Chapter-1
Introduction
INTRODUCTION
WHAT IS ONLINE BANKING SYSTEM?
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.
We all know about internet banking and most of us use it quite often as well, but few of us actually understand about the history of internet banking and how it all came out. Knowing the history of internet banking can be incredibly useful, especially since it will allow us to have more respect for the little things that we take for granted.
Computers themselves have really come an enormous way since their initial establishment, as the earliest electronic computers were so large that they would take up the entire area of a room, while today some are so small that they can hardly be seen at all.
In today's world, computers play an incredibly large role in the way the world exists in general, and the majority of tasks could actually not be completed if not for the use of Page | 10computers. Although there are certainly some areas and jobs that cannot yet be completed solely by computers and which thus still require actual manpower, for the most part, computers have helped to make life significantly easier, productive, and more convenient for us all.
Internet banking has been around for quite a few years now, but has really only become prominent over the past year or so in particular. Internet banking offers an array of different advantages to the user, including: account balances and history including year-to-date information, the ability to transfer money from one account to another and to payees for bill payments, check history, reorders, and stop payments, check credit card balances and statements, complete online loan applications, secure interactive messaging with staff, and much more.
Internet banking basically allows you to be able to do everything that you can in your regular banking institution, only with the benefit that you can do it all right from the convenience of your own home. Not only is this great because you can be comfortable and have peace of mind knowing that you can keep track yourself of all your banking issues, but as well it allows for more ease because you never have to worry about rushing out and making it to the bank.
1.1 STATEMENT OF THE PROBLEM
With the problems and limitations associated with manual banking procedures as witnessed in most parastatals today, complied with the problems associated with the existing application programs even much more in the presence of serious technological advances aimed at improving information system. This is activities aimed at shedding light upon the need for improvement in accounting activities and the means of achieving its efficiency, effectiveness, reliability and success promising future through computer intervention.
Internet banking identifies a particular set of technological solutions for the development and the distribution of financial services, which rely upon the open architecture of the Internet. With the implementation of an Internet banking system, the banks maintain a direct relationship with the end users via the web and are able to provide a personal characterization to the interface, by offering additional customised services.
1.2 PURPOSE OF THE STUDY
The aim of this project is to develop a secured online banking system with the following objectives:
• Create a banking system that is easily accessible by customers from the comfort of their homes, offices etc.
• Reduce the flow of human traffic and long queues at banks
• Reduce the time wasted in going to banks to stay on queues.
• Promote efficient and effective banking for the banks by focusing on those services that still require physical presence at the banking hall.
1.3 IMPORTANCE OF THE STUDY
This will cover the benefits derived in using internet banking and it’s fundamental.
1.3.1 ONLINE BANKING – HOW IS IT DIFFERENT?
Many consumers today are turning to the ease and convenience of Internet banking to take care of their financial needs. With the new levels of access made possible by the Internet, people can now check the status of their finances with the click of a button.
The history of Internet banking has evolved from simply allowing customers to check balances online, to now being able to trade stocks and bonds from the comfort of their own home!
1.3.2 WHY USE ONLINE BANKING?
Online banking services have grown from simply allowing customers to check balances, to trading assets. Today, banks like ING Direct are functioning entirely online, with no brick and mortar building. With the costs saved by requiring fewer employees and the lack of facility expenses, these virtual banks can often offer higher interest rates than their traditional counterparts. Internet banking gives you the power to control your finances completely. You are no longer tied down to managing your money during the hours the bank is open. If you want to transfer a balance after business hours, you can! If you have access to the Internet and have a number of recurring monthly bills, then you should use Internet banking to make your life easier.
1.3.3 FEATURES OF ONLINE BANKING
Today, online banking services are quite varied. One of the best features of online banking is putting the user in control. The user controls all bill paying, transfers, and investments from home.
There are other features, though of online banking. One of these is increased accessibility to your account information. Users of online banking services can access their account information from anywhere in the world! This is particularly helpful for businesses. Internet business banking is becoming increasingly popular, as businesses are becoming more global in their reach. Now business people can access their accounts, even when on overseas business trips. Business Internet banking is extremely popular for this reason.
A particularly popular aspect of online banking services is the ability to make bill payments electronically. With a minimum degree of set-up, customers can enter the amounts of their paper bills (or opt to receive electronic bills) and process all their payments at one time, from one screen
1.3.4 ONLINE BANKING SYSTEM IN BANGLADESH
A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country.
In Bangladesh many banks have launched Internet Banking. Some are known as online banking, some are Internet Banking, providing various facilities.
They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a relief if you don’t have to go to bank for depositing and drawing money, isn’t it?
They thought of something more and desiring and customized the service to its best for their clients and getting better day by day. HSBC has a whole lot of features in their online banking that includes 24/7 account access, loan account information, net- worth information, transaction amongst accounts, bill pay, personal information update, demand draft, info or PIN replacement request, chequebook order and lot more.
BRAC bank is one step ahead because for the first time they have introduced online shopping in Bangladesh. With exclusive features and facility BRAC bank also provides general online facility like the other banks. Those who may have BRAC Bank VISA card or any VISA card can be a part of this online shopping service.
As the world economy is growing faster and banking sector is making mark each and every day, online banking is very important and effective to be a part of it. Bangladesh just started its journey in internet banking and banks are coming forward to make it a success. Online banking is clearly a huge benefit for the customers and saves a lot of time and things get done so easily. A developing country like Bangladesh can make the best out of Internet Banking and banks are completely into it.
1.4 SCOPE OF THE STUDY
The scope of this project is limited to the activities of the operations unit of the banking system which include opening of Account, Deposit of funds, Withdrawal of funds and transfer.
1.5 METHODOLOGY
• Analysis – proper analysis and suggested solution to tackle such problems will be considered.
1.9 VARIOUS FORMS OF E-BANKING:
1.9.1 INTERNET BANKING:
Internet Banking lets you handle many banking transactions via your personal computer. For instance, you may use your computer to view your account balance, request transfers between accounts, and pay bills electronically.
Internet banking system and method in which a personal computer is connected by a network service provider directly to a host computer system of a bank such that customer service requests can be processed automatically without need for intervention by customer service representatives. The system is capable of distinguishing between those customer service requests which are capable of automated fulfillment and those requests which require handling by a customer service representative. The system is integrated with the host computer system of the bank so that the remote banking customer can access other automated services of the bank. The method of the invention includes the steps of inputting a customer banking request from among a menu of banking requests at a remote personnel computer; transmitting the banking requests to a host computer over a network; receiving the request at the host computer; identifying the type of customer banking request received; automatic logging of the service request, comparing the received request to a stored table of request types, each of the request types having an attribute to indicate whether the request type is capable of being fulfilled by a customer service representative or by an automated system; and, depending upon the attribute, directing the request either to a queue for handling by a customer service representative or to a queue for processing by an automated system.
1.9.2 AUTOMATED TELLER MACHINES (ATM):
An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services. Also called automatic teller machine, cash machine; Also called money machine.
An automated teller machine or automatic teller machine (ATM) is an electronic computerized telecommunications device that allows a financial institution's customers to directly use a secure method of communication to access their bank accounts, order or make cash withdrawals (or cash advances using a credit card) and check their account balances without the need for a human bank teller (or cashier in the UK). Many ATMs also allow people to deposit cash or cheques, transfer money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps.
On most modern ATMs, the customer identifies him or herself by inserting a plastic card with a magnetic stripe or a plastic smartcard with a chip, that contains his or her account number. The customer then verifies their identity by entering a passcode, often referred to as a PIN (Personal Identification Number) of four or more digits. Upon successful entry of the PIN, the customer may perform a transaction.
If the number is entered incorrectly several times in a row (usually three attempts per card insertion), some ATMs will attempt retain the card as a security precaution to prevent an unauthorised user from discovering the PIN by guesswork. Captured cards are often destroyed if the ATM owner is not the card issuing bank, as non-customer's identities cannot be reliably confirmed.
The Indian market today has approximately more than 17,000 ATM’s.
1.9.3 TELE BANKING:
Undertaking a host of banking related services including financial transactions from the convenience of customers chosen place anywhere across the GLOBE and any time of date and night has now been made possible by introducing on-line Telebanking services. By dialing the given Telebanking number through a landline or a mobile from anywhere, the customer can access his account and by following the user-friendly menu, entire banking can be done through Interactive Voice Response (IVR) system. With sufficient numbers of hunting lines made available, customer call will hardly fail. The system is bi-lingual and has following facilities offered
• Automatic balance voice out for the default account.
• Balance inquiry and transaction inquiry in all
• Inquiry of all term deposit account
• Statement of account by Fax, e-mail or ordinary mail.
• Cheque book request
• Stop payment which is on-line and instantaneous
• Transfer of funds with CBS which is automatic and instantaneous
• Utility Bill Payments
• Renewal of term deposit which is automatic and instantaneous
• Voice out of last five transactions.
