven, private
Indian Bank catering to the Future Industries of India.
Yes Bank has adopted international best practices, the highest standards of service quality
and operational excellence, and offers comprehensive banking and financial solutions to
all its valued customers. A key strength and differentiating feature of Yes Bank is its
knowledge driven approach to banking and an unprecedented customer experience for its
retail and wealth management clients.
Yes Bank is steadily building corporate and institutional banking, financial markets,
investment banking, corporate finance, business (Small &Medium Enterprises) and
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transaction banking, international banking, retail banking and wealth management
business lines across the country. The Banks constant endeavour is to provide a
delightful banking experience expressed with simplicity, empathy, and totality.
Yes Bank understands the financial needs of the Government of India, in its progress and
development role of a Growing India through Yes Banks Knowledge Banking
approach and the objective of being the Bank for an Emerging India. Yes Bank remains
committed to serving this specialized segment. Yes Banks knowledge Bankers deliver
innovative, structured and comprehensive solutions through a Money Doctor approach
focusing on diagnostic and prescriptive attention to detail. This is facilitated through Yes
Banks Technology leadership delivering proven, easy-to-use solutions for Government
Undertakings and agencies. Yes Bank has provided financial and advisory services to
Ministries of the Union Government, State Governments, Central and State Public Sector
Undertakings (PSUs) and Agencies.
In a short span of over three and a half years the Government Relationship Management
(GRM) team has developed robust relationships with over 100 entities. The GRM team is
committed to the core values of client orientation, innovation and superior service
experience that exemplify all Businesses at Yes Bank. GRM team is providing the
Knowledge Advisory, Liquidity Management and Investment Products, Transaction
Banking, trade finances, cash management services, Treasury services, Forex
Remittances, debt capital markets, investment managements, corporate salary accounts,
Advisory structured transactions, term loans, and cash credit limits to various government
operations like IFFCO, SAIL, Airport Authority of India, IOCL, NDPL, HPCL, Bridge &
Roof co.(India) ltd and many more.
Business Strategy
Knowledge Banking: - One of the strengths and differentiating features of Yes Bank is
its knowledge banking approach that is the essence of all offerings to its customers.
Knowledge has been institutionalized as a key ingredient in all internal and external
processes and utilized to create customized solutions for the clients specificrequirements.
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Technology and Operations: - As a new generation Bank, Yes Bank has the advantage
of accessing the latest available technology. The Bank has taken a calibrated decision to
invest in the best IT system and practices in order to make its technology platform a
strategic business tool for building a competitive advantage.
Responsible Banking: -Yes Bank has a vision to champion Responsible Banking in
India, where the concepts of Corporate Social Responsibility (CSR) and sustainability
are integrated in its Business focus.
Business Lines: -Yes Bank has four distinct business segments to effectively service the
differentiated needs of its targeted customers.
Corporate and Institutional Banking (C&IB): -To cater to the needs of large corporate
& institutional clients, MNCs, government companies and PSUs. Bank targets C&IB
customers through its multifunctional branches in the key metropolitican cities.
Emerging Corporate Banking (ECB): -It is dedicated to partner with growth-focused,
fast-paced enterprises, which are emerging as a leader in their respective business areas.
Business Banking: -To cater to the needs of the small and medium enterprises (SME),Yes Bank has set up a dedicated business unit to focus on delivering superior banking
solutions specially designed to meet the varying and dynamic needs of its SME clients.
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Retail Banking and Wealth Management: -The Bank intends to develop Retail
Banking into a key value driver. Yes Bank offers its customers choice & convenience,
reflected in its branch layout & design, product feature /design, options of distribution
channels and superior technology enabled service quality. Yes Bank predominantly offers
value added retail liability and third party wealth management products as well as retail
asset offerings through its sales and service network linked to its branches.
Private Banking: - Yes Bank is focusing on personalized relationship banking for its top
end High Net worth customers, supported by structured financial solutions tailor-made to
suit the needs of such customers.
