Banks have no alternative but to employ wireless solutions in device-independent and network-agnostic ways in responding to the customers demanding ‘anytime and anywhere’ access to their money and financial information. With a view to providing a better and quality customer services with the help of new technologies modern banking sector has come up with a lot of initiatives. Banking through internet and mobile has emerged as a strategic means for achieving greater efficiency, control of operations and reduction of cost by replacing paper based and labor intensive process with automated processes thus leading to higher profitability. In this way, such kind of circumstances explains the significant of this study.
Chapter-2: Theoretical Discussion
Meaning of Banking:
The term ‘‘banking’’ can be applied to a large range of financial institutions, from savings and loans organizations to the large money-centre commercial banks (Heffernan, 2005). In general, the term of banking means the business activity of accepting and safeguarding money owned by an individual and entity, and then lending out this money for the purpose of earning a profit. Banking is a business of receiving deposits and lending money. It is carried out by financial intermediaries, which performs the functions of safeguarding deposits and providing loans to the p...
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...ns is sometimes called e-banking (Boss et al., 2000; Smith, 2006; Hwang et al., 2007; Shin, 2008). E-banking has revolutionized the way business is transacted by globalizing the business enterprise. E-banking technologies have proliferated in recent years, and the availability of a wide range of products has led to increasing adoption among consumers. These technologies include direct deposit, computer banking, stored value cards, and debit cards (Servon and Kaestner, 2008). E-banking has been viewed as an upgrading from previous electronic delivery systems to open new business opportunities for the banking industry (Ebling, 2001).
However, from the above discussion it reveals that modern banking mostly depends on Information Technology (IT). In this way, the use of advanced technology has led to the shift from traditional banking methods to modern banking methods.
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