1.9.4 SMART CARD:
A smart card usually contains an embedded 8-bit microprocessor (a kind of computer chip). The microprocessor is under a contact pad on one side of the card. Think of the microprocessor as replacing the usual magnetic stripe present on a credit card or debit card. The microprocessor on the smart card is there for security. The host computer and card reader actually "talk" to the microprocessor. The microprocessor enforces access to the data on the card. The chips in these cards are capable of many kinds of transactions. For example, a person could make purchases from their credit account, debit account or from a stored account value that's reload able. The enhanced memory and processing capacity of the smart card is many times that of traditional magnetic-stripe cards and can accommodate several different applications on a single card. It can also hold identification information, which means no more shuffling through cards in the wallet to find the right one -- the Smart Card will be the only one needed.
Smart cards can also be used with a smart card reader attachment to a personal computer to authenticate a user. Smart cards are much more popular in Europe than in the U.S. In Europe the health insurance and banking industries use smart cards extensively. Every German citizen has a smart card for health insurance. Even though smart cards have been around in their modern form for at least a decade, they are just starting to take off in the U.S.
1.9.5 DEBIT CARD:
Debit cards are also known as check cards. Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like cash or a personal check. Debit cards are different from credit cards. While a credit card is a way to "pay later," a debit card is a way to "pay now." When you use a debit card, your money is quickly deducted from your checking or savings account.
Debit cards are accepted at many locations, including grocery stores, retail stores, gasoline stations, and restaurants. You can use your card anywhere merchants display your card's brand name or logo. They offer an alternative to carrying a checkbook or cash.
1.9.6 E-CHEQUE:
• An e-Cheque is the electronic version or representation of paper cheque.
• The Information and Legal Framework on the E-Cheque is the same as that of the paper cheque’s.
• It can now be used in place of paper cheques to do any and all remote transactions.
• An E-cheque work the same way a cheque does, the cheque writer "writes" the e-Cheque using one of many types of electronic devices and "gives" the e-Cheque to the payee electronically. The payee "deposits" the Electronic Cheque receives credit, and the payee's bank "clears" the e-Cheque to the paying bank. The paying bank validates the e-Cheque and then "charges" the check writer's account for the check
1.9.7 OTHER FORMS OF ELECTRONIC BANKING
• Direct Deposit
• Electronic Bill Payment
• Electronic Check Conversion
• Cash Value Stored, Etc.
Chapter-2
Literature REVIEW
2.2 ONLINE BANKING IN DEVELOPING COUNTRIES
Just like Internet infrastructure, E-Banking in developing countries is at early stages; however there are some exceptions where countries like:
• Brazil have 75% of enterprises, excluding micro-enterprises using the Internet for banking in 2005.
• Morocco (34.9%). (United Nations Conference on Trade and Development, 2006),
There is an increasing growth of online banking, indicating a promising future for online banking in these countries.
• In China, while banks issue credit cards and while many use debit cards to draw directly from their respective bank accounts, very few people use their credit cards for online payment. Cash-on-delivery is still the most popular mode of e-commerce payment.
• The Nigerian economy is largely cash-based with a lot of money residing outside the banking system. To a greater extent, this has hindered the participation of her citizens in e-commerce where e-payment is the acceptable means of settling transactions. (Ayo Charles. K and Babajide Daniel O, 2006). In Nigeria, the modernization of the payment process started with the introduction of the MICR. This was followed by the establishment of ATMs for cash dispensing, account balance enquiry and payment of utility cheques. In 1993, the Central Bank of Nigeria (CBN), introduced the use of payment cards (smartcard) and paper-based instrument. Similarly in 2004, CBN introduced a broad guideline on e-banking which included the introduction of ATM, e-money products such as credit and debit cards (Salimon, 2006).
• The Turkish banking sector has not only grown in numerical terms it has also expanded in terms of technology and the range of new services offered to its local and foreign customers. The sector has been viewed as the leader of technological innovations in Turkey.
Although a lot of work and progress has been made in electronic banking by these countries, but these nations are still cash based economies largely. There needs to be a regulatory framework and awareness among the banks and the consumers about the benefits and drivers of such systems.
Fast adoption of electronic form of banking is the need of the day for these developing nations to survive in today’s hypercompetitive global world.
2.3 Methodology
Methodology is a system of broad principle or rule from which specific methods or procedures may bederived to interpret or solve different problems within the scope of a particular discipline .Methodology isnot a formula but set of practices. The study was conducted to identify the problems and prospects ofmobile banking in Bangladesh. Necessary data were collected from different ages of people and analyzedin terms of the objectives set for the study. This study was based on field level data. There are several
methods of collecting this basic information. The data for this study were collected by the survey method.Survey is a research technique in which information is gathered from a sample of people by use of aquestionnaire or interview. The word “survey” refers to a method of study in which an overall picture of agiven universe is obtained by systematic collection of all available data on the subject. It is a method ofdata collection based on communication with a representative sample of individuals. The main reasons why the survey method is preferred to cost:
2.5 ONLINEBANKING STRATEGIES:
Though E-banking offers vast opportunities, yet even less than one in three banks have an E-banking strategy in place. According to a study, less than 15 percent of banks with transactional websites will realize profits directly attributable to those sites. Hence, banks must recognize the seriousness of the challenge ahead and develop a strategy that will enable them to leverage the opportunities presented by the Internet.
No single E-banking strategy is right for every banking company. But whether they adopt an offensive or a defensive posture, they must constantly re-evaluate their strategy. In the fast-paced e-economy, banks have to keep up with the constantly evolving business models and technology innovations of the Internet space. Early e-business adopter like Wells Fargo not only entered the E-banking industry first but also showed flexibility to change as the market developed. Not many banks have been as e-business-savvy. But the pressure is now building for all banks to develop sound e-business strategies that will attract and retain increasingly discriminating customers.
The major problem with the banks, which have already invested huge amounts in their online initiatives, is that their online offerings remain unprofitable. Though banks have enrolled some existing customers in their online programs, they are not getting customers in large numbers. This has made banks wonder whether there is any value in the online channel. Just enrolling customers for online banking may not be sufficient until and unless they use the site actively. Banks must make efforts to increase their site usage by customers and effectively co-ordinate the online channel with branches and call centers. Then only they will be able to derive maximum value that includes cost reduction, cross-selling opportunities, and higher customer retention.
Customers have some rational reasons for staying offline. Some of these reasons include usability features of the site, concerns about security and frequent complaints that signing up is complicated and time-consuming. Banks can solve these problems by refocusing investment on improving the site's basic functionality and user-friendliness, and avoiding advanced features that most customers neither understand nor value. Developing advanced features that appeal to a relatively small numbers of customers, creates far less value than strengthening core capabilities and getting customers to use them. Banks must make efforts to familiarize customers with their sites and show them how easy and efficient the online channel is to use.
Integrating the online channel with the rest of the bank is another important issue that banks must focus upon. This is important because nearly all the value of the online channel is realized offline _ in cross sales completed in other channels and in cost reductions. An actively used online channel should also serve as a medium to sell banking services for the branch staff, the call center, and the relationship manager. Integrated channels working together are far more effective than a group of channels working without any coordination.
To facilitate this integration, banks must formulate paths that people in various customer segments are likely to take among the channels. The interactions in each channel can then be worked around these paths. For example, a call center representative must work out which channel(s) the customer used before coming to her, and which channel(s) the customer is likely to visit next. Each channel must have entry and exit points that must welcome customers and then send to other channels. Hence, the overall goal of banks is to create a seamless multichannel experience.
On the other hand, those banks that are planning to build their online businesses will have to understand several strategic issues like do they have the right business model for E-banking? How should they price their E-banking products and services? Bankers planning to move into E-banking have to explore different options, make investments and have to develop a variety of partnerships. They have to put their time and efforts to identify the best opportunities. In the case of traditional banks, if they are too aggressive in using price incentives to build their e-business, they risk the profitability of their traditional business. However, if they do not offer sufficient price incentives for customers to bank online, their efforts to build a sound e- banking business may not fructify.
Banks have to be creative in rethinking organizational structures and management processes. Traditional banks that are conservative in nature may find it difficult to attract and retain online talent. Moreover, getting people in the traditional business to help build an e-enterprise would not be an easy task. To make all this happen, requires a major revision of incentive systems, planning and budgeting processes, and management roles. Banks can exploit the opportunities provided by the Internet if they demonstrate courage, use their imagination, and take decisive action.
While most of the banks have started focusing on E-banking activities, a new challenge in the form of mobile banking has emerged. M-Banking is both an additional opportunity for banks to offer their online services and an additional channel from which to access new customers and cross-sell to existing customers. Rapidly changing lifestyles of customers and their demand for more speed and convenience has subdued the role of branch banking to a certain extent. With the proliferation of new technologies, disintermediation of traditional channels is being witnessed. Banks can go beyond their traditional role as a channel for banking/financial services and can become providers of personalized information. They can successfully leverage m-banking to:
Chapter-3
SYSTEM ANALYSIS & DESIGN
SYSTEM ANALYSIS AND DESIGN
This chapter deals with the analysis and design of Online Banking, application of new system, the hardware and software requirements for implementing the system and stating the choice of the language used.
