This project deals with the origin of Internet and the World Wide Web. It also emphasizes on the development of e-commerce and with it the development of Internet banking. We have seen how traditional banking was done and how the Internet has revolutionized banking. We have also dealt with the development of Internet banking in developing countries and the various steps needed to develop it further. For Internet banking we require two types of architecture. They are physical architecture which includes modem, Internet, etc. and applications architecture which includes HTTP, SSL etc. With all the benefits of Internet banking one must also consider the security issues in Internet banking. Some of the security measures are encryption, digital signatures etc. We have also dealt with investment based Internet banking. After considering all the issues of Internet banking in the end we have dealt with the future of Internet banking.
The course of human history, both recorded and unrecorded, is replete with inventions and discoveries – some have provided unparalleled benefits to mankind while others, in the wrong hands, have wreaked havoc and destruction. When one speaks of the former category, many examples spring to mind – from the invention of the wheel and the discovery of fire to the development of the Internet.
[...] It still isn't viable enough for banks to utilize biometrics in Internet banking as the equipment needs to be installed also by the consumer who may not be able to afford the high cost of biometrics equipment. INTERNET BANKING SERVICES Earlier, Internet Banking Services allowed for a minimum level of interactivity such as e-mail queries, feedback forms and articles asking for readers' opinion at the end. An accountholder, armed with a password, could use the Net to order a cheque book, stop payment of a cheque and spot the balance and individual operations in the account and transfer funds. [...]
[...] BANKING AND THE INTERNET Traditional Banking: Traditionally the relationship between the bank and its customers has been on a one-to-one level via the branch network. This was put into operation with clearing and decision-making responsibilities concentrated at the individual branch level. The head office had responsibility for the overall clearing network, the size of the branch network and the training of staff in the branch network. The bank monitored the organization's performance and set the decision-making parameters, but the information available to both branch staff and their customers was limited to one geographical location. [...]
[...] The security of the environment in which the Internet banking server and customer information database reside. Security measures must be in place to prevent unauthorized users from attempting to log into the online banking section of the Web site. Banks have to assess and analyze the danger of these risks and successfully implement an effective enterprise wide security policy over multiple systems and sites each with their own administration staff. The bank has to implement its security policy with cost effective, practical solutions that are user friendly. [...]
[...] Application Architecture The software component, protocols, and APIs that comprise the logical architecture of the Internet banking solution are discussed below: HTTP : HyperText Transfer Protocol (HTTP) is the Internet protocol that is used to send data between the bank customer's web browser and the bank web server. HTTP, by itself, is a non-secure protocol, and must be used in conjunction with other mechanisms to establish security. HTTP, therefore, is used for transferring non-secure marketing information between the customer web browser and the web content server (see above). [...]
[...] Currently, Internet Banking is available only for accounts that do not have a joint signature requirement. HPIN or HOME-BANKING PERSONAL IDENTIFICATION NUMBER is a unique Internet password, known only to you and nobody else. Once you enter this in the CitiDirect site, it enables you to transact on the Net. If you forget your HPIN all you need to do is fill out the form and send it to CitiDirect. As soon as they get it, they will issue a new HPIN to you and you can immediately start accessing your account again. [...]
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