Product lines: - Yes Bank offers a wide range of fee-based products to corporate and
business banking customers to ensure a high degree of cross-sell to clients.
Financial Markets: -Yes Bank financial markets was ranked second in the Best for
currency strategy and best for technical analysis categories at the Asia Money 2005foreign exchange poll for India.
Transaction Banking: -Yes Bank Transaction banking group has adopted a consultative
approach and focus on knowledge and relationship banking to enable customers to
address strategic financial and operating needs in the domain of:
Working capital and liquidity management
Asset management
Treasury integration
Exposure and risk management
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Yes Bank proposes to apply industry knowledge and superior technology for offering
innovative structured solutions integral to a companys financial supply chain.
Yes International Banking: - It offers a complete suite of international banking products
and services, driven by state-of-the art technology, which includes Debt, Trade finance,
corporate finance, Investment banking and business advisory services, treasury and global
Indian banking. The Bank also plans to leverage its international presence, for its capital
raising activities. These services will initially be through partnerships with international
banks and financial institutions followed by the establishments of branches and
representative offices, as per regulatory approvals.
Brand Creation: - The Bank believes that its differentiation begins with its service and
trust mark YES. YES represents the bank true spirit of being service-oriented. The
YES brand creation effort is supported by Triton Communications, the principal
advertising agency and Ad factors PR, the Banks public relation consultant.
Key Members of Yes Bank Management Team
NAME DESIGNATION
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Mr. Rana Kapoor Managing Director & CEO
Mr. Sunil Gulati Group President - C&IB, Transaction
Banking
Mr. Deepak Gaddhyan Group President GRM Team.Mr. Sumit Gupta Country Head Emerging Corporate
Banking
Mr. Alok Gupta Country Head life sciences & technology
Mr. Rajnish Datta Country Head Small business banking
group
Mr. Subir Bisht Chief Risk Officer
Mr. Sanjay Aggarwal Country Head Credit Risk, Business
Banking
Mr. Varun Tuli President Business Banking
Key Highlights & Milestones of Yes Bank.
Nov 2003 Incorporation of Yes Bank Limited
May 2004 RBI License to commence banking business
Dec 2006 Ranked No.3 in the Business World Survey of Indias Best listed
Banks
Mar 2007 Ranked No.2 among New Private Sector Banks in the Financial
Express survey
Dec 2007 Won Best CSR practice award 2007
Dec 2007 Won IT people award 2007
Jan 2008 60 operational branches across India
Mar 2008 Ranked No.3 among New Private Sector Banks in the Financial
Express-E&Y survey & overall #1 on credit quality & #2 on Growth
Apr 2008 67 operational branches across India
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OBJECTIVE OF THE
STUDY
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OBJECTIVE OF THE STUDY
The purpose of this study is to describe the current state of Internet banking and to
discuss its implications for the banking industry and regulatory policy.
The study provide information on Internet banking market developments.
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SCOPE AND RATIONALE OF THE STUDY
Though modern age banking in India has its roots in the British legacy, its journey so far
has been charted by sheer Indian prudence. Post independence, India saw new age
nationalized banks emerging with an aim to reach out to the largely un-banked
population. Though slow and steady, the Indian banking industry did emerge from the
doldrums of debt and instability to drive the country's financial revolution.
With the IT revolution, the Indian banking and financial sector became the undisputed
leader in adopting cutting edge technologies.
So, while technology uptake was gradually taking place, the Internet also came to be used
by banks. After private and foreign banks had adopted this technology, the public sector
banks also began to latch on to the bandwagon. With the core banking system (CBS)
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SCOPE & RATIONALE OF
THE STUDY
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being adopted by all nationalized banks over the last 4 years, the transition to alternative
banking channels such as the Internet, and now mobile has proved to be rather convenient
and cost effective.