3.1 DEFINING SYSTEM:
A system is a collection of components, which are interconnected, and work together to realize some objective. There are three major components in every system,
1. input
2. processing
3. Output.
3.2 ANALYSIS
System analysis is a logical process; the objective of this stage is not actually to solve the problem but to determine what must be done to solve the problem. The basic objective of the analysis stage is to develop the logical model of the system using tools such as UML (Unified modelling language). First let’s take a look at the existing and proposed system.
3.2.1 Existing System
Existing system is the traditional banking, where customers have to go through the long queue, time wasted and still wouldn’t have access to efficient and effective banking system.
3.2.2 Proposed System:
Considering the stress and time taken to go to bank and do transaction. The development of a well structure and secured online banking system will allow customer to perform objectives like, creating a banking system that is easily accessible by customers from the comfort of their homes, offices 24/7. Reduce the flow of human traffic and long queues at banks; Promote efficient and effective banking for the banks by focusing on those services that still require physical presence at the banking hall. Provides intra-bank funds transfer services to their customers. Keep a detailed log of customer transactions with the bank on his account. Generate the statement of account of a selected period of time for customers. And Provide a customer relationship services
3.3.1 MAIN COURSE OF EACH USE CASE.
1. REGISTER (Actor: Customer)
Pre-condition: None
1.1 Navigate to the Registration page
1.2 Fill the registration form
1.3 Submit the form
Post-condition: Get instant message that customer profile is created and login details is sent to inbox
2. SIGN IN (Actor: Customer)
Pre-condition: Register as a Customer
1.1 Navigate to sign in page
1.2 Enter login details
1.3 Click Login
Post-condition: Access is granted to the user home page for the customer
3. OPEN AN ACCOUNT (Actor: Customer)
Pre-condition: Login as a customer
1.1 Click the create account button on the user home page
1.2 View the create account page
1.3 Enter account name for the new account
1.4 Select account type for the new account
1.5 Click submit button
Post-condition: The new account is added to the accounts list on user home page
4. OPERATE AN ACCOUNT (Actor: Customer)
Pre-condition: Login as a customer
1.1 Select the account to operate in the list of accounts
1.2 Click the desired operation such as deposits, withdrawals , funds transfer and statement of account
Post-condition: Access is granted to the appropriate transaction page for the selected account
5. MANAGE CUSTOMERS (Actor: System)
Pre-condition: None
1.1 Create customer inbox
1.2 Generate customer login details
1.3 Sends details to inbox
Post-condition: Customer can check his login details in his inbox.
6. MANAGE ACCOUNTS (Actor: System)
Pre-condition: None
1.1 Generate account details
1.2 Send details to customer inbox
Post-condition: Customer details such as account no, access code etc is sent to inbox.
7. MANAGE TRANSACTIONS (Actor: System)
Pre-condition: None
1.1 Execute transaction instructions
1.2 Updates customer account
1.3 Generate account balances
Post-condition: Customer sees the current state of account on the user home page
3.4.1 MAIN COURSE OF EACH USE CASE.
8. DEPOSIT (Actor: Customer)
Pre-condition: Select the account to operate
1.1 Navigate to the Deposit form page
1.2 Fill the deposit slip
1.3 Submit the slip
Post-condition: Selected account is credited appropriately
9. WITHDRAW (Actor: Customer)
Pre-condition: Select the account to operate
1.1 Navigate to Withdrawal form page
1.2 Fill the withdrawal slip
1.3 Submit the slip
Post-condition: The selected Account is debited and it can be viewed by clicking on the statement of account which displays all the transaction
10. FUND TRANSFER (Actor: Customer)
Pre-condition: Select on the account on which the fund is to be transferred
1.1 Navigate to the Fund transfer form page
1.2 Fill the fund transfer slip
1.3 Submit the slip
11. STATEMENT OF ACCOUNT: (Actor: Customer)
Pre-condition: Click on the account on which the statement is to be viewed
1.1 Navigate to the Statement of Account form page
1.2 View the transactions of the selected account
Chapter-4
IMPLEMENTATION
IMPLEMENTATION
4.1 SYSTEM IMPLEMENTATION
During the implementation stage the system is physically created. Necessary programs are coded, debugged and documented. A new hardware (where necessary) is selected, ordered and installed.
4.2 SYSTEM SPECIFICATION
Every computer system consists of three major elements.
1. The Hardware
2. Application Software.
3. Operating system
For successful operation of the package following must be kept in mind:
Too many packages should not be used, as very few systems may have all those packages installed due to memory problem. Thus, the compatibility of the system developed will get reduced.
4.3 HARDWARE REQUIREMENTS
Intel Pentium III processor at 750 MHz or faster, minimum of 1G available disk space for installation (including IBM SDK), minimum of 512 MB memory, CD-ROM drive.
4.4 SOFTWARE REQUIREMENTS
Software tools used
IDE: Net Beans 6.1
Language: Java
Web Server: Apache Tomcat 6.014
Web Technology: JSP/Servlet
Database :Ms SQL Server 2000
The application software is developed in Java, and the central database is based on MS SQL Server 2000. The system can be accessed on a standalone computer.
Implementation
A.) Create a DataSourceName(DSN)
To Create a DSN, You need to perform following steps:
1. You need to first open the Control Panel window.
2. double click Administrative Tools icon.
3. To open the ODBC Data Source Administrator dialog Box, double click the Data sources ODBC icon. The following figure shows the ODBC Data Source Administrator dialog Box:
ODBC Data Source Administrator Dialog Box
4. Click the Add button to select a driver for creating a DSN.
5. To connect to SQL Server 2000, select the SQL Server Options from the name list box in the Create New Data Source Dialog Box.
6. Click the Finish button to complete the task of selecting the driver for creating a DSN.
B.) Specify the Connection details for the DSN
1. To Create a DSN, type the name of the data source in the name text box of the Create a New Data Source to SQL Server dialog Box as shown in the following figure.
2. To select the required SQL Server select the name of the SQL Server from the Server drop down list and click the Next button.
3. To indicate how the SQL Server should authenticate a login ID, select with the SQL Server authentication using a login ID and a password entered by the user option. The login ID and the password entered by the user option. The Login ID and Password textboxes becomes active as shown in the following figure.
4. Type the username and password in the text boxes and click Next.
5. To enable the database drop-down list, select the change the default database to options.
6. To select the required database select the name of the database from the drop down list and click Next button.
7. Select the language for the System messages to English and click Finish.
8. The ODBC Microsoft SQL Server Setup dialog box appears with all the details about the created DSN as shown in the following figure.
9. To test the created DSN for the connection with the database, click Test Data Source button, the message regarding the connectivity test appears.
10. Click Ok to save the Configuration settings for the new data source.
11. To verify that the DSN is created, check the name of the Created DSN in the user data source list box of the ODBC Data Source Administrator dialog box and click Ok. The following figure shows the ODBC Data Source Administrator dialog box.
Displaying the webtrust Data Source created.
4.6 RECOVERY&SECURITY
A forced system failure is induced to test a backup recovery procedure for file integrity. Inaccurate data are entered to see how the system responds in terms of error detection and protection. Related to file integrity is a test to demonstrate that data and programs are secure from unauthorized access.
Usability Documentation & Procedure:
The usability test verifies the user-friendly nature of the system. This relates to normal operating and error-handling procedures.
4.7 QUALITY ASSURANCE
Proper documentation is must for mainframe of any software. Apart from In-line documentation while coding. Help coding, help files corresponding to each program were prepared so as to tackle the person-dependency of the existing system.
Chapter-5
ADVANTAGES & DISADVANTAGES
5.1 ADVANTAGESANDDISADVANTAGEOFONLINE BANKING SYSTEMINBANGLADESH
Information technology has become the platform of banking as a whole, especially of online banking. Though this is an entirely new term for out country, due to the intense competition its application is increasing rapidly. Now a day, it has become almost obligatory on the part of the banks to implement this. The online banking services that we are getting now are limited to some extent in most cases. But it is expected that in near future we are going to get the fullest service from online banking. We are also expecting that the influence of online banking will be greatly upbeat for both the clients and service providers.
E-Banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic and interactive communication channels.
Online banking (Internet banking) is a term used for performing transactions, payments etc. over the internet through a bank's secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer or Mozilla Firefox is utilized and any normal internet connection is suitable. It is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution. With the help of E-Banking customers can access their banks without having to be physically present at the bank branch.
In Bangladesh the idea of online banking was conceived in 1996 but the commercial operation started in 2001. Banks use a variety of services for Online Banking such as PC banking, Home Banking, Electronic Banking or Internet Banking. These systems offer certain advantages over traditional banking methods.
5.2ADVANTAGESOFONLINEBANKING SYSTEM
5.2.1 For Consumers:
Online services are available for consumers 24 hours daily during the whole week.Customers might save time and efforts of doing their finance transactions.It will be easy for them to view all information they need clearly and simply.Searching of any branch of a bank will be accessibly by online users.
5.2.2 For Banks:
One way of attracting more customers is to use their services.Increasing the bank’s reputation around the world is well known by many people.It doesn’t need to employ lots of suffer or bankers to deal with customers directly.Banks can deal simply with their branches all over the world with one network.
