Direct Internet Banking

The results are in accordance with Alikhani et al.’s study, which asserted that telephone banking, as one of the most convenient channels of presenting banking services, could influence other components of bank marketing. Our study evaluated one of the most important components of bank marketing, which is the bank’s market share. The findings of this study shed light on the extent to which banks and financial organizations should concentrate on developing innovative channels of presenting their services to remain competitive and increase their market share.

Iban Account

By 2010, most major banks implemented online banking services, however, the types of services offered varied. According to a poll conducted by Japanese Bankers Association in 2012, 65.2% were the users of personal internet banking. In 2001, Bank of America became the first bank to top 3 million online banking customers, more than 20% of its customer base.

Advantages Of Online Banking

Security of a customer's financial information is very important, without which online banking could not operate. Financial institutions have set up various security processes to reduce the risk of unauthorized online access to a customer's records, but there is no consistency to the various approaches adopted. Virtual banking first became a possibility in 1996 with the Bank of Montreal's mbanx. This was completely different from how banks had operated in Canada previously. By the early 2000s, all of the major banks in Canada rolled out some form of online banking.

How To Open A Checking Account Online

However, the proposed technique only uses text-based features and could be improved if more features were added and the parameters were optimised for more precision. These observations will form the basis of our proposed intelligent phishing detecting scheme. At Bank of America, for example, it took 10 years to acquire 2 million e-banking customers.

Mobile Banking

Furthermore, the results showed that the development of 3 banking channels, including internet banking, telephone banking, and POS terminals, have a significant and positive impact on increasing the bank’s market share. Mobile banking is a service provided by financial companies, and it allows customers to benefit by using their mobile phone devices to perform banking transactions such as transferring funds, saving money, and paying bills. Pousttchi and Schurig defined mobile banking as a way of administering financial services via mobile technology.

PCI SSC is not finished refining the standard and issued the new 2.0 version in October 2010 and new virtualization security guidance in June 2011. In August 2011, SSC outlined its tokenization guidelines but merchants resisted the idea of using tokens instead of primary account numbers. In May 2012, SSC urged the use of encryption for mobile payments but backtracked and made a statement it is not endorsing the technology. Clarification regarding SSC’s stand on mobile security was given in September 2012 when the SSC released its PCI Mobile Payment Acceptance Security Guidelines.

This study has several valuable implications for bank managers and authorities. In general, it suggests that bank managers wanting their bank market share to significantly increase should pay more attention to new channels of presenting innovative services. In other words, as a promising and already prevalent channel of delivering banking services, internet banking is very important for banks to increase their market share. Therefore, banks should not neglect to develop the infrastructure of their internet banking system. Moreover, if banks continuously improve their telephone banking service, their market share will increase. In addition, POS terminals are convenient platforms for obtaining a cash flow for businesses; hence, when they are developed to be innovative and easy-to-use, firms will welcome them.

Initially, they used the internet as another brochure, without interaction with the customer. Early sites featured pictures of the bank's officers or buildings, and provided customers with maps of branches and ATM locations, phone numbers to call for further information and simple listings of products. Use our smart phone app to view balances, transactions and authorise payments on the go. Online banking requires a computer or other device, an Internet connection, and a bank or debit card. In order to access the service, clients need to register for their bank's online banking service. E-services Whether it is for stock market transactions, payments or to check your account balances, Julius Baer’s e-Banking provides all the important information you need to stay on top of your finances.