ONLINE INTERACTIVE BANKING. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
CHAPTER ONE
INTRODUCTION
The greatest innovation that has taken place in the twentieth century is in the realm of information Technology. This is currently made possible by the introduction of the digital computers. Which has been observed in the field of communication to be increasingly inseparable from communications. This linkages often referred to as convergence is driven by Technology and amplified by business trends the technology and business. Faster growth in network systems that use communication links to connect subsidiary system (nodes) which may send, receives, direct and redirect information to , fro, send and receiver.
Taking of the internet a couple of years ago would have sound like a fairytale but today the internet is pervasive in almost every field of human endeavour changing the fundamentals of how we conduct national as well as international businesses. Few years of its existence, the internet has shown that it can deliver the long sought after goal of electronic commerce.
It is worth that companies in the developed countries world-wide have recognized the business potential of the internet and are getting connected to the network of networks in their millions.
The financial institution (Bank) is one of such organizations. Banking constitutes one of the most prominent life wire for Socio-Economic grow and development in any given nation, it support and assists in the supply of long and short term loan, accepts both current sowings and fixed deposits, both foreign transactions, advice and facilitates transactions between client, workers, agents, firm, buyers and seller by providing payment services, not excluding the issue of undertaking risk on behalf of their clients, only to mention but a few.
The internet having found its application and acceptance in the banking procession has particularly put the banking industry on an accelerating pace of development. The technological highway (the internet) has become an enabler for Banks in achieving high level productivity and in handing volumes of transaction which would have been impossible without the use of on-line banking (E-commerce).
The technology facilitate linkages with clients both through the provision of information and quality service delivery, as well as in reducing barriers to entry into payment systems retail banking. Internet banking allows clients to engage in informal transaction relationship which would have taken long distance travels or movement of documents with the attendant risk of loss. With the online banking (internet) you can at your convenience, at home and at any time review account balances and transactions, transfer funds, receive and pay bills, down-load transaction services and contact customer services just to mention but a few.