The number of customers who choose online banking as their preferred method of dealing
with their finances is growing rapidly. The future looks bright with more people using the
Internet on a daily basis for electronic banking amongst various other things.
25LITERATURE REVIEW
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LITERATURE REVEW
Dos et al. [1993] studied statistical correlation between IT spending and performance
measures such as profitability or stocks value. It is found that there is an insignificant
correlation between IT spending and profitability measures, implying thereby that IT
spending is unproductive.
Brynjolfsson and Hitt [1996], however, cautioned that these findings do not account for
the economic theory of equilibrium which implies that increased IT spending does not
imply increased profitability. More recent firm level studies, however, point a more
positive picture of IT contributions towards productivity. These findings raise several
questions about mis-measurement of output by not accounting for improved variety and
quality and about whether IT benefits are seen at the firm level or at the industry level.
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Such issues have been discussed in detail by Brynjolfsson [1993]and to a lesser extent by
Brynjolfsson and Hitt [1996].
The study conducted by Gotlieb, and Denny [1993], is one of the studies that deals with
the impact of IT on banking productivity per se. Computerisation is one of the factors
which improves the efficiency of the banking transactions. They concluded that higher
performance levels have been achieved without corresponding increase in the number of
employees. Also, it has been possible for Public Sector Banks and Old Private Banks to
improve their productivity and efficiency by using IT
The success of electronic banking, as agued by many researchers, depends
probably on bank service quality, customer preferences and satisfaction. Recent studies
found that consumer behaviour is changing partly because of more spare time.
The way of use of financial services is characterised by individuality, mobility,
independence of place and time, and flexibility (Seitz and Stickel, 2004)
The concept of internet has been defined in many ways (e.g. Daniel, 1999). According to
Karjaluoto (2002) electronic banking is a construct that consists of several distribution
channels. Daniel (1999) defines electronic banking as the delivery of banks' information
and services by banks to customers via different delivery platforms that can be used withdifferent terminal devices such as a personal computer and a mobile phone with browser
or desktop software, telephone or digital television. The different forms of electronic
banking are summarized in Table 1.
Table 1. Different forms of banking in electronic banking (Daniel 1999)
Form of
banking
Description
PC banking The customer installs banking software on his or her personal
computer. The customer has access to his or her account with that
specific software.
Internet banking Customer can access his or her bank account via the Internet using a
PC or mobile phone and web-browser.
TV-based
banking
The use of satellite or cable to deliver account information to the TV
screens of customers.
Telephone-based
banking
Customers can access their bank and account via SMS and as well as
by ordinary phone using services of interactive voice responses (IVR).
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It should be noted that electronic banking is a larger concept than banking via the
Internet (Karjaluoto, 2002). The Internet is a main delivery channel for electronic banking
and its value to customers and banks is continuously increasing (Karjaluoto, 2002;
Mattila, 2001).
DIFFERENT BANKING CHANNELS FOR CUSTOMERS
Hadden & Whalley (2002) observe that customers often simultaneously used many
banking channels. Hadden & Whalley (2002) point out that a challenge for banks is how
to connect with customers and provide financial services to them through the right
channels, at the right time and in the right way.
The HCI-related challenges in Internet banking are related to business interaction
between the bank and customer. Hadden & Whalley (2002) stress that it is crucial that the
banking interaction is suited the customer's life situation. From this perspective it is
important to give customers freedom to choose the most appropriate channel that best
suits their preferences. In addition, the type of business affects customers choice of
channel. According to Hiltunen, Laukka, & Luomala (2002), customers channel
preferences vary between countries because of cultural differences, use-habits and
legislation.
The business interaction between the bank and the customer takes place through different
channels (Hiltunen et al., 2002). According to Hiltunen et al. (2002) the interaction can be
described as a continuum, which is described in Figure
Figure Different banking channels
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Figure 1 shows the different banking channels presented as a continuum where left side
channels are limited by time and place and channels on the right side are more free from
these constraints (Hiltunen, et al 2002).
