E-Commerce and Internet Banking System

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Abstract

The adoption of Electronic Banking by commercial enterprise has been in existence since the mid 90s, much greater in number due to lower operating costs associated with it. Electronic banking has been in the form of automatic teller machines and telephone transactions. More recently, it has been transformed by the Internet, a new delivery channel for banking services that benefits both customers and banks. Access is fast, convenient, and available around the clock. Furthermore, customer’s application for electronic banking facilities is expanding as the cost savings on transactions over the internet are significant. The chances and threats that the internet symbolizes is no longer news to the present day banking sector. No traditional bank would dare face investment analysts without an Internet strategy. Moreover, business success is not guaranteed by a detailed and thoughtful approach to the internet. The main intention behind the commencement of electronic banking services is to provide the customers with an alternative that is more responsive and with less expensive options. With options just a click away, customers have more control than ever. Their expectations are usability and real-time answers. They also want personal attention and highly customized products and services. This research intends to see how e-commerce and internet banking has improved the efficiency and effectiveness in the bank, take a look at the security measures on ground and also proffer a solution that can eradicate fraud in internet banking.

Table of Contents

Page

Title Page

Approval Page

Certification Page

Dedication

Acknowledgement

Abstract

Table of contents

Chapter One

1.0 Introduction

1.1 Background of the study

1.2 Statement of the problem

1.3 Purpose of the study

1.4 Objective of the study

1.5 Justification of the project

1.6 Scope of the project

1.7 Limitations

1.8 Definition of Terms

Chapter Two

2.0 Literature Review

Chapter Three

3.0 Description and Analysis of the existing system

3.1 General Description of the existing system

3.2 Fact finding method

3.3 Objective of the existing system

3.4 Organization Structure

3.5 Input and Output Analysis

3.6 Information flow diagram

3.7 Problem of the current system

3.8 Justification for the new system

Chapter Four

4.0 Design of the new system

4.1 Design Standard

4.2 Output specification and design

4.3 Input specification and design

4.4 File Design

4.5 Procedure Chart

4.6 System Flowchart

4.7 System Requirement

4.8 Program Flowchart

Chapter Five

5.0 Summary, Recommendation and Conclusion

5.1 Summary

5.2 Recommendations

5.3 Conclusions

References

Appendix

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Banks have traditionally been in the forefront of harnessing technology to improve their products and services. They have over the time been using electronic and telecommunication networks for delivering a wide range of value added products and services. The range of services and products offered by different banks vary widely both in their contents and sophistication. E-banking provides enormous benefits to consumers in terms of the ease and cost of transactions. However, it can be thought of as a service that allows customers to use some forms of computer to access account-specific information and possibly conduct transactions from a remote location – such as at home or at the workplace. The most efficient system architecture and advanced technologies are being used for E-banking results for the provision of internet banking services for the financial sector which enables the banks to carry out the their services like web banking to their customers. While over the years developed countries like Sweden have not tapped into the freedom to conduct routine banking transactions from the comfort and security of customer.

Electronic banking has been around for some time in the form of automatic teller machine and telephone transactions. “More recently, it has been transformed by the Internet, a new delivery channel for banking services that benefits both customer and bank. Access is fast, convenient, and available round the clock, whatever the customer’s location. Plus, banks can provide services more efficiently and at substantially lower costs”. E-banking also makes it easier for customer to banks’ services and products, can increase completion among banks, and allows banks to penetrate new markets and thus expand their geographical reach. Some even see electronic banking as an opportunity for countries with underdeveloped financial systems to leapfrog developmental stages. Customer in such countries can access services more easily from banks outside his/her own country through wireless communication systems, which are developing more rapidly than traditional “wired” communication networks. Probably, the major phenomenon of the twenty first century has been electronic communication and information technology. The technological progress is now sufficiently well advanced for it to enable commercial transaction and non commercial activities which is facilitated through the use of information technology and network technology such as the internet, intranet and extranet. Electronic Banking has emerged as a significant and rapidly growing component of the world economic exchange. Through Electronic Banking the world economic exchange has been reduced to a tiny global village in terms of its information capacity and the resources it holds which can be accessed by anybody from anywhere in the globe through the use of medium of E-commerce namely the internet and some other electronic devices.

Electronic Banking does not only encompass the way you shop over the Internet, but also the ways you carry out banking transactions. A few years ago, banks started to offer their service on the Internet, in addition to the traditional services in the branch. This allowed customers, more independence in the choice where and when to bank, as they were not bound to opening hours. Electronic Banking has revolutionized the way business is transacted by globalizing the business enterprise. Multinationals, small and medium scale industries no matter their geographical locations are all beneficiaries of electronic banking. It encompasses all kind of commercial transaction that is conducted on an electronic medium, mostly through the Internet.

E-banking links business to customers no matter their geographical location. It allows companies to make new business contacts from different global business alliance, test near products and services, and make market research and other enquiries all at a minimal cost both financial and otherwise.

1.2 Statement of the Problem

In banking industries today, queuing has become the order of the day, customer’s line up for hours waiting to withdraw or deposit money. This creates a lot of problem to both customers as they waste their useful time in the banking hall, and also management of the bank as the run around to find solution to their problems.

Also it is observed that customers cannot withdraw money any time they want as banks has their working hours. This is a big problem as needs can arise at any time and human beings will always like to have those needs solved. Also money deposited into accounts at times takes some hours to reflect in the persons account balance hence making banking operations slow and unhealthy for business environment.

1.3 Purpose of the Project

The purpose of this project work is to study and find out how best computer can be used in banking industry to facilitate online banking through the use of internet. Hence, software will be developed to facilitate online banking system.

1.4 Objectives of the Study

The objectives of this project are as follows:

(i) The project work will reveal the true meaning of internet banking information system and how to achieve it.

(ii) This project will reveal the advantages of the Internet to the user.

(iii) It will also reveal to the user the applications of the Internet.

(iv) The project will educate the user on banking system, their operations and services.

(v) The user will understand some security threats and their controls on the Internet.

(vi) This project will also include the design and implementation of an internet banking information system.

(vii) This project will also enable us understand some technologies that enable the Internet work the way it is working.

1.5 Justification of the Project

The project work will help in a good number of ways to ease the queuing system in the banks as the online banking system will help customers to achieve what ever they want to achieve without coming to the bank.

Clear advantages of Internet checking accounts over those of traditional brick-and-mortar banks are higher yields, a higher proportion of free accounts and much lower balance requirements. Online banking information system allows the users to check their account information, statements and pay the bills instantly. Customer has to login into his account using the username and password, check the statement and fill the amount and authorize the payment and it will be posted instantly or in a couple of days. Options are provided to authorize payments on regular intervals (on the same date every month) to the same vendor or different vendors. There are many other advantages of online banking system and some of them are listed below.

o It saves a lot of time.

o It is very convenient to use it right from the bedroom, office or anywhere in the World.

o Transactions are very fast and postal delays can be avoided.

o It is inexpensive to customer.

o Bills can be paid in a very convenient fashion round the clock.

o It allows making transactions on weekends and holidays too.

o Transactions are secured.

o Help the bank in reducing the costs such as labour, inventory and stationary.

1.6 Scope of the Study

This research work will concentrate on designing online account opening, withdrawals, statement of accounts, account balance checking and banking information for Banks.

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