Case Studies on E-Banking

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ITSI Transactions on Electrical and Electronics Engineering (ITSI-TEEE)

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ISSN (PRINT) : 2320 – 8945, Volume -6, Issue -1-2, 2018 15

Case Studies on E-Banking

Kapil Goyal

Associate Professor Computer Sc., DAV College, Amritsar.

Abstract My research manuscript highlights E-Banking paradigm in Internet Era. Indian Non banking financial sector (NBFC) is growing and striving for more freedom from RBI to cater diversifying needs for consumers in digital commerce segment. In order to improve financial literacy and empower common citizen, I have formulated E-Banking business model. The objective is to scale retail banking scenario in India and innovative practices formulated by private players along with venture capitalist.

Advent of cloud computing has given significant push in banking industry. NBFC will certainly changed Ebanking ecosystem in the country in a big way. It would further enhance financial literacy and less cash economy.

Keywords: E-Banking paradigm, NBFC, Financial Literacy, Cloud Computing

I INTRODUCTION

1. E-banking refers to electronic banking.

2. E-banking refers to retail banking and social banking.

3. It is 24x7x365 banking. Anywhere and anytime banking

4. The basic objective of E-banking is to improve financial literacy and step towards scaling financial inclusion by means of information and communication technology.

5. E-banking helps in financial freedom (Pradhan Mantri Jan-Dhan Yojana (PMJDY) “Mera Paisa Mera Pass”.

6. E-banking is the application of technology to access financial services via Internet (E-Banking), Mobile devices (Mobile banking) and Telephone Lines (Phone banking).

7. EFT is new concept in banking domain in which customer can initiate fund transfer between web server and client terminal, between ATM to ATM fund transfer , between desktop and mobile devices using NFC technology.

8. Mobile banking paradigm along with eRetail banking help transforming digital commerce scenario that would cater need of next billion consumers.

II. BANKING FRAMEWORK ECOSYSTEM

We are at the cusp of social banking revolution . ICT based banking system has opened new opportunities for MSME segments along with C2C Business framework. It is imperative for banks to come forward and accept challenge for upcoming technological advancement like IOT, AI, Robotics banking.

III. DRIVERS OF RETAIL GROWTH

According to Cygnus industry insight, retail banking has bright future.

Changing Consumer Demographics

 Social and New age banking

 Younger generation adopting banking practices

 More IT literate Netizens

 Dynamic workforce and work culture scenario

 Fasting eco-consumerism

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ITSI Transactions on Electrical and Electronics Engineering (ITSI-TEEE)

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ISSN (PRINT) : 2320 – 8945, Volume -6, Issue -1-2, 2018 16

 New incentives to first time buyers

 Changing mindsets and challenging faces.

 Desire to improve lifestyles

 Banks vying for higher market share

IV. STRATEGIC BENEFITS

According to Mckinsey, retail banking has several strategic benefits

 Green and environmental friendly work environment

 More flexible digital strategy for sales.

 Efficient logistics channels ( SCM)

 Business Process Reengineering (BPR0

 Up to date skill methodology

 eRetail banking results in growth oriented results and improved CRM based practices

 eRetail segment is a Win Win business models for Venture capatilist (VC)

 Aspirations of the billion people and best credit policies.

 eRetail banking involves low cost digital marketing for demand –driven eco-economy.

 More effective Customer Relationship Management (CRM) with the Eretail customers built a strong presence in Tier 2 and Tier 3 cities.

 Retail banking increases footprints across multi channel eBusiness framework

V. THE E IMPLICATIONS FOR NBFC

The intranet (VAN) has full potential for the banks in terms of cost cutting and more value driven consumer profit driven markets.

But there are also risks

» Regulatory Trends

» E-legal Model.

» Cross platform OS

» Brand of NBFC

» Collaboration practices.

VI. E-COMMERCE SECURITY MECHANISM

 Passwords

 Antivirus

 Firewalls – Software and Hardware

 Public Key infrastructure

 Encryption software

 Digital certificates

 Digital Signatures

 Biometrics – retinal scan, fingerprints, voice etc

VII. CONCLUSION

I would conclude my paper by saying fundamental assumption about rediscovering new age banking ecosystem to accelerate digital India vision of govt. of India. We are living in the age of merger and acquisition.

Hence it is imperative for NBFC to come forward along with Start Up ( Unicorn ) companies. Now a day’s digital currency and other electronic payment systems have emerged along with contemporary payment methods like cash and cheques. In part, these developments are inextricably connected with new means of carrying on business more efficiently.

I hope my eBusiness model will help lifting NBFC in a big way to achieve banking for all by 2020.

REFERENCES

[1] Web resources www.google.com

[2] White papers from PwC, Deloite , KPMG AND E Y

[3] Digital Commerce : Students Handbook by Kapil Goyal, Kalayni Publication, New Delhi . Vol. 1, No. 1, pp. 172-182.

[4] E-Banking Guide by Khanna Publication

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