5.3 DISADVANTAGESOFONLINEBANKING SYSTEM
5.3.1 For consumers
Some people feel uncomfortable to provide their passwords or any kind of information about their funds over the internet.Some websites might be difficult for consumers for the first time to check their finance.It is possible for banks to update their websites, which needs from consumers to type in again their data.It is necessary to have knowledge and skills on using the Internet.
5.3.2 For Banks
Banks may require big amount of money to establish a website with attractive features. They may lose their information if the network is damaged with other branches. Hacking and viruses will cause problems for online banking, which could brake and damage the information.
Chapter-6
SWOT Analysis
SWOT Analysis
To find out the viability of a particular product we must perform a SWOT Analysis of the product. This will analyze the Strengths, Weaknesses, Opportunities, and Threats of the particular product. For analyzing the performance of Internet Banking in Bangladesh we the following SWOT Analysis is considered
6.3.1 Strength
• Internet Banking is new in our market. Only a few banks are now offering internet services in solving banking problems. Most of the banks are offering only
accounting information online. Actual fund transfer and fund disbursement is not
possible in all the banks that are offering internet services. So this product will
enjoy the benefit of a first mover.
• It is cheap both for the banks and the customers. The bank will be able to lower
down the overhead costs and make more profit out of it. Internet banking will
require less manual workers. Again the customers will be able to save time as
well as money for their transaction needs.
• Internet banking is convenient as the service is available all the time at just a click away.
6.3.2 Weaknesses
• Security breakdown: The system will have a problem with the identification of the
individual who is initiating the transaction. In Bangladesh, the identification of an
individual is not yet supported digitally. So there will be a problem in moving to
the Internet era for banking purposes just now. First we will have to develop a
digital database of the users of the internet banking services.
• The transaction can be cancelled only via internet. The internet infrastructure of
our country is not that much supportive to provide all time access to the web. So
there will be a problem in executing the service with its full functionality.
6.3.3 Opportunities
• Non-branch banking is becoming popular in our country. Many banks are now
offering non-branch banking facilities. A person can withdraw or deposit money
in any branch of the bank he has account with. So moving to internet banking will
allow the banks to offer non-branch banking facilities.
• The internet services are becoming very common to us. So a service offered
through the internet will be widely accepted in the near future.
Chapter-7
Recommendation
7.1RECOMMENDATION
The Internet is a rapidly evolving information infrastructure (Infor-mation Highway) which provides global connectivity, easy reachability and interactive communications at moderate cost for the consumer. The dominating application is the World Wide Web (WWW), with its potential of 3 million connected computer systems and an order of magnitude more actual users. Currently, WWW is primarily used to provide easy access to free-of-charge information (typically research or marketing information). But this is expected to change dramatically in the near future. WWW is expected to provide a basis for electronic commerce and trade. A similar development can be expected for the broadband networks and Information Highways.
Hence, the Internet has reached an increased market potential which makes it attractive for all service providers and, in particular, for the banks. With the Internet, banks can easily reach their customers on a global scale. Customers may sign up electronically, may order electronically, may transfer money electronically from almost any place in the world. However, as the Internet per se is a highly open and distributed infrastructure without central regulation and control, it is mandatory that the banks carefully address and solve the security issues related to banking applications over the Internet.
European banks must position themselves regarding:
• the use of the Internet for global banking services
• the use of the Internet for internal purposes
• novel banking applications brought forward by global information infrastructures.
The European Committee for Banking Standards (ECBS) was established by the three European Credit Sector Associations (the Banking Federation of the European Union, the European Savings Bank Group and the European Association of Co-operative Banks, representing banks from the countries of the European Union and the EFTA countries) in 1993. Its task is to develop technical solutions to the issues common to all the ECSA members, arising from the need for a Europe-wide approach to the technical banking infrastructure, in specific payment systems, to support the European single market.
Figure:Overview of the Internet security protocols (unshaded areas) and their position in the communication protocol hierarchy.
ECBS currently operates the following technical committees: Plastic Cards and Related Devices (TC1), Automated Cross Border Payments (TC2), and Security (TC4). ECBS, in particular TC4 Security, has become increasingly involved in the area of electronic commerce. The topics addressed are Certification Authorities, Digital Signature, Secure Banking over the Internet, and Key Escrow. This article gives an introduction to the ECBS Recommendations on Secure Banking over the Internet (the full report can be downloaded from http://www.r3.ch/).
The ECBS Recommendations on Secure Banking over the Internet investigate the security requirements for secure banking on the Internet, provide a survey of the security-related protocols, services and applications on the Internet, provide a set of recommendations as to how banks can securely perform banking transactions over the Internet (primarily for customer-bank relationships). More specifically, the following issues are addressed:
• the separation of trusted networks from the Internet, eg Firewall technology
• Internet session security, discussing the major security protocols for online access (such as SSL, S-HTTP, PCT, and STLP)
• Internet mail security, discussing the major security solutions for store-and-forward document exchange (such as PEM, PGP, MOSS, and S/MIME)
• the integration of financial applications with the Web, discussing technologies such as helper, plug-in, ActiveX, and applets
• Electronic Commerce Security, including SET and homebanking solutions
• a general security discussion of hardware and software solutions
• an introduction to public key infrastructures, including registration/ certification and key escrow.
As a guideline through this ECBS Technical Report, the figure provides an overview of the Internet security protocols (unshaded areas) and their position in the communication protocol hierarchy.
A number of recommendations are made in the ECBS Technical Report on Secure Banking over the Internet. The Internet's image is changing fast. The security problems on the Internet are being better understood. However, the emerging solutions must address the security problems of dynamic code download before true electronic commerce can happen. At the heart of any commercial use of the Internet lies the function of a public key infrastructure. For the secure download of content and code, for the secure operation of SSL, SET, E-mail and payment systems, we need trustworthy key management services.
Chapter-8
RESULT & CONCLUSION
RESULT AND CONCLUSION
This section discuses the result of the work done in this project And also mentions the future scope for improvement.
8.1CONCLUSION
As the world becomes more of a global village being runned by paperless systems, the idea of a cashless society is the hope of the future. Thus more innovations will still evolve which will make cashless transactions easily accessible and affordable.
From all of this, we have learnt that information technology has empowered customers and businesses with information needed to make better investment decisions. At the same time, technology is allowing banks to offer new products, operate more efficiently, raise productivity, expand geographically and compete globally. A more efficient, productive banking industry is providing services of greater quality and value.
E-banking has become a necessary survival weapon and is fundamentally changing the banking industry worldwide. To day, the click of the mouse offers customers banking services at a much lower cost and also empowers them with unprecedented freedom in choosing vendors for their financial service needs. No country today has a choice whether to implement E-banking or not given the global and competitive nature of the economy. The invasion of banking by technology has created an information age and commoditization of banking services. Banks have come to realize that survival in the new e-economy depends on delivering some or all of their banking services on the Internet while continuing to support their traditional infrastructure.
The rise of E-banking is redefining business relationships and the most successful banks will be those that can truly strengthen their relationship with their customers.
Without any doubt, the international scope of E-banking provides new growth perspectives and Internet business is a catalyst for new technologies and new business processes. With rapid advances in telecommunication systems and digital technology, E-banking has become a strategic weapon for banks to remain profitable. It has been transformed beyond what anyone could have foreseen 25 years ago.
Two years ago, E-banking was a strategic advantage, nowadays; it is a business reality, if not a necessity.
8.2 FUTURESCOPEOFIMPROVEMENT
The “Banking Online System is a big and ambitious project. I am thankful for being provided this great opportunity to work on it. As already mentioned, this project has gone through extensive research work. On the basis of the research work, we have successfully designed and implemented banking online System. This system is based upon 2-tier client server architecture. The tools used for development were as follows.
Front-end-----Net beans 6.0.1
Back-end----MS SQL Server 2000
REFERENCES
1. Ayo Charles. K and Babajide Daniel O, 2006, Designing a Reliable E-payment System:
2. www.google.com
3. www.wilkipedia.com
4. Nigeria a Case Study, Journal of Internet Banking and Commerce, vol. 11, no.2
5. Ali Ahmad, 2006, Policies & Regulations for Expanding e-banking to the Poor, The First Microfinance Bank Ltd, Bangladesh, 5
6. Dr. ShamshadAkhtar, 2006, Financial Sector of Bangladesh – The Roadmap, Dawn Asia Finance Conference. http://www.sbp.org.pk/about/speech/governors/dr.shamshad/2006/Dawn-Asia-Finance-Conference-13-May-06.pdf
7. SalimonAlao (2006): “Moving towards a cashless economy”, Financial Standard, vol 7, no: 60, pp 19-21, June 2006.
8. The Economist Intelligence Unit, Nov 2006 Overview of e-commerce in Bangladesh,
http://globaltechforum.eiu.com/index.asp?layout=rich_story&doc_id=9616&title=Overview+of+ecommerce+ in+Bangladesh&categoryid=30&channelid=4, Accessed 18/06/07
9. Zorayda Ruth B. Andam, 2003, e-commerce and e-business, e-Asean Taskforce UNDP-APDIP, Phillipines& Malaysia, 23
Introduction
INTRODUCTION
WHAT IS ONLINE BANKING SYSTEM?
