E-Banking Service of SBI Bank

IT Presentation

Priyanka Mangotra

IntroductionDefinition:-

•The provision of banking service through electronic channels and

the customer. It can access the data without time and geographical

limitation.

•Combination of the two term Electronic technology & Banking.

•Process by which a customer performs banking transactions

electronically.

What is E-banking?

•E-Banking denotes the provision of banking and

related services through extensive use of information

technology.

•Delivery of bank’s services to a customer at his office

or home by using electronic technology.

• Development of E-banking

• Advantages of the E-Banking

• Disadvantages of the E-banking

Development of E-banking

1980s :

• Rapid development of the Internet

• TCP/IP system (communication system)

• E-commerce

Development of E-banking

May 1995 :

•Wells Fargo - the first bank in the world to offer customer

access to their accounts over the internet .

•Allows customer to see their accounts online

Development of E-banking

• ICICI was the first bank to initiate the Internet banking revolution in India as early as 1997 under the brand name 'Infinity'.

• ICICI Bank kicked off online banking way back in 1996 . But even for the Internet as a whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999-due to lower ISP online charges, increased PC penetration and a tech-friendly atmosphere.

Different services provided under e-banking

• ONLINE BILL PAYMENT

• SHOPPING

• TICKET BOOKING

• PRE PAID MOBILE RECHARGE

• MARKET WATCH

Contd…

• PERSONAL HOME PAGE

• INVESTMENT SERVICES

• ONLINE APPLICATIONS

• PERSONAL UPDADATE

SERVICE PROVIDED BY SBI

• Self-account funds transfer across India.

• Third party transfers in the same branch.

• New account opening.

• Demand Draft requests.

Contd…

• Standing instructions.

• New Cheque-book request and much more.

• Railway tickets booking.

• Utility bill payments.

Contd…

• LIC and other insurance premia payments.

• SBI Mutual funds Investments.

• Remit Subscription to PPF account.

• Credit card dues payments.

Contd…

• Deposit your taxes.

• Donations to your religious inspirations.

• Donations to Red Cross and such other organisations.

• Setting up SMS alerts for transaction information.

CHANNELS IN E-BANKING

• AUTOMATED TELLER MACHINE (ATM)

• TELE-BANKING OR PHONE BANKING

Contd…

• MOBILE BANKING

• INTERNET BANKING

SBI VIRTUAL CARD

STATE BANK VIRTUAL CARD

• SBI introduced a new feature (in may/june 2012) for its users- state bank virtual card.

• An electronic card can be used for all type of e-commerce… online shopping, mobile recharge, etc

• Same as regular plastic card but a single e-card for a single transaction

• Best thing- reduced the risk of online fraud

FEATURES OF VC• Single transaction card• Secure• Valid upto max 48 hrs/ till the transaction is

completed• Easy to use, no extra registration is required

for its generation• Min amt of issue- Rs 100• Max amt of issue- Rs50,000• Domestic use only

• No limit on no. of cards• This facility is absolutely free

HOW TO GENERATE SBI VIRTUAL CARD

STEP1- visit www.onlinesbi.com, log in to your Net Banking Account

STEP2- go to e-card tab

STEP3- select desired account & enter card amt

& click on generate button

STEP4- now it will ask you to verify your e-card & accont details. Simply click on generate button.

STEP5- it will ask u to enter High Security Transaction Password (8 digit password) , that you received on your mob. No.

STEP6- now it will show your name, 16 digit card no., card limit amount, CVV no. (3 digit), expiry date.

Note them down.

STEP7- now you can use this VDC for shopping, etc within 48 hrs.

Only you have to enter OTP & its done.

Advantages of E-banking

• Benefits for Banks

• Benefits for Small to Medium Businesses

• Benefits for Customers

Benefits for Banks

• Larger customer coverage

• Reducing the costs of operations

• Promoting their services and products internationally

• Increasing the customer satisfaction and providing a personalized relationship with customers

Disadvantages OF E-banking

• A need for customer skill to deal with computers and

browsers.

E.g. Elderly, Housewives → Inconvenient

• Site change it will make the customer have some

confusion or delay.

• Security Risk

Conclusion

• E-Banking Enable Better Business Anywhere, Anytime.

• E-Banking represent a tremendous opportunity in India.

• However, Factors such as illiteracy in India, availability of cheaper labor force, reluctance to change by the existing staff of banks and slow growth of technology in India are responsible for slow growth of e-banking in India.

Contd…

• Development and acceptance of standards by

financial institutions will clearly have a positive

impact on the level of security achieved by banks and

bank customers.

• Since opportunities foregone are opportunities lost,

the banks have to rise ahead of time so as not to lag

behind in the e-banking era.

THANK YOU