Studies have shown that competitive pressure is the chief driving force behind increasing use of internet banking technology, ranking ahead of cost reduction and revenue enhancement. Banks can see Internet Banking as a way to keep existing customers and attract new ones to the Bank.
Bank can deliver banking service on the internet as transaction costs are far lower than the traditional method. The actual cost to execute a transaction will vary depending on the delivery channel used. Bank can have significant reasons to develop technologies that will help them deliver banking products and services by the most cost-effective channels. This will help the bank management exercise due diligence, make more informed decisions and measure the success of the business venture.
Internet Banking allows expanding customer contact through increased geographical reach and low cost delivery channels. In fact, Banks can do business exclusively through the Internet, i.e., Banks do not have to adopt traditional banking method; they can reach their customers online.
Relationship building is a strategic priority for Banks. Internet Banking can provide means for Banks to develop and maintain an ongoing relationship with the customer by offering easy access to a broad array of products and services. By capitalizing on brand identification and by providing a broad array of financial service, Banks can build customer loyalty, cross-sell and enhance repeat business.
Customer Demographics :
Internet Banking allows banks to offer a wide array of options to the customers. Some customers will rely on traditional methods to conduct their banking business. For many, this is the most comfortable way to transact their banking business. Those customers place a premium on person-to-person contact. Other customers are early adopters of new technologies that arrive in the marketplace. These customers are the first to obtain PCs and the first to employ them in conducting their banking business. The demographics of banking customers will continue to change. The challenge to Banks is to understand their customer base and find the right mix of delivery channels to deliver products and services profitably to their various market segments.
Account status, Balances & Transactions and statement
This feature shows the current balance of all your linked account including everyday banking and saving accounts, loans, credits etc. With this unique feature user can search and view mini statement of last 10 transactions, full statement during certain period, fund transfer and many more. The statement of the account can also be downloaded when needed.
Complete account control
Now accountholders can have complete control of their accounts. They can view details of all accounts, make queries for statements and even go into the details of a particular transaction. Also, they can view the cash flows and payment schedules associated with the Loan and Deposit Accounts.
Personal/Corporate account maintenance
The feature allows account user to define their account type to be personal or corporate. If the user chooses personal, then their account can only be accessed by themselves as they make it a personal account. But if the account is made corporate, multiple people (as enlisted by the user) can access the single account.
Corporate Internet Banking (CIB) offers web based solution and provides flexible maker-checker-authorizer for corporate banking. It has facility to create and manage groups. CIB helps the corporate user to manage their valuable time by providing number of unique features like bulk upload facility, bulk transaction such as salary, dealer debit, credit transaction etc. thereby, by-passing the hassles of format adaptations and transfers.
Accounts or make new deposits
It's all there at the click of the mouse!
BANKex offers fund transfer readiness with three types of category. Self Account Transfer allows user to transfer fund within their own accounts. While Third Party Transfer broaden the reach of user and provides them the facility to transfer the fund to other accounts within the bank. Apart from these features, BANKex also allows users to transfer the fund into pre-specified account and termed as Linked Account Transfer.
Post Dated Payment/Scheduling
The feature provides user an ease to transfer the payment on any pre scheduled time. This service is very utile for bill payments and looped fund transfer. User can schedule the payment on a fixed date of every month for bill payment.
Transferable account maintenance
The account holder can ensure that his transfer’s doesn’t, even by mistake reach to unintended party by the use of this feature. The account holder provides a list of member’s and only the members within the list can make any type of transaction or transfer with him.
Cash Management Services
It brings comprehensive cash management services to the Internet. Corporate Internet Banking (CIB) lets you initiate transactions, give collection and disbursal information and receive comprehensive reports all from the convenience of your desktop.
Trade Related Services
CIB enables enquiry, history, search, opening, etc. Now all your trade requirements can be serviced through the corporate internet banking channel.
Corporate Internet Banking keeps in mind the flexibility that any business requires, that is why user have the facility to authorize multiple users who can have varying level of access to the system.
Remittance Service Option
BANKex offers easy to use Remittance Service Option and Retail Payment. User can remit money across the globe with a click of mouse.
Mobile Recharge scheme for the customers of the bank will also be provided in the website. When the customer registers for the service in the site, and provides necessary information about the mobile recharge, the corresponding transaction will be carried out through F1Soft International, providing them mobile recharge of the amount requested by deducting corresponding amount from their bank account.
Visible Statements, Analytical Reports and Flexible Report Generation
BANKex comes with the ability to easily integrate into the systems. You get the reports in standard formats that you want. The reports can be downloaded in analytical/pie-chart format. Not only this, you can generate customized MIS for your cash management activities.
Request Cheque Book and Stop Payment
User can request for cheque book through BANKex and can also request to stop payment when needed.
SMS Integration and language localization
BANKex allows bank to provide the service in customized language (Nepali/Thai/Malay/Mandarin) for their regional customer.
Highly Secured Characteristics of BANKex Security Features
Since the Internet banking transaction can be pioneered across the Globe and transactions details are channeled over vulnerable networks, security remains the biggest gainsay in implementing a successful solution hence BANKex has been developed with the highest level of end to end security and confidentiality. It supports multi-level security features that keep the data encrypted and secure at every stage of processing.
Our system also provides features such as dual password, OTP, VeriSign SSL encryption, encryption with own OPPS and Firewalls for security.
Multiple Password can be maintained to reduce the risk of hacking
Proxy Server can be maintained which also acts like application layer firewall
TCP wrapper can be used (Linux System) for strengthening the application layer security
Software Firewall can be used for Transport and Network Layer firewall
Web Server Security from external attacks
SSL (Secure Socket Layer) can be employed for creating encrypted link between web server and browser
BANKex also comprise the following behavior:
Authentication: login using at least a user name and a password
Authorization: according to their profile, online user must be granted or not allowed to receive some specific services
Business Logic Layer
No SQL queries are used in business logic layer
For internet access, the following requirements are mandatory:
Confidentiality: sensitive data must be encrypted if any (Fund Transfer, Bill Payment)
Data integrity: Data sent across the network cannot be modified by the tier.
Auditing: Every sensitive action can be logged and report can be generated.
Non-repudiation: Gives evidence that a specific action occurred.
J2EE security model is adapted