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.
We all know about internet banking and most of us use it quite often as well, but few of us actually understand about the history of internet banking and how it all came out. Knowing the history of internet banking can be incredibly useful, especially since it will allow us to have more respect for the little things that we take for granted.
Computers themselves have really come an enormous way since their initial establishment, as the earliest electronic computers were so large that they would take up the entire area of a room, while today some are so small that they can hardly be seen at all.
In today's world, computers play an incredibly large role in the way the world exists in general, and the majority of tasks could actually not be completed if not for the use of Page | 10computers. Although there are certainly some areas and jobs that cannot yet be completed solely by computers and which thus still require actual manpower, for the most part, computers have helped to make life significantly easier, productive, and more convenient for us all.
Internet banking has been around for quite a few years now, but has really only become prominent over the past year or so in particular. Internet banking offers an array of different advantages to the user, including: account balances and history including year-to-date information, the ability to transfer money from one account to another and to payees for bill payments, check history, reorders, and stop payments, check credit card balances and statements, complete online loan applications, secure interactive messaging with staff, and much more.
Internet banking basically allows you to be able to do everything that you can in your regular banking institution, only with the benefit that you can do it all right from the convenience of your own home. Not only is this great because you can be comfortable and have peace of mind knowing that you can keep track yourself of all your banking issues, but as well it allows for more ease because you never have to worry about rushing out and making it to the bank.
1.1 STATEMENT OF THE PROBLEM
With the problems and limitations associated with manual banking procedures as witnessed in most parastatals today, complied with the problems associated with the existing application programs even much more in the presence of serious technological advances aimed at improving information system. This is activities aimed at shedding light upon the need for improvement in accounting activities and the means of achieving its efficiency, effectiveness, reliability and success promising future through computer intervention.
Internet banking identifies a particular set of technological solutions for the development and the distribution of financial services, which rely upon the open architecture of the Internet. With the implementation of an Internet banking system, the banks maintain a direct relationship with the end users via the web and are able to provide a personal characterization to the interface, by offering additional customised services.
1.2 PURPOSE OF THE STUDY
The aim of this project is to develop a secured online banking system with the following objectives:
• Create a banking system that is easily accessible by customers from the comfort of their homes, offices etc.
• Reduce the flow of human traffic and long queues at banks
• Reduce the time wasted in going to banks to stay on queues.
• Promote efficient and effective banking for the banks by focusing on those services that still require physical presence at the banking hall.
1.3 IMPORTANCE OF THE STUDY
This will cover the benefits derived in using internet banking and it’s fundamental.
1.3.1 ONLINE BANKING – HOW IS IT DIFFERENT?
Many consumers today are turning to the ease and convenience of Internet banking to take care of their financial needs. With the new levels of access made possible by the Internet, people can now check the status of their finances with the click of a button.
The history of Internet banking has evolved from simply allowing customers to check balances online, to now being able to trade stocks and bonds from the comfort of their own home!
1.3.2 WHY USE ONLINE BANKING?
Online banking services have grown from simply allowing customers to check balances, to trading assets. Today, banks like ING Direct are functioning entirely online, with no brick and mortar building. With the costs saved by requiring fewer employees and the lack of facility expenses, these virtual banks can often offer higher interest rates than their traditional counterparts. Internet banking gives you the power to control your finances completely. You are no longer tied down to managing your money during the hours the bank is open. If you want to transfer a balance after business hours, you can! If you have access to the Internet and have a number of recurring monthly bills, then you should use Internet banking to make your life easier.
1.3.3 FEATURES OF ONLINE BANKING
Today, online banking services are quite varied. One of the best features of online banking is putting the user in control. The user controls all bill paying, transfers, and investments from home.
There are other features, though of online banking. One of these is increased accessibility to your account information. Users of online banking services can access their account information from anywhere in the world! This is particularly helpful for businesses. Internet business banking is becoming increasingly popular, as businesses are becoming more global in their reach. Now business people can access their accounts, even when on overseas business trips. Business Internet banking is extremely popular for this reason.
A particularly popular aspect of online banking services is the ability to make bill payments electronically. With a minimum degree of set-up, customers can enter the amounts of their paper bills (or opt to receive electronic bills) and process all their payments at one time, from one screen
1.3.4 ONLINE BANKING SYSTEM IN BANGLADESH
A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country.
In Bangladesh many banks have launched Internet Banking. Some are known as online banking, some are Internet Banking, providing various facilities.
They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a relief if you don’t have to go to bank for depositing and drawing money, isn’t it?
They thought of something more and desiring and customized the service to its best for their clients and getting better day by day. HSBC has a whole lot of features in their online banking that includes 24/7 account access, loan account information, net- worth information, transaction amongst accounts, bill pay, personal information update, demand draft, info or PIN replacement request, chequebook order and lot more.
BRAC bank is one step ahead because for the first time they have introduced online shopping in Bangladesh. With exclusive features and facility BRAC bank also provides general online facility like the other banks. Those who may have BRAC Bank VISA card or any VISA card can be a part of this online shopping service.
As the world economy is growing faster and banking sector is making mark each and every day, online banking is very important and effective to be a part of it. Bangladesh just started its journey in internet banking and banks are coming forward to make it a success. Online banking is clearly a huge benefit for the customers and saves a lot of time and things get done so easily. A developing country like Bangladesh can make the best out of Internet Banking and banks are completely into it.
1.4 SCOPE OF THE STUDY
The scope of this project is limited to the activities of the operations unit of the banking system which include opening of Account, Deposit of funds, Withdrawal of funds and transfer.
1.5 METHODOLOGY
• Analysis – proper analysis and suggested solution to tackle such problems will be considered.
1.9 VARIOUS FORMS OF E-BANKING:
1.9.1 INTERNET BANKING:
Internet Banking lets you handle many banking transactions via your personal computer. For instance, you may use your computer to view your account balance, request transfers between accounts, and pay bills electronically.
Internet banking system and method in which a personal computer is connected by a network service provider directly to a host computer system of a bank such that customer service requests can be processed automatically without need for intervention by customer service representatives. The system is capable of distinguishing between those customer service requests which are capable of automated fulfillment and those requests which require handling by a customer service representative. The system is integrated with the host computer system of the bank so that the remote banking customer can access other automated services of the bank. The method of the invention includes the steps of inputting a customer banking request from among a menu of banking requests at a remote personnel computer; transmitting the banking requests to a host computer over a network; receiving the request at the host computer; identifying the type of customer banking request received; automatic logging of the service request, comparing the received request to a stored table of request types, each of the request types having an attribute to indicate whether the request type is capable of being fulfilled by a customer service representative or by an automated system; and, depending upon the attribute, directing the request either to a queue for handling by a customer service representative or to a queue for processing by an automated system.
1.9.2 AUTOMATED TELLER MACHINES (ATM):
An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services. Also called automatic teller machine, cash machine; Also called money machine.
An automated teller machine or automatic teller machine (ATM) is an electronic computerized telecommunications device that allows a financial institution's customers to directly use a secure method of communication to access their bank accounts, order or make cash withdrawals (or cash advances using a credit card) and check their account balances without the need for a human bank teller (or cashier in the UK). Many ATMs also allow people to deposit cash or cheques, transfer money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps.
On most modern ATMs, the customer identifies him or herself by inserting a plastic card with a magnetic stripe or a plastic smartcard with a chip, that contains his or her account number. The customer then verifies their identity by entering a passcode, often referred to as a PIN (Personal Identification Number) of four or more digits. Upon successful entry of the PIN, the customer may perform a transaction.
If the number is entered incorrectly several times in a row (usually three attempts per card insertion), some ATMs will attempt retain the card as a security precaution to prevent an unauthorised user from discovering the PIN by guesswork. Captured cards are often destroyed if the ATM owner is not the card issuing bank, as non-customer's identities cannot be reliably confirmed.
The Indian market today has approximately more than 17,000 ATM’s.
1.9.3 TELE BANKING:
Undertaking a host of banking related services including financial transactions from the convenience of customers chosen place anywhere across the GLOBE and any time of date and night has now been made possible by introducing on-line Telebanking services. By dialing the given Telebanking number through a landline or a mobile from anywhere, the customer can access his account and by following the user-friendly menu, entire banking can be done through Interactive Voice Response (IVR) system. With sufficient numbers of hunting lines made available, customer call will hardly fail. The system is bi-lingual and has following facilities offered
• Automatic balance voice out for the default account.
• Balance inquiry and transaction inquiry in all
• Inquiry of all term deposit account
• Statement of account by Fax, e-mail or ordinary mail.
• Cheque book request
• Stop payment which is on-line and instantaneous
• Transfer of funds with CBS which is automatic and instantaneous
• Utility Bill Payments
• Renewal of term deposit which is automatic and instantaneous
• Voice out of last five transactions.