The physical interaction between the bank and customer takes place in branch offices,
which are limited in both time and location. By contrast Internet banking and mobile
banking are the most flexible banking channels that are more free from constraints such
as time and place (Hiltunen et al., 2002). It has been proposed that a branch office is the
primary channel for purchasing many financial products because it offers the customer a
secure physical location for the transaction of complex financial business with real people
(Hadden et al., 2002)
However, The Finnish Banker's Association (2004b) concludes that Finnish retail banking
differs in many ways from typical retail banking in Europe. In Finland, the current trend
is the movement from traditional branch banking to electronic banking, which provides
many benefits, challenges, and opportunities for the whole banking sector (Karjaluoto,
2002)
From the customer's point of view, Internet banking offers new value to customer because
it makes available a full range of services that are not offered in branch offices
(Karjaluoto, 2002). Modern Internet technology makes it possible to create customized
banking services for every individual customer (Mattila, 2001). According to Daniel
(1999), customers' value features in Internet banking such as convenience, increased
choice of access to the bank, improved control over their banking activities and finances,
ease of use, speed and security.
From the banks perspective the main benefits of electronic banking are cost savings,
reaching new segments of the population, efficiency, cross selling, third-party integration,
and customer satisfaction (Hiltunen et al., 2004; Joseph, 1999). Wah (1999) remarks that
the success of banks operating via the Internet depends on their ability to attract and keep
customers. Sheshunoff (2000) admits that banks implement Internet banking services in
an attempt to create powerful barriers to customers exiting. In general, it has been
reported that Internet banking saves time and money, provides convenience and
accessibility, and has a positive impact on customer satisfaction (Karjaluoto, 2002;
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Mattila, 2001). To summarize, Internet banking offers many benefits both to banks and
their customers (Karjaluoto, 2002; Mattila, 2001).
Despite of these benefits Internet banking includes many challenges. HCI-related
challenge of Internet banking is how to satisfy new online customer segments. Hiltunen et
al. (2002) argue that a key factor in this competition for online customers is the quality of
customer service, which includes usable user interfaces of Internet banking. From this
perspective the usability of Internet banking becomes an essential factor in the
competition for online customers.
DEFINITIONS OF USABILITY
The concept of usability has been defined in many ways in the academic literature
(Nielsen, 1993; Shneiderman & Plaisant, 2005). Nielsen (1993) stresses that usability is
not a single, one-dimensional property of a user interface, and argues that usability could
be defined by using five attributes, which are learnability, efficiency, memorability, errors
and satisfaction. A formal and stricter definition of the term is derived from the ISO
9241-11 (1998) standard, which defines usability as:
The extent to which a product can be used by specified users to achieve specified goals
with effectiveness, efficiency and satisfaction in a specified context of use.
FRAMEWORK TO MEASURE THE USER SATISFACTION
The concept of user satisfaction has been used since the early 1980 (Bailey & Pearson,1983; Ives, Olson, & Baroudi, 1983) and the end user computing satisfactions have been
studied since the 1980 (Bailey & Pearson, 1983; J. Chin, Diehl, & Norman, 1988; Ives et
al., 1983; Rivard & Huff, 1988; Rushinek & Rushinek, 1986). Bailey et al. (1983) state
that several factors affect the user satisfaction and it can be seen as a bi-dimensional
attitude. The user satisfaction can be seen sum of users feeling and attitudes toward
several factors that affect the usage situation (Bailey et al., 1983).
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Recently, there has been growing interest in user experience (Hiltunen et al., 2002;
Lindgaard & Dudek, 2003; Wilson & Sasse, 2004), which can be seen as much larger
concept than user satisfaction. User experience has become an important factor in e-
business because the end user often pays for the majority of new products and services,
which indicates that new products characteristics such as perceived usability, usefulness,
appeal and value of money must be matched or exceeded with user expectations toward
the product (Wilson & Sasse, 2004). From this perspective, assessing the user experience
is essential for many technology products and services (Wilson & Sasse, 2004).
