Internet Banking Master Assignment Example | Topics and Well Written Essays - 2000 words

Internet Banking Master - Assignment exerciseThe present form of online banking finds its roots in the pioneering initiative launched by four of the major banks of New York, Citibank, chemical substance Bank, Chase Manhattan and Manufacturers Han everywhere bank. These banks simultaneously, yet individually, offered home banking attends that allowed bank customer to maintain records as well as carry out transactions without leaving the comforts of their home (Mary J.C., 1997)Internet Banking received a major boost with the rapid development and penetration of banking activities conducted over the internet. Activities like money transfer and securities trading merchant ship be done through internet banking. Its a virtual bank in itself which is often an appendix of its brick and mortar model. With expanding information technology it is wise for the banks to adopt and leverage it, for expansion of business and better and accelerated delivery of services to the customer. Some of t he benefits of internet banking areInternet banking is being used both in B2B (business to business) and retail banking. There are also some banks which only have a virtual presence, for fount Nexity Bank. Generally bigger banks tend to offer internet banking. This is because smaller banks often find the cost of the service unprofitable before they expand to a certain scale (Gup B.E., 2003) Lloyds TSB is the largest retail bank in UK parcel over 30 million customers. Being one of the largest banks in UK and the world, it has taken to internet technology in a big way and offers an array of services to its customers over the internet. Some of the internet banking services offered by TSB are like payment of bills, management of direct debit and standing orders, online application for savings account- over draft - credit card -personal loans, online travel money (without commission),online statements and so on. They also provide online banking guarantee and relinquish weekly text ale rts and the best is that registration for such services comes free of cost. (Lloyds TSB Bank Plc., n.d.)Internet banking has dissimilar stages. The very fundamental or basic stage is about information it offers information about the bank and its offerings. The attached level is communication which offers interaction between the customer and the banks information or IT system. Transaction is at the core of the next stage, where customers virtually transfer money/funds, pay bills and so on. (Ravi V., 2007)Internet bankin