The Indian Internet Banking Journey

About Internet Banking

Globally, the banking business has always been in the forefront of harnessing technology to improve its services and efficiency. Banks have been quick to adopt rapidly evolving electronic and telecommunication technologies to deliver an extensive line of value added products and services to their customers. By the early 1990s, direct dial-up connections, personal computers, tele banking and automated teller machines (ATMs) became common in most developed nations. Internet banking evolved in the mid-1990s when Internet and the World Wide Web began to catch on. Soon, many major banks in the US and Europe began to use the Internet to provide banking services.

Internet banking is a web-based service that enables the bank's authorized customers to access their account information. It allows the customers to log on to the bank's website with the help of a bank-issued identification and a personal identification number (PIN).

The banking system verifies the user and provides access to the requested services. The range of products and services offered by each bank on the Internet differs widely in their content. Most banks offer Internet banking as a value-added service. Internet banking has also led to the emergence of new banks, which operate only through the Internet and do not exist physically. Such banks are called 'Virtual' banks or 'Internet only' banks.

The products and services offered by the banks on the Internet can be divided into three types:

• Information Kiosks: It includes providing information regarding various products and services offered by the bank to its customers and others in general. The bank's site receives and answers queries of customers through e-mails.
• Basic Internet Banking: It includes enabling customers to open new accounts, check account balance and pay utility bills.
• E-commerce Banking: Banks function as electronic market places (e-market place) enabling customers to use their accounts for money transfers, bills payment, purchase and sale of securities and online real time purchases and payments.

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Case Details

Case Code : ITSY003
Themes: EVA Financial concepts
Case Length : 5 Pages
Period : 1997-2001
Organization : L&T
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Construction - Building Materials & Equipment, Financial Services

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