Lindgaard & Dudek (2003) state that user experience consists of some senses of
"satisfaction". They define user satisfaction as a subjective sum of the interactive
experience. Recently, Tractinsky, Katz, & Ikar (2000) show that perceived aesthetics and
perceived usability correlated strongly with each other. They argue that "beauty" or
"appeal" is linked to the perceived usability, and consequently what is seen as beautiful is
also perceived as usable. However, Lindgaard & Dudek (2003) argue that those business
to consumer (B2C) web sites which got high appeal scores but low perceived usability
score from users yielded very high satisfaction, but low perceived usability scores,
suggesting that what is perceived as beautiful need not also be perceived to be usable.
Lindgaard & Dudek (2003) emphasize that aesthetics, emotion, expectation, likeability
and usability all influence the interactive experience, but their significance depends on the
current situation. Furthermore, they argue that usability is a important factor in
experiencing interactive B2C sites, but it is not known is user interaction with B2C sites
whether usability- or satisfaction driven. Their results suggested that web designers
should pay attention to both visual appeal and usability. Bailey et al., (1983) report that
the HCI research needs a clear definition of user satisfaction, including a complete and
valid set of factors and instrument that measures this phenomenon. Lindgaard & Dudek
(2003) add that HCI researchers should formulate a clear user experience notion, where
the relationship between satisfaction, appeal, perceived and actual usability would be
determined. User satisfaction and usability measurements will be next clarified.
In general, user interfaces can be evaluated in many ways (J. Chin et al., 1988). In
addition, it has been stated that each component of usability such as effectiveness,efficiency and satisfaction can be examined by using either objective or subjective
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measures (Nielsen, 1993; ISO 9241-11, 1998). User satisfaction has mainly been
examined with subjective measurements such as a multiple-item user questionnaire (J.
Chin et al., 1988; Lewis, 2002; Lindgaard & Dudek, 2003). Furthermore, the subject
satisfaction, which is measured in user test, has been also used as a indicator of user
satisfaction, but results are contradictory (Notes & Swan, 2003). Recently, other
approaches such as the objective measurement of user experience have been introduced
(Wilson & Sasse, 2004).
Wilson & Sasse (2004) show that in some cases objective psychophysiological measures
such as skin conductance, heart rate and blood volume pulse can reveal users responses
toward product which they are either not aware of, or cannot recall at subjective
assessment session after the test. However, there are several problems in using
physiological measures to analyze user satisfaction and user experience. For example,
data analysis and learning to use the equipment are time consuming, and equipment and
sensors are financial costly (Wilson & Sasse, 2004). Furthermore, interpretation of users
mental process and experiences contain difficult problems even in studies where a clear
cause and effect relationship has been revealed (Ward & Marsden, 2004). Because of
these problems of physiological measures, this research concentrated on examining howthe user experience of Internet banking can be evaluated by using subjective measures.
Many studies have concentrated on developing tools to measuring user satisfaction (J.
Chin et al., 1988; Rivard & Huff, 1988), user information satisfaction (W. Chin & Lee,
2000; Ives et al., 1983) and usability (Lin, Choong, & Salvendy, 1997). In general, the
user satisfaction measurements have been questionnaire scales for which either a Likert or
a semantic differential scale have been used.
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RESEARCH
METHODOLOGY
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RESEARCH METHODOLOGY
Descriptive research
Descriptive research is also called Statistical Research. The main goal of this type ofresearch is to describe the data and characteristics about what is being studied. The idea
behind this type of research is to study frequencies, averages, and other statistical
calculations. Although this research is highly accurate, it does not gather the causes
behind a situation. Descriptive research is mainly done when a researcher wants to gain a
better understanding of a topic for example, a frozen ready meals company learns that
there is a growing demand for fresh ready meals but does not know much about the area
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of fresh food and so has to carry out research in order to gain a better understanding. It is
quantitative and susses surveys and panels and also the use of probability sampling.
