E-Banking Features

E-Banking Features, Structures, Cyber Cash, Availability, Capability. Acceptance, Problems, Hacking, Solutions:

The Features of Electric Banking:
1.    Available booths.
2.    24 hours cash withdrawal facility.
3.    Quick cash withdrawal facility without having queue.
4.    Account activities enquiry in any moment.
5.    Statement request through ATM/Debit/Credit card.
6.    Transfer Own funds to other account number in same bank.
7.    Present balance inquiry.
8.    Deposit or mail cash or cheque (cross cheque) through mechanical inquiry.
9.    Changing personal identity number (PIN).
10.    Slips of bills of every transaction.
11.    Mini statement which contains 8-10 previous transaction records.
12.    Capability of paying utilities bill.
13.    Withdrawal money using Visa Card, MasterCard, Maestro and other banks debit card.
14.    Withdrawal money from dollar account, which gives taka by converting foreign currency.


Structure of Electric Banking;
E-banking is a good general term referring to various computer-based technologies for delivering bank services. Electronic banking system can be divided into 2 categories by the functional characteristics:

1.    Bank-office electronic banking: This banking provides information management services and quick cash fund transfer facilities.
2.    Electronic Financial instruments: This banking provides customers all prescribed banking facilities in any remote areas or outlets.


Customer opinion of Electronic Banking:
According to many customers, online banking is the preferred transaction method among banking customers. So they are satisfied because:

1.    Online banking faster than visiting the bank
2.    Customer can withdraw money from anywhere and anytime.
3.    All the banks are under one network and anyone can drae money whenever he likes.
4.    No need to carry money.
5.    No chance of snatching or high jacking money as they PIN number of the card is secret.

Problems in E-banking:
In many cases people have some complaints also. The common types of problems they face are:

1.    ATM’s fall short of money.
2.    Slow bandwidth of internet may delay the transfer rate. Banks may delay to provide PIN number whenever client loses his Credit or Debit card.
3.    Power failure in the outlets
4.    Charges are higher for the card.
5.    Password fraud.
6.    Risk of debit or credit card forgery.
7.    Traditional habits of common people.

Hacking Problem in E-banking:
Most of the attacks on online banking used today based on deceiving the user to steal login data and valid TANs. Two well known examples are those tacks are phising and pharming. Cross-site scripting and key logger/Trojan horses can be used to steal the login information.

Countermeasures of the problems:
 There exist several counter measures which try to avoid attacks. Digital certificates are used against phising and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software and attachments.

Cyber Cash:
The generic cyber cash covers essentially three different electronic payment system:

1.    A debit card system.
2.    A debit card-based payment system.
3.    Cyber coin prepaid payment system for all small cash payments.

Cyber Cash is offered by various American and German banks and very soon will be launched in Bangladesh, if so it will be 3G e-banking in Bangladesh.


Related Articles:

E-Banking Bangladesh  
E-Banking Worldwide