The Technology Which Prevails in the Current 21st Century Has Never Failed to Innovate the World and...

8/2/2019 The Technology Which Prevails in the Current 21st Century Has Never Failed to Innovate the World and Change the Way the World Functions

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S.Rajananth

Admission number DIBF 103


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Table of Contents

Introduction.................................................................................................................................................. 3

Sri Lankan Banks ........................................................................................................................................... 4

HSBC .............................................................................................................................................................. 6

BOC................................................................................................................................................................ 8

HNB ............................................................................................................................................................. 10

Conclusions................................................................................................................................................. 11


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Online Banking in Sri Lanka an Introduction

The technology which prevails in the current 21st century has never failed to innovate the world

and change the way the world functions. Over the past decades the technology has stepped its

feet on each and every aspects. Business functions and transactions have been made available

through the internet and people have become more concerned about getting things done in lesser

time. The sudden technology driven forces have made banks to go online and have made the

physical buildings and branches of the banks to go obsolete.

When this was happening worldwide in the 1990s, The Asian Banks such the Sri Lankan Banks

were not much exposed to the technology and trends which were prevailing in the developed

countries. The year 2000 saw greater integration of technology into the Asian Banks. At present

Sri Lankan Banks including BOC, Commercial, HNB etc have recognized the potential of online

banking and the cost efficiency they can bring. These Sri Lankan banks have made each and

every transactions and services available over the internet. It has helped their customers to save

more time and cost (transport cost, time needed to visit the bank physically) while enabling them

to get things done in several clicks. Online banking facility has also helped the banks to reduce

the costs needed for their operation. (for example : Banks do not need to have many branches

and human resources to deliver their products ,their company website can get the job done in a

more speedy and convenient manner)

Online banking has enabled the customers to do a range of transactions by way of internet

banking. The customer can pay bills directly from your checking account. Funds can be

transferred from a checking account to a savings account, or vice versa. The customer can fill out

loan applications for anything from signature loans to mortgages online. You can even use

internet banking for investments. All these services are available at both types of banks.

Another massive advantage of online banking is its accessibility. The services and transactions

can be accessed 24 hours a day and 365 days an year. With the help of ATM machines all over

the country the technology used by banks has taken the banking industry to a whole new level.


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Sri Lankan Banks and Online Banking

In the previous chapter the author of this report discussed about how the online banking trend

evolved in Sri Lanka .The upcoming chapters will be about the Sri Lankan Banks and how they

provide online banking services to the citizens. When talking about online banking in Sri Lanka

almost all the banks are providing online banking services to the customers. There is no bank left

out in this list. Some of the common features/services/ products provided for online banking

customers by the Sri Lankan banks are,

Internet Banking

Phone banking Express Banking Centers

Mobile Banking

ATM SMS Banking SWIFT Slips Credit Cards


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Sri Lankan Banks with Online Banking Facilities

HSBC BOC Commercial Bank Sampath Bank Nations Trust Bank Nations Development Bank Standard Chartered Peoples Bank Seylan Bank

As mentioned earlier, all most all the banks are offering online services ,Some of the banks such

as Peoples Bank are now offering similar services to survive in the cut throat competition and

retaliation from other technologically well developed banks such as HSBC. The reason is

because; now most of the customers are shifting towards a trend where the importance to time

efficiency has become vital. As a result of it, the customers prefer the online banking option

which can reduce their time and costs. Therefore the banks are forced to undertake technology

and go online to stay ahead or survive in the game. The latter part of this assignment would be

based on an analysis regarding the online services offered by the three main banks.


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HSBC

In this chapter HSBCs online services would be analyzed.

Profile

HSBC is a universal bank and is organized within four business groups: Commercial Banking;

Global Banking and Markets (investment banking); Personal Financial Services (retail

banking and consumer finance); and Global Private Banking.It has around 7,500 offices in 87

countries and territories across Africa, Asia, Europe, North America and South America and

around 100 million customers. As of 30 June 2010, it had total assets of $2.418 trillion, of which

roughly half were in Europe, a quarter in the Americas and a quarter in Asia.(Wikipedia,2012)

Online Banking Services Offered by HSBC

Internet Banking - HSBC Internet banking services allow the customers to access theiraccount and conduct a number of activities anytime from anywhere. It offers a wide array of

personal as well as business Internet banking services to their customers. HSBC online

banking services can be easily availed by just opening an online account with the bank.

Existing users are just required to make HSBC online login in order to get a broad range of

services that include online transaction, money transfer, online credit card bill pay, balance

inquiry and many other activities. HSBC credit cards and mortgage accounts can easily be

managed with the Internet banking services offered by the bank. The bank also allows

customers to make wire transfer at competitive transfer fees.


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Phone banking- HSBC phone banking enables the customers to do all their phonetransactions including withdrawals through the phone.

Express banking centres- Each express banking centres of HSBC are equipped with ATMcounters which operate 24 hrs a day and 365 days an year.

Mobile Banking- This is a feature offered with the internet banking facility of HSBC.Onceregistered the customer can use their mobile phone/smart phone to access all his/her banking

transactions and process them online any where any time.

ATMHSBC has ATM counters all over the island , therefore an HSBC customer or even aneighbor bank customer having a debit card can make use of this service without any issues.

SMS Banking This feature by HSBC enables the customer to do their banking transactionswith the help of an SMS . All the customer has to do is send a text message from any

network. This facility is designed to suit the business people and busy citizens who do not

want to spend time in visiting the bank physically.

SWIFT Slips -HSBC's Sri Lanka Interbank Payments (SLIPS) state-of-the art paymentssystem has direct links to the local clearing network in Sri Lanka. This means that your

HSBC payments are processed securely and safely, thereby giving you peace of mind as

funds will reach the beneficiary bank within the next working day (Please note that the

availability depends on internal procedures of the beneficiary bank).