Descriptive research is the exploration of the existing certain phenomena. The details of
the facts wont be known. The existing phenomenas facts are not known to the persons.
Sample Size : 30
Sample unit : Employee of Yes Bank
Types of data : Primary And Secondary Data
Primary data source : Questionnaires.
Secondary data : Internet and Books
Sampling procedure : Non probability Convenience Sampling.
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DATA ANALYSIS&
INTERPRETATION
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DATA ANALYSIS & INTERPRETATION
Q.1. Computerized banking system is better than the manual system
a ) Yes 83%
b) No 17%
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Interpretation:
83% respondent say Computerized banking system is better than the manual system and
17% say no.
Q.2. ATM service is useful to withdraw cash & cheques
a ) Yes 77%
b) No 23%
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Interpretation:
77% respondent say ATM service is useful to withdraw cash & cheques and 23% say no.
Q.3. Are you using internet banking?
a ) Yes 63%
b) No 37%
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Interpretation:
63% respondent using internet banking and 37% respondent are not using internet
banking.
Q.4. Core banking system helps you to transfer funds from the different branches
a ) Yes 75%
b) No 25%
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Interpretation:
75% respondent say Core banking system helps you to transfer funds from the different
branches and 25% say no.
Q.5. Internet banking helps to secure your personal information
a ) Yes 68%
b) No 32%
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Interpretation:
68% respondent say Internet banking helps to secure your persona information and 32%
respondent say no.
Q.6. Which types of computerized banking services do you prefer?
a) ATM 55%
b) Internet Banking 25%
c) Core banking system 15%
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d) Other services 5%
Interpretation:
55% respondent prefer ATM services, 25% prefer Internet banking, 15% prefer core
banking system and 5% prefer other services of computerized banking
Q.7 Do you think that online banking is important in these days?
a ) Yes 94%
b) No 6%
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Interpretation:
94% respondent say online banking is important in these days and 6% say no.
Q.8 Have you banks internet banking?
a ) Yes 94%
b) No 6%
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Interpretation:
94% respondent say yes Yes Bank internet banking is better and 6% say no.
Q.9 Which kind of problem you faced in online banking?
(a) Knowledge 15%
(b) Lack of information 20%
(c) Speed of internet service 35%
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(d) Any other 30%
Interpretation:
15% respondent knowledge problem faced in online banking, 20% respondent lack of
information problem, 35% faced speed of internet service and 30% faced any other
problem.
Q.10. By which bank you do online banking?
(a) SBI 30%
(b) PNB 15%
(c) Yes Bank 45%
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(d) ICICI 5%
(e) Any other 5%
Interpretation:
30% respondent use SBI online banking, 15% use PNB online banking, 45% use Yes
Bank online banking , 5% use ICICI online banking and 5% use other bank online
banking.
Q.11 why do you prefer for online banking?
(a) Time saving 45%
(b) For best service 10%
(c) Security 20%(d) any other reason 25%
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Interpretation:
45% respondent say that time saving go for online banking, 10% say for best service,
20% sy security and 25% say any other reason for go online banking
Q.12 Are you satisfied with the online banking?
a) Yes 95%
b) No 5%
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Interpretation:
95% respondent are satisfied with the online banking and5% are not satisfied with the
online banking.
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RESULTS / FINDINGS
Most of the respondent say Computerized banking system is better than the
manual system .
Most of the respondent say ATM service is useful to withdraw cash & cheques.
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RESULTS / FINDINGS
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Most of respondent using internet banking.
Most of the respondent say Core banking system helps you to transfer funds
from the different branches.
Most of the respondents say Internet banking helps to secure your personal
information.