1.9.4 SMART CARD:
A smart card usually contains an embedded 8-bit microprocessor (a kind of computer chip). The microprocessor is under a contact pad on one side of the card. Think of the microprocessor as replacing the usual magnetic stripe present on a credit card or debit card. The microprocessor on the smart card is there for security. The host computer and card reader actually "talk" to the microprocessor. The microprocessor enforces access to the data on the card. The chips in these cards are capable of many kinds of transactions. For example, a person could make purchases from their credit account, debit account or from a stored account value that's reload able. The enhanced memory and processing capacity of the smart card is many times that of traditional magnetic-stripe cards and can accommodate several different applications on a single card. It can also hold identification information, which means no more shuffling through cards in the wallet to find the right one -- the Smart Card will be the only one needed.
Smart cards can also be used with a smart card reader attachment to a personal computer to authenticate a user. Smart cards are much more popular in Europe than in the U.S. In Europe the health insurance and banking industries use smart cards extensively. Every German citizen has a smart card for health insurance. Even though smart cards have been around in their modern form for at least a decade, they are just starting to take off in the U.S.
1.9.5 DEBIT CARD:
Debit cards are also known as check cards. Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like cash or a personal check. Debit cards are different from credit cards. While a credit card is a way to "pay later," a debit card is a way to "pay now." When you use a debit card, your money is quickly deducted from your checking or savings account.
Debit cards are accepted at many locations, including grocery stores, retail stores, gasoline stations, and restaurants. You can use your card anywhere merchants display your card's brand name or logo. They offer an alternative to carrying a checkbook or cash.
1.9.6 E-CHEQUE:
• An e-Cheque is the electronic version or representation of paper cheque.
• The Information and Legal Framework on the E-Cheque is the same as that of the paper cheque’s.
• It can now be used in place of paper cheques to do any and all remote transactions.
• An E-cheque work the same way a cheque does, the cheque writer "writes" the e-Cheque using one of many types of electronic devices and "gives" the e-Cheque to the payee electronically. The payee "deposits" the Electronic Cheque receives credit, and the payee's bank "clears" the e-Cheque to the paying bank. The paying bank validates the e-Cheque and then "charges" the check writer's account for the check
1.9.7 OTHER FORMS OF ELECTRONIC BANKING
• Direct Deposit
• Electronic Bill Payment
• Electronic Check Conversion
• Cash Value Stored, Etc.
Chapter-2
Literature REVIEW
2.2 ONLINE BANKING IN DEVELOPING COUNTRIES
Just like Internet infrastructure, E-Banking in developing countries is at early stages; however there are some exceptions where countries like:
• Brazil have 75% of enterprises, excluding micro-enterprises using the Internet for banking in 2005.
• Morocco (34.9%). (United Nations Conference on Trade and Development, 2006),
There is an increasing growth of online banking, indicating a promising future for online banking in these countries.
• In China, while banks issue credit cards and while many use debit cards to draw directly from their respective bank accounts, very few people use their credit cards for online payment. Cash-on-delivery is still the most popular mode of e-commerce payment.
• The Nigerian economy is largely cash-based with a lot of money residing outside the banking system. To a greater extent, this has hindered the participation of her citizens in e-commerce where e-payment is the acceptable means of settling transactions. (Ayo Charles. K and Babajide Daniel O, 2006). In Nigeria, the modernization of the payment process started with the introduction of the MICR. This was followed by the establishment of ATMs for cash dispensing, account balance enquiry and payment of utility cheques. In 1993, the Central Bank of Nigeria (CBN), introduced the use of payment cards (smartcard) and paper-based instrument. Similarly in 2004, CBN introduced a broad guideline on e-banking which included the introduction of ATM, e-money products such as credit and debit cards (Salimon, 2006).
• The Turkish banking sector has not only grown in numerical terms it has also expanded in terms of technology and the range of new services offered to its local and foreign customers. The sector has been viewed as the leader of technological innovations in Turkey.
Although a lot of work and progress has been made in electronic banking by these countries, but these nations are still cash based economies largely. There needs to be a regulatory framework and awareness among the banks and the consumers about the benefits and drivers of such systems.
Fast adoption of electronic form of banking is the need of the day for these developing nations to survive in today’s hypercompetitive global world.
2.3 Methodology
Methodology is a system of broad principle or rule from which specific methods or procedures may bederived to interpret or solve different problems within the scope of a particular discipline .Methodology isnot a formula but set of practices. The study was conducted to identify the problems and prospects ofmobile banking in Bangladesh. Necessary data were collected from different ages of people and analyzedin terms of the objectives set for the study. This study was based on field level data. There are several
methods of collecting this basic information. The data for this study were collected by the survey method.Survey is a research technique in which information is gathered from a sample of people by use of aquestionnaire or interview. The word “survey” refers to a method of study in which an overall picture of agiven universe is obtained by systematic collection of all available data on the subject. It is a method ofdata collection based on communication with a representative sample of individuals. The main reasons why the survey method is preferred to cost:
2.5 ONLINEBANKING STRATEGIES:
Though E-banking offers vast opportunities, yet even less than one in three banks have an E-banking strategy in place. According to a study, less than 15 percent of banks with transactional websites will realize profits directly attributable to those sites. Hence, banks must recognize the seriousness of the challenge ahead and develop a strategy that will enable them to leverage the opportunities presented by the Internet.
No single E-banking strategy is right for every banking company. But whether they adopt an offensive or a defensive posture, they must constantly re-evaluate their strategy. In the fast-paced e-economy, banks have to keep up with the constantly evolving business models and technology innovations of the Internet space. Early e-business adopter like Wells Fargo not only entered the E-banking industry first but also showed flexibility to change as the market developed. Not many banks have been as e-business-savvy. But the pressure is now building for all banks to develop sound e-business strategies that will attract and retain increasingly discriminating customers.
The major problem with the banks, which have already invested huge amounts in their online initiatives, is that their online offerings remain unprofitable. Though banks have enrolled some existing customers in their online programs, they are not getting customers in large numbers. This has made banks wonder whether there is any value in the online channel. Just enrolling customers for online banking may not be sufficient until and unless they use the site actively. Banks must make efforts to increase their site usage by customers and effectively co-ordinate the online channel with branches and call centers. Then only they will be able to derive maximum value that includes cost reduction, cross-selling opportunities, and higher customer retention.
Customers have some rational reasons for staying offline. Some of these reasons include usability features of the site, concerns about security and frequent complaints that signing up is complicated and time-consuming. Banks can solve these problems by refocusing investment on improving the site's basic functionality and user-friendliness, and avoiding advanced features that most customers neither understand nor value. Developing advanced features that appeal to a relatively small numbers of customers, creates far less value than strengthening core capabilities and getting customers to use them. Banks must make efforts to familiarize customers with their sites and show them how easy and efficient the online channel is to use.
Integrating the online channel with the rest of the bank is another important issue that banks must focus upon. This is important because nearly all the value of the online channel is realized offline _ in cross sales completed in other channels and in cost reductions. An actively used online channel should also serve as a medium to sell banking services for the branch staff, the call center, and the relationship manager. Integrated channels working together are far more effective than a group of channels working without any coordination.
To facilitate this integration, banks must formulate paths that people in various customer segments are likely to take among the channels. The interactions in each channel can then be worked around these paths. For example, a call center representative must work out which channel(s) the customer used before coming to her, and which channel(s) the customer is likely to visit next. Each channel must have entry and exit points that must welcome customers and then send to other channels. Hence, the overall goal of banks is to create a seamless multichannel experience.
On the other hand, those banks that are planning to build their online businesses will have to understand several strategic issues like do they have the right business model for E-banking? How should they price their E-banking products and services? Bankers planning to move into E-banking have to explore different options, make investments and have to develop a variety of partnerships. They have to put their time and efforts to identify the best opportunities. In the case of traditional banks, if they are too aggressive in using price incentives to build their e-business, they risk the profitability of their traditional business. However, if they do not offer sufficient price incentives for customers to bank online, their efforts to build a sound e- banking business may not fructify.
Banks have to be creative in rethinking organizational structures and management processes. Traditional banks that are conservative in nature may find it difficult to attract and retain online talent. Moreover, getting people in the traditional business to help build an e-enterprise would not be an easy task. To make all this happen, requires a major revision of incentive systems, planning and budgeting processes, and management roles. Banks can exploit the opportunities provided by the Internet if they demonstrate courage, use their imagination, and take decisive action.
While most of the banks have started focusing on E-banking activities, a new challenge in the form of mobile banking has emerged. M-Banking is both an additional opportunity for banks to offer their online services and an additional channel from which to access new customers and cross-sell to existing customers. Rapidly changing lifestyles of customers and their demand for more speed and convenience has subdued the role of branch banking to a certain extent. With the proliferation of new technologies, disintermediation of traditional channels is being witnessed. Banks can go beyond their traditional role as a channel for banking/financial services and can become providers of personalized information. They can successfully leverage m-banking to:
Chapter-3
SYSTEM ANALYSIS & DESIGN
SYSTEM ANALYSIS AND DESIGN
This chapter deals with the analysis and design of Online Banking, application of new system, the hardware and software requirements for implementing the system and stating the choice of the language used.
