Welcome
VIRTUAL BANKING
Prepared By Hari
Virtual Banking
• Bank with a very small or nonexistent branch
network
• services through the Internet or other electronic
channels
Origin
• Security First Network Bank (SFNB) – Oct 18,1995 -
Atlanta,Georgia,USA.
• Asia’s first virtual bank was FinatiQ – a division of
the Bank of Singapore - April 2000
Features of Virtual Banking
• Online Banking
• E-Mail Banking
• Phone Banking
• Mobile Banking
• Automatic Teller Machine
Online Banking ?
• Customer to conduct financial transactions on a
secure website operated by their virtual bank.
Features of Online Banking
• Any Time 24*7*365
• Any where
• Bill payments
• Investment (Online Trading)
• Fund Transfers (Inter & Intra bank)
• Request for Demand draft, Pay Order etc...
Email Banking ?
• The service which can be done for specific
transaction though Registerd Email ID.
Features of E-Mail Banking
• Receive daily, monthly statements through registered
email id.
• Cheque book request.
• PIN request.
Phone Banking ?
• Customers to perform transactions over the telephone
• Most telephone banking use an automated phone
answering system with phone keypad response or
voice recognition capability
Features of Phone Banking
• Balance Inquiry
• Account Statement (For the day or any specific
period on Fax)
• Transaction Details
• Cheque Related Information
Mobile Banking ?
• The service which can be done for specific
transaction through Registerd Mobile Number.
Features of Mobile Banking
• Automatic Alerts
• SMS Requests
ATM ?
• An Automated Teller Machine is a computerised
telecommunications device that provides the
customers to access financial transactions in a public
space without the need for a human clerk or bank
teller.
Features of ATM
• Withdraw cash instantly.
• Withdraw cash across the world through internationalcards.
• View mini statement.
• Cheque Book Request.
• Deposit cash and cheque for collection.
• Card to Card Transfer
Advantages of Virtual Banking
• Convenience
• Ubiquity
• Transaction speed
• Efficiency
• Effectiveness
Disadvantages of Virtual Banking
• Fraud
• Start-up may take time
• Learning curve
• Bank site changes
• The trust thing
history
• Online services started in New York in 1981 when
four of the city’s major banks :
Citibank
Chase Manhattan
Chemical
Manufacturers Hanover
• offered home banking services using the videotext
system.
What is internet banking
o Internet Banking allows you to conduct bank
transactions online, instead of finding a bank and
interacting with a teller.
o In a broad sense, it is the use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash.
definition
A system of banking in which customers can view
their account details, pay bills, and transfer money by
means of the internet.
The remote delivery of new and traditional banking
products and services through electronic delivery
channels.
TYPES
PC Banking
Digital TV Banking
Text Phone Banking
Internet Banking
Uses of types of banking
SERVICES
Bill Payment
Credit Card
Insurance
Customer services
Recharging your prepaid phone
Shopping
Who can use internet banking
• Step 1: Access Internet Banking - Obtain your User
ID and Passwords.
• Step 2: Create your Own Unique User ID.
• Step 3: Link the Account Number to your User ID
Application Service Providers
First step in the setup process is making a plan.
1. What are the services to be installed?
2. What services bank could implement
in-house?
3. What services we could implement
through ASPs (out-of-house)?
4. Who are technology partners?
advantages
Cost less
Transaction speed
Efficiency
Speed banking
Vast coverage
Issues in internet banking
Security
Learning difficulties
Lack of skilled personnel
Technical breakdowns
Long start up time
inexpensive
Security risks
Increasing number of fraudulent websites
Fake emails purporting to be sent from banks
Use of trojan horse programs to capture user ids and
password
conclusion
The strategy of bank is to provide value added
services and products to the consumer, utilizing the
internet extensively.
The main aim of E-banking is to making transactions
through online poses and make customer more
beneficial
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