With electronic payments, you can gain better control of your financial position by avoiding

unplanned overdrafts because the SLIPS provide immediate good values on outgoing

payments.


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Bank of Ceylon

Profile

Bank of Ceylon (BOC) was founded on 1st of August 1939 under Bank of Ceylon Ordinance

No. 53 of 1938, the Governor of Ceylon, Sir Andrew Caldecott, declared open the maiden office

of Sri Lankas first state-owned commercial bank in Fort, Colombo.BOC is licensed commercial

bank established under the Banking Act No. 30 of 1988.The registered office is situated at No.

04, Bank of Ceylon Mawatha, Colombo 01, Sri Lanka.

Internet Banking - BOCs internet banking has been categorized into two , the first option isfor business individuals and organizations whereas the second is for the normal citizens who

has an emphasis on time, Any BOC customer can get registered for an online banking

account and gain these benefits.

Funds Transfer Utility Bill Payments Customs ePayments Credit Card Transaction Inquiry & Payments Balance Inquiry & View FacilityMentioned above are the typical features, Corporate customers can enjoy some additional

features such as

Balance Inquiry & Transaction Inquiry Statement Download Facility File Upload & Download Facility


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Phone banking- BOCs phone banking helps their customers to do all their phonetransactions including withdrawals through the phone.

ATMevery BOC branch is equipped with ATM counters which can be accessed at anygiven time of the day, the speed of doing a transaction through ATM cannot be matched with

anything else.

SMS Banking SMS banking facility has been recently launched by BOC .This featureenables the customer to do their payment through the mobile phones. With BOC PayMate, all

Bank of Ceylons banking customers will now be able to make day to day payments using

their mobile phones. The service is available for all BOC customers absolutely free of costwithout any registration or usage charges. To begin with mobile will be accepted at some of

Sri Lankas most reputed retail chains and soon customers will even be able to make their

monthly electricity, water and telephone bill payments via a simple SMS. Some features of

this revolutionary service are as follows.

Inward remittance Sending money from abroad has never been easy .BOC has introducedmany flexible options to transfer money from abroad. BOC are the pioneers of Inward

Remittance business in Sri Lanka having 70 Years of experience and service excellence in

this trade. Inward Remittances Dept. is the center for receiving Inward Remittances from

Banks and Exchange Houses worldwide which is well equipped and linked with all branches

to extend a prompt service to the customers. Well connected with all parts of the world

through over 700 correspondents worldwide and the recipients can receive their remittances

easily through 458 payment locations (304 main branches and 154 Extension Offices) spread

in every nook and corner of the island. Customers have the option to choose any of thefollowing remittance systems SWIFT and BOC e- Cash.


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HNB (Hatton National Bank)

Profile

Today, HNB has risen to the zenith in banking. We have been acknowledged globally by The

Banker as the Bank of the Year twice over and won numerous local and global awards. We have

now centralized administrative operations at our landmark HNB Tower, used cutting edge

technology to automate our network, equipped our team with skills befitting a futuristic bank and

worked with stakeholders and the environment to ensure that we manage social and

environmental impacts sustainably and with accountability.

Internet Banking HNBs website acts as a virtual branch such as Wellwatte HNB. The

customers can register through the website and enjoy all the features of the real branches.Here is

a quick review of what is offered by HNB.

Check your current, savings and HNB credit card account statements Settle your HNB credit card bills Transfer funds between your own HNB accounts or to any other registered HNB account Pay your utility bills Pay your post paid mobile/fixed-line telephone bills Top up your pre-paid mobile/fixed line connection in real time


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Mobile banking- Through Mobile banking , HNBs customers can access their transactions

through any mobile device with GPRS or 3G facility by connecting to the banks website and

entering their username and password even the credit card accounts and details can be reviewed

through this facility. Here is a quick recap on the features of this facility.

checking, savings and HNB credit card account statements Settling HNB credit card bills Transfer funds between HNB accounts . Paying utility bills Paying post paid mobile/fixed-line telephone bills Top up your pre-paid mobile/fixed line connection in real time Service available in Sinhala, Tamil and English

SMS banking- SMS Banking enables the HNB account and credit card holders to access

selected banking services from their mobile phones using the Short Messaging Service (SMS). It

gives greater convenience to access accounts whenever and wherever there is network coverage,

through the simple text messaging service offered by the leading mobile service providers.

Below are the features of this facility.

Checking account balance Transferring funds between own accounts free of charge Settling outstanding HNB credit card balances Reloading Dialog, Mobitel, Etisalat and Lankabell connections

Phone banking- HNB Tele line is a telephone banking service for customers maintaining HNB

accounts and HNB credit cards. It provides access to limited banking activities using an

Interactive Voice Response service. This service offers banking services through your telephone.

Below are the features of this facility.

Balance inquiry Fund transfer between own accounts What are the benefits of HNB Teleline?


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Round the clock banking convenience Pin number security

ATM Network- Hatton National Bank has recognized the potential demand of the customersand has implemented 403 ATM counters.

SWIFT Slips - HNB has arrangements with licensed banks and Internationally reputed

remittance agencies throughout the world facilitate remittances in quick time and safely.


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Conclusion

At present almost all the banks in Sri Lanka have become more technology oriented and

technologically advanced. There is a concrete evidence that these technology driven bankingfacilities have helped the customers and corporations to change the way the used to get things

done in the past decades.However all these technological based facilities have not reached

the rural areas where the customers still follow the old methods of doing transactions

.However the online banking facility has become a dominant force in changing the way the

country does transactions and businesses operate.

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