3.1 DEFINING SYSTEM:
A system is a collection of components, which are interconnected, and work together to realize some objective. There are three major components in every system,
1. input
2. processing
3. Output.
3.2 ANALYSIS
System analysis is a logical process; the objective of this stage is not actually to solve the problem but to determine what must be done to solve the problem. The basic objective of the analysis stage is to develop the logical model of the system using tools such as UML (Unified modelling language). First let’s take a look at the existing and proposed system.
3.2.1 Existing System
Existing system is the traditional banking, where customers have to go through the long queue, time wasted and still wouldn’t have access to efficient and effective banking system.
3.2.2 Proposed System:
Considering the stress and time taken to go to bank and do transaction. The development of a well structure and secured online banking system will allow customer to perform objectives like, creating a banking system that is easily accessible by customers from the comfort of their homes, offices 24/7. Reduce the flow of human traffic and long queues at banks; Promote efficient and effective banking for the banks by focusing on those services that still require physical presence at the banking hall. Provides intra-bank funds transfer services to their customers. Keep a detailed log of customer transactions with the bank on his account. Generate the statement of account of a selected period of time for customers. And Provide a customer relationship services
3.3.1 MAIN COURSE OF EACH USE CASE.
1. REGISTER (Actor: Customer)
Pre-condition: None
1.1 Navigate to the Registration page
1.2 Fill the registration form
1.3 Submit the form
Post-condition: Get instant message that customer profile is created and login details is sent to inbox
2. SIGN IN (Actor: Customer)
Pre-condition: Register as a Customer
1.1 Navigate to sign in page
1.2 Enter login details
1.3 Click Login
Post-condition: Access is granted to the user home page for the customer
3. OPEN AN ACCOUNT (Actor: Customer)
Pre-condition: Login as a customer
1.1 Click the create account button on the user home page
1.2 View the create account page
1.3 Enter account name for the new account
1.4 Select account type for the new account
1.5 Click submit button
Post-condition: The new account is added to the accounts list on user home page
4. OPERATE AN ACCOUNT (Actor: Customer)
Pre-condition: Login as a customer
1.1 Select the account to operate in the list of accounts
1.2 Click the desired operation such as deposits, withdrawals , funds transfer and statement of account
Post-condition: Access is granted to the appropriate transaction page for the selected account
5. MANAGE CUSTOMERS (Actor: System)
Pre-condition: None
1.1 Create customer inbox
1.2 Generate customer login details
1.3 Sends details to inbox
Post-condition: Customer can check his login details in his inbox.
6. MANAGE ACCOUNTS (Actor: System)
Pre-condition: None
1.1 Generate account details
1.2 Send details to customer inbox
Post-condition: Customer details such as account no, access code etc is sent to inbox.
7. MANAGE TRANSACTIONS (Actor: System)
Pre-condition: None
1.1 Execute transaction instructions
1.2 Updates customer account
1.3 Generate account balances
Post-condition: Customer sees the current state of account on the user home page
3.4.1 MAIN COURSE OF EACH USE CASE.
8. DEPOSIT (Actor: Customer)
Pre-condition: Select the account to operate
1.1 Navigate to the Deposit form page
1.2 Fill the deposit slip
1.3 Submit the slip
Post-condition: Selected account is credited appropriately
9. WITHDRAW (Actor: Customer)
Pre-condition: Select the account to operate
1.1 Navigate to Withdrawal form page
1.2 Fill the withdrawal slip
1.3 Submit the slip
Post-condition: The selected Account is debited and it can be viewed by clicking on the statement of account which displays all the transaction
10. FUND TRANSFER (Actor: Customer)
Pre-condition: Select on the account on which the fund is to be transferred
1.1 Navigate to the Fund transfer form page
1.2 Fill the fund transfer slip
1.3 Submit the slip
11. STATEMENT OF ACCOUNT: (Actor: Customer)
Pre-condition: Click on the account on which the statement is to be viewed
1.1 Navigate to the Statement of Account form page
1.2 View the transactions of the selected account
Chapter-4
IMPLEMENTATION
IMPLEMENTATION
4.1 SYSTEM IMPLEMENTATION
During the implementation stage the system is physically created. Necessary programs are coded, debugged and documented. A new hardware (where necessary) is selected, ordered and installed.
4.2 SYSTEM SPECIFICATION
Every computer system consists of three major elements.
1. The Hardware
2. Application Software.
3. Operating system
For successful operation of the package following must be kept in mind:
Too many packages should not be used, as very few systems may have all those packages installed due to memory problem. Thus, the compatibility of the system developed will get reduced.
4.3 HARDWARE REQUIREMENTS
Intel Pentium III processor at 750 MHz or faster, minimum of 1G available disk space for installation (including IBM SDK), minimum of 512 MB memory, CD-ROM drive.
4.4 SOFTWARE REQUIREMENTS
Software tools used
IDE: Net Beans 6.1
Language: Java
Web Server: Apache Tomcat 6.014
Web Technology: JSP/Servlet
Database :Ms SQL Server 2000
The application software is developed in Java, and the central database is based on MS SQL Server 2000. The system can be accessed on a standalone computer.
Implementation
A.) Create a DataSourceName(DSN)
To Create a DSN, You need to perform following steps:
1. You need to first open the Control Panel window.
2. double click Administrative Tools icon.
3. To open the ODBC Data Source Administrator dialog Box, double click the Data sources ODBC icon. The following figure shows the ODBC Data Source Administrator dialog Box:
ODBC Data Source Administrator Dialog Box
4. Click the Add button to select a driver for creating a DSN.
5. To connect to SQL Server 2000, select the SQL Server Options from the name list box in the Create New Data Source Dialog Box.
6. Click the Finish button to complete the task of selecting the driver for creating a DSN.
B.) Specify the Connection details for the DSN
1. To Create a DSN, type the name of the data source in the name text box of the Create a New Data Source to SQL Server dialog Box as shown in the following figure.
2. To select the required SQL Server select the name of the SQL Server from the Server drop down list and click the Next button.
3. To indicate how the SQL Server should authenticate a login ID, select with the SQL Server authentication using a login ID and a password entered by the user option. The login ID and the password entered by the user option. The Login ID and Password textboxes becomes active as shown in the following figure.
4. Type the username and password in the text boxes and click Next.
5. To enable the database drop-down list, select the change the default database to options.
6. To select the required database select the name of the database from the drop down list and click Next button.
7. Select the language for the System messages to English and click Finish.
8. The ODBC Microsoft SQL Server Setup dialog box appears with all the details about the created DSN as shown in the following figure.
9. To test the created DSN for the connection with the database, click Test Data Source button, the message regarding the connectivity test appears.
10. Click Ok to save the Configuration settings for the new data source.
11. To verify that the DSN is created, check the name of the Created DSN in the user data source list box of the ODBC Data Source Administrator dialog box and click Ok. The following figure shows the ODBC Data Source Administrator dialog box.
Displaying the webtrust Data Source created.
4.6 RECOVERY&SECURITY
A forced system failure is induced to test a backup recovery procedure for file integrity. Inaccurate data are entered to see how the system responds in terms of error detection and protection. Related to file integrity is a test to demonstrate that data and programs are secure from unauthorized access.
Usability Documentation & Procedure:
The usability test verifies the user-friendly nature of the system. This relates to normal operating and error-handling procedures.
4.7 QUALITY ASSURANCE
Proper documentation is must for mainframe of any software. Apart from In-line documentation while coding. Help coding, help files corresponding to each program were prepared so as to tackle the person-dependency of the existing system.
Chapter-5
ADVANTAGES & DISADVANTAGES
5.1 ADVANTAGESANDDISADVANTAGEOFONLINE BANKING SYSTEMINBANGLADESH
Information technology has become the platform of banking as a whole, especially of online banking. Though this is an entirely new term for out country, due to the intense competition its application is increasing rapidly. Now a day, it has become almost obligatory on the part of the banks to implement this. The online banking services that we are getting now are limited to some extent in most cases. But it is expected that in near future we are going to get the fullest service from online banking. We are also expecting that the influence of online banking will be greatly upbeat for both the clients and service providers.
E-Banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic and interactive communication channels.
Online banking (Internet banking) is a term used for performing transactions, payments etc. over the internet through a bank's secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer or Mozilla Firefox is utilized and any normal internet connection is suitable. It is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution. With the help of E-Banking customers can access their banks without having to be physically present at the bank branch.
In Bangladesh the idea of online banking was conceived in 1996 but the commercial operation started in 2001. Banks use a variety of services for Online Banking such as PC banking, Home Banking, Electronic Banking or Internet Banking. These systems offer certain advantages over traditional banking methods.
5.2ADVANTAGESOFONLINEBANKING SYSTEM
5.2.1 For Consumers:
Online services are available for consumers 24 hours daily during the whole week.Customers might save time and efforts of doing their finance transactions.It will be easy for them to view all information they need clearly and simply.Searching of any branch of a bank will be accessibly by online users.
5.2.2 For Banks:
One way of attracting more customers is to use their services.Increasing the bank’s reputation around the world is well known by many people.It doesn’t need to employ lots of suffer or bankers to deal with customers directly.Banks can deal simply with their branches all over the world with one network.