Most of the respondent prefer ATM services.
Most of the respondent say online banking is important in these days.
Most of the respondent say yes Yes Bank internet banking is better .
Most of the respondent problem faced speed of internet service.
Most of the respondent used Yes Bank online banking.
Most of the respondent say that time saving go for online banking.
Most of the respondent are satisfied with the online banking.
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CONCLUSION
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CONCLUSION
As use of the Internet expands, more banks are using it to offer products and services to
their consumers. However, despite Web potential for safe and convenient new ways for
financial services and banking business, the scary truth is that online banking fraud is on
the rise and there are a number of ways it can be done.
Also, there are a number of ways how you can protect your credit card and bank account
if you transact over the internet.
Dont use the same password for everything
Never give your passwords to anyone
Customers should never access their Internet banking accounts through hyperlinks
embedded in e-mails, suspicious pop-up windows, or Internet search engines.
keep your computer secure and the access to it;
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SUGGESTIONS
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SUGGESTIONS
As use of the Internetexpands, more banks are using it to offer products and services to
their consumers. However, despite Web potential for safe and convenient new ways for
financial services and banking business, the scary truth is that online banking fraud is on
the rise and there are a number of ways it can be done.
Also, there are a number of ways how you can protect your credit card and bank account
if you transact over the internet.
CHECK THE BANK
First, you have to confirm that an online bank is legitimate and that your deposits are
insured. You will do that if you follow these steps:
1. Read key information about the bank posted on its Web site
Most Banks Web sites have an "About Us" section that describes the institution. There
can be found useful info about history of the bank, name and address of the banks
headquarters, insurance, etc.
2. Protect yourself from fraudulent Web sites
Watch out for copycat Web sites that deliberately use a name or Web address very similar
to, but not the same as, that of a real financial institution. The intent is to lure you into
clicking onto their Web site and giving your personal information, such as your account
number and password. Always check to see that you have typed the correct Web site
address for your bank before conducting a transaction.
Also, fraud can be done through the spam emails you receive every day. Although, the
link in those emails can be the same of your bank, always check the validity of the links.
That means that fraudulent links will be different from the bank links in the mail. that
can be checked by simple looking at the bottom of your email client (Gmail, Yahoo, or
Outlookif you use it) or using the Right Click/Properties option on link itself.
CHOOSE AND PROTECT ID AND PASSWORD
* After you chose your bank, youll have to create an account. for that youll
need an ID and a password.* Keep in mind that yoursecurityis our top priority, especially in this part
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which is the most vulnerable to attacks.
* While ID is static and can be change usually by the bank per request, you
can change your password yourself.
* Its been recommended that you should change your password frequently.
HERE ARE SOME QUICK PASSWORD TIPS:
Dont use the same password for everything
Dont use a predictable password Dont use your birthday , your SSN, your
childs birthday or pets name. Use something that makes sense to you and that
you will easily remember.
If you must write down your passwords, store them in a safe place.
Never give your passwords to anyone
THESE ARE TIPS THAT EVERY USER OF ONLINE BANKING SHOULD
KNOW:
1. First, bank customers should never access their Internet banking accounts
through hyperlinks embedded in e-mails, suspicious pop-up windows, or
Internet search engines.
2. Second, as has been said above, users should be aware of opening
unexpected e-mails with attachments or click on suspicious links in the
emails. Users should access their bank accounts by typing the website
addresses at the address bar of the browser, or even better, by
bookmarking the genuine website and using that function to access own
accounts.
3. Thirdly, its a good idea to always have installed personal firewall
software and anti-virus and antispyware software, and regularly download
the latest updates available. This software will be of great help in
defending the users from the attempts by fraudsters to plant harmful
viruses or worms in theirpersonal computers.
FOR THE END, THERE IS A RESUME OF THE TIPS FOR SAFE INTERNET
BANKING:
Keep your computer secure and the access to it;
Don't send credit card or account details by e-mail;
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Reject any email that asks you to follow a link to website and input account details for
verification - even if the website looks authentic, its probably a fake replicamake sure
you log out of your online account when finished - especially at work, libraries and
net cafes.
Deal only with established and reputable merchants;
Only make payments to secure websites - look for the padlock symbol in the bottom-
right of your browser and click for details
If using a new site, do business first in a small way;
Check your accounts and report discrepancies immediately;
Ignore the "remember my password option" on banking and shopping sites
MORE INFORMATION
TAKE CARE
Delete without opening emails requesting personal details such as PINs or passwords
legitimate financial institutions and companies will not ask you to provide PINs or
passwords.
Delete suspicious emails with attachments and never open the attachments. Check for a secure connection. (Secure website addresses have https at the start. The
s indicates secure. They will also have a padlock icon on the bottom right corner.
Double clicking the icon will show who owns the certificate).
Follow your own path to the site you choose it is possible to create a link on a web
page or in an email and make it look as if it is taking you to a bona fide website when
it is sending you elsewhere. Your safest course is to check that you have the correct
address (URL) and then type it each time into your address bar.
Consider whether the message you have received is a message that you would expect
to receive is it one you have received from your financial institution before?
(Incorrect grammar or spelling is usually an immediate indicator of a suspect email or
website).
Are there related announcements on the financial institutions or companys website?
Reconcile your account(s) either on-line or by statements frequently and regularly.
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57
LIMITATIONS
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LIMITATIONS
Difficulties in the identification of the source.
The facilities or capabilities of the agency that originally collected the data might be
questionable.
The data may not fit into the needs of investigation. There may be difference in the
units of measurement, there may be surrogated data, discrepancy of class & data may
pertain to some other period of time.
Difficulty to find secondary data that exactly the needs of some specific research
investigation.
It is observed that it is rather difficult to measure the degree of approximation used in
the collection of information as well as the competence of the investigator in
motivating the persons to supply the desired information.
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59
BIBLIOGRAPHY
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BIBLIOGRAPHY
Books:
Kothari C.R Research MethodologySecond Edition,Wishwa PraKashan,2000
Gupta S.L., Marketing Research, Excel Books
Kotler Philip, Marketing Management: Prentice Hall of India Pvt.
Webliography
http://www.en.articlesgratuits.com/online-banking-the-pros-and-cons-id843.php
http://www.bhg.com/health-family/finances/tips/the-pros-and-cons-of-banking-
online/
http://www.essortment.com/home/onlinebankingp_scde.htm
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ANNEXURE
(QUESTIONNAIRE)
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QUESTIONNAIRE
Q.1. Computerized banking system is better than the manual system.
a ) Yes
b) No
Q.2. ATM service are useful to deposit cash & cheques.
a ) Yes
b) No
Q.3. Are you using internet banking?a ) Yes
b) No
Q.4. Core banking system helps you to transfer funds from the different branches.
a ) Yes
b) No
Q.5. Internet banking helps to secure your persona information.
a ) Yes
b) No
Q.6. Which types of computerized banking services do you prefer?
a) ATM
b) Internet Banking
c) Core banking system
d) Other services
Q.7 Do you think that online banking is important in these days?
a ) Yes
b) No
Q.8 Have you banks internet banking?
a ) Yes
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7/30/2019 Impact of It Banking
63/64
b) No
Q.9 Which kind of problem you faced in online banking?
(a) Knowledge
(b) Lack of information
(c)speed of internet service
(d) Any other
Q.10. By which bank you do online banking?
(a) SBI
(b) PNB
(c) Yes Bank
(d) ICICI
(e) Any other
Q.11 why do you prefer for online banking?
(a) Time saving
(b) For best service
(c) Security
(d) any other reason
Q.12 Are you satisfied with the online banking?
a) Yes
63
7/30/2019 Impact of It Banking
64/64
b) No