5.3 DISADVANTAGESOFONLINEBANKING SYSTEM
5.3.1 For consumers
Some people feel uncomfortable to provide their passwords or any kind of information about their funds over the internet.Some websites might be difficult for consumers for the first time to check their finance.It is possible for banks to update their websites, which needs from consumers to type in again their data.It is necessary to have knowledge and skills on using the Internet.
5.3.2 For Banks
Banks may require big amount of money to establish a website with attractive features. They may lose their information if the network is damaged with other branches. Hacking and viruses will cause problems for online banking, which could brake and damage the information.
Chapter-6
SWOT Analysis
SWOT Analysis
To find out the viability of a particular product we must perform a SWOT Analysis of the product. This will analyze the Strengths, Weaknesses, Opportunities, and Threats of the particular product. For analyzing the performance of Internet Banking in Bangladesh we the following SWOT Analysis is considered
6.3.1 Strength
• Internet Banking is new in our market. Only a few banks are now offering internet services in solving banking problems. Most of the banks are offering only
accounting information online. Actual fund transfer and fund disbursement is not
possible in all the banks that are offering internet services. So this product will
enjoy the benefit of a first mover.
• It is cheap both for the banks and the customers. The bank will be able to lower
down the overhead costs and make more profit out of it. Internet banking will
require less manual workers. Again the customers will be able to save time as
well as money for their transaction needs.
• Internet banking is convenient as the service is available all the time at just a click away.
6.3.2 Weaknesses
• Security breakdown: The system will have a problem with the identification of the
individual who is initiating the transaction. In Bangladesh, the identification of an
individual is not yet supported digitally. So there will be a problem in moving to
the Internet era for banking purposes just now. First we will have to develop a
digital database of the users of the internet banking services.
• The transaction can be cancelled only via internet. The internet infrastructure of
our country is not that much supportive to provide all time access to the web. So
there will be a problem in executing the service with its full functionality.
6.3.3 Opportunities
• Non-branch banking is becoming popular in our country. Many banks are now
offering non-branch banking facilities. A person can withdraw or deposit money
in any branch of the bank he has account with. So moving to internet banking will
allow the banks to offer non-branch banking facilities.
• The internet services are becoming very common to us. So a service offered
through the internet will be widely accepted in the near future.
Chapter-7
Recommendation
7.1RECOMMENDATION
The Internet is a rapidly evolving information infrastructure (Infor-mation Highway) which provides global connectivity, easy reachability and interactive communications at moderate cost for the consumer. The dominating application is the World Wide Web (WWW), with its potential of 3 million connected computer systems and an order of magnitude more actual users. Currently, WWW is primarily used to provide easy access to free-of-charge information (typically research or marketing information). But this is expected to change dramatically in the near future. WWW is expected to provide a basis for electronic commerce and trade. A similar development can be expected for the broadband networks and Information Highways.
Hence, the Internet has reached an increased market potential which makes it attractive for all service providers and, in particular, for the banks. With the Internet, banks can easily reach their customers on a global scale. Customers may sign up electronically, may order electronically, may transfer money electronically from almost any place in the world. However, as the Internet per se is a highly open and distributed infrastructure without central regulation and control, it is mandatory that the banks carefully address and solve the security issues related to banking applications over the Internet.
European banks must position themselves regarding:
• the use of the Internet for global banking services
• the use of the Internet for internal purposes
• novel banking applications brought forward by global information infrastructures.
The European Committee for Banking Standards (ECBS) was established by the three European Credit Sector Associations (the Banking Federation of the European Union, the European Savings Bank Group and the European Association of Co-operative Banks, representing banks from the countries of the European Union and the EFTA countries) in 1993. Its task is to develop technical solutions to the issues common to all the ECSA members, arising from the need for a Europe-wide approach to the technical banking infrastructure, in specific payment systems, to support the European single market.
Figure:Overview of the Internet security protocols (unshaded areas) and their position in the communication protocol hierarchy.
ECBS currently operates the following technical committees: Plastic Cards and Related Devices (TC1), Automated Cross Border Payments (TC2), and Security (TC4). ECBS, in particular TC4 Security, has become increasingly involved in the area of electronic commerce. The topics addressed are Certification Authorities, Digital Signature, Secure Banking over the Internet, and Key Escrow. This article gives an introduction to the ECBS Recommendations on Secure Banking over the Internet (the full report can be downloaded from http://www.r3.ch/).
The ECBS Recommendations on Secure Banking over the Internet investigate the security requirements for secure banking on the Internet, provide a survey of the security-related protocols, services and applications on the Internet, provide a set of recommendations as to how banks can securely perform banking transactions over the Internet (primarily for customer-bank relationships). More specifically, the following issues are addressed:
• the separation of trusted networks from the Internet, eg Firewall technology
• Internet session security, discussing the major security protocols for online access (such as SSL, S-HTTP, PCT, and STLP)
• Internet mail security, discussing the major security solutions for store-and-forward document exchange (such as PEM, PGP, MOSS, and S/MIME)
• the integration of financial applications with the Web, discussing technologies such as helper, plug-in, ActiveX, and applets
• Electronic Commerce Security, including SET and homebanking solutions
• a general security discussion of hardware and software solutions
• an introduction to public key infrastructures, including registration/ certification and key escrow.
As a guideline through this ECBS Technical Report, the figure provides an overview of the Internet security protocols (unshaded areas) and their position in the communication protocol hierarchy.
A number of recommendations are made in the ECBS Technical Report on Secure Banking over the Internet. The Internet's image is changing fast. The security problems on the Internet are being better understood. However, the emerging solutions must address the security problems of dynamic code download before true electronic commerce can happen. At the heart of any commercial use of the Internet lies the function of a public key infrastructure. For the secure download of content and code, for the secure operation of SSL, SET, E-mail and payment systems, we need trustworthy key management services.
Chapter-8
RESULT & CONCLUSION
RESULT AND CONCLUSION
This section discuses the result of the work done in this project And also mentions the future scope for improvement.
8.1CONCLUSION
As the world becomes more of a global village being runned by paperless systems, the idea of a cashless society is the hope of the future. Thus more innovations will still evolve which will make cashless transactions easily accessible and affordable.
From all of this, we have learnt that information technology has empowered customers and businesses with information needed to make better investment decisions. At the same time, technology is allowing banks to offer new products, operate more efficiently, raise productivity, expand geographically and compete globally. A more efficient, productive banking industry is providing services of greater quality and value.
E-banking has become a necessary survival weapon and is fundamentally changing the banking industry worldwide. To day, the click of the mouse offers customers banking services at a much lower cost and also empowers them with unprecedented freedom in choosing vendors for their financial service needs. No country today has a choice whether to implement E-banking or not given the global and competitive nature of the economy. The invasion of banking by technology has created an information age and commoditization of banking services. Banks have come to realize that survival in the new e-economy depends on delivering some or all of their banking services on the Internet while continuing to support their traditional infrastructure.
The rise of E-banking is redefining business relationships and the most successful banks will be those that can truly strengthen their relationship with their customers.
Without any doubt, the international scope of E-banking provides new growth perspectives and Internet business is a catalyst for new technologies and new business processes. With rapid advances in telecommunication systems and digital technology, E-banking has become a strategic weapon for banks to remain profitable. It has been transformed beyond what anyone could have foreseen 25 years ago.
Two years ago, E-banking was a strategic advantage, nowadays; it is a business reality, if not a necessity.
8.2 FUTURESCOPEOFIMPROVEMENT
The “Banking Online System is a big and ambitious project. I am thankful for being provided this great opportunity to work on it. As already mentioned, this project has gone through extensive research work. On the basis of the research work, we have successfully designed and implemented banking online System. This system is based upon 2-tier client server architecture. The tools used for development were as follows.
Front-end-----Net beans 6.0.1
Back-end----MS SQL Server 2000
REFERENCES
1. Ayo Charles. K and Babajide Daniel O, 2006, Designing a Reliable E-payment System:
2. www.google.com
3. www.wilkipedia.com
4. Nigeria a Case Study, Journal of Internet Banking and Commerce, vol. 11, no.2
5. Ali Ahmad, 2006, Policies & Regulations for Expanding e-banking to the Poor, The First Microfinance Bank Ltd, Bangladesh, 5
6. Dr. ShamshadAkhtar, 2006, Financial Sector of Bangladesh – The Roadmap, Dawn Asia Finance Conference. http://www.sbp.org.pk/about/speech/governors/dr.shamshad/2006/Dawn-Asia-Finance-Conference-13-May-06.pdf
7. SalimonAlao (2006): “Moving towards a cashless economy”, Financial Standard, vol 7, no: 60, pp 19-21, June 2006.
8. The Economist Intelligence Unit, Nov 2006 Overview of e-commerce in Bangladesh,
http://globaltechforum.eiu.com/index.asp?layout=rich_story&doc_id=9616&title=Overview+of+ecommerce+ in+Bangladesh&categoryid=30&channelid=4, Accessed 18/06/07
9. Zorayda Ruth B. Andam, 2003, e-commerce and e-business, e-Asean Taskforce UNDP-APDIP, Phillipines& Malaysia, 23
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