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ELECTRONIC BANKING SERVICES IN INDIA – A CASE STUDY OF
KARNATAKA
BASAVARAJAPPA M.T
RESEARCH SCHOLAR
DEPARTMENT OF COMMERCE
SCHOOL OF BUSINESS STUDIES
CENTRAL UNIVERSITY OF KARNATAKA
GULBARGA, KARNATAKA, INDIA
ABSTRACT
Banking industry is one of major role player in Indian financial system using innovative
delivery channel it is accessible to all with low cost. With the help of information technology
banking sector growing day by day, banks are finding that a comprehensive online banking
strategy is essential for success in the increasingly competitive financial services market. Due
to technology advances and rapid growth of the internet, an online banking solution can be
designed today that is more effective and less costly than the traditional branch banking.
Banks have traditionally been in the forefront of harnessing technology to improve their
products, services and efficiency. They have, over a long time, been using electronic and
telecommunication networks for delivering a wide range of value added products and
services. The objective of this paper is to enquiry the customer satisfaction towards online
banking in Karnataka, what are problems facing by customers. The data used for the study
both primary data and secondary data. I conclude that in all respects the customers are
satisfied with their internet bank. Major concerns of customers include security and privacy
because of the growing number of online frauds, cheating cases and hacking.
KEYWORDS: Banking sector, Customer satisfaction, Delivery channel, E-Banking, Fund
transfer.
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ZENITH International Journal of Business Economics & Management Research________________ ISSN 2249- 8826
ZIJBEMR, Vol.3 (6), June (2013) Online available at zenithresearch.org.in
INTRODUCTION
Electronic banking is the series of technological wonders in the recent past involving use of
Internet for delivery of banking products & services. E-Banking is changing the banking
industry and is having the major effects on banking relationships. Banking is now no longer
confined to the branches were one has to approach the branch in person, to withdraw cash or
deposit a cheque or request a statement of accounts. In true E-Banking, any inquiry or
transaction is processed online without any reference to the branch (anywhere banking) at
any time. Providing E-Banking is increasingly becoming a "need to have" than a "nice to
have" service. The net banking, thus, now is more of a norm rather than an exception in many
developed countries due to the fact that it is the cheapest way of providing banking services.
E-Banking refers to the use of the Internet as a remote delivery channel for banking services.
Such services include traditional ones, such as opening a deposit account or transferring
funds among different accounts, and new banking services, such as electronic bill
presentment and payment. E-Banking is one of the medium of delivery of banking services
and as a strategic tool for business development. It has gained wide acceptance
internationally and is fast catching up in India with more and more banks entering the fray.
India can be said to be on the threshold of a major banking revolution with net banking
having already been unveiled.
Only about 1% of Internet users did banking online in 1998. This increased to 16.7% in
March 2000. The growth potential is, therefore, immense. Further incentives provided by
banks would dissuade customers from visiting physical branches, and thus get ‘hooked’ to the
convenience of arm-chair banking. The facility of accessing their accounts from anywhere in
the world by using a home computer with Internet connection, is particularly fascinating to
multiple bank accounts. Costs of banking service through the Internet form a fraction of costs
through conventional methods. The cost-conscious banks in the country have therefore
actively considered use of the Internet as a channel for providing services. Fully
computerized banks, with better management of their customer base are in a stronger position
to cross-sell their products through this channel.
LITERATURE REVIEW
This section presents research work done on bankers’ viewpoints on e-banking.
Sathye (1997) reviewed the status of internet banking in Australia. The study found that only
two of the 52 banks started internet banking services. He opined that education would be a
crucial factor for expanding internet banking in Australia. If customers are convinced about
the various advantages of internet banking they will start asking for this service from their
banks, and will put pressure on the banks to go ahead with internet banking.
Filotto et al. (1997) illustrated that the adoption rates of ATM were higher among young
users. In addition, Barnett (1998) findings proved that younger consumers are more
comfortable in using e-banking. Katz and Aspden (1997) findings explained that males were
more likely to adopt e-banking than females.
Mookerji (1998) explored that internet banking is fast becoming popular in India.
Nevertheless, it is still in its evolutionary stage. They expect that a large sophisticated and
highly competitive internet banking market will develop in future.
Joseph et al. (1999) examined the influence of internet on the delivery of banking services.
They found six primary dimensions of e-banking service quality such as convenience and
accuracy, feedback and complaint management, efficiency, queue management, accessibility
and customization.
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Mols (1999) acknowledged that the internet banking is an innovative distribution channel that
offers less waiting time and a higher spatial convenience than traditional branch banking with
significantly lower cost structure than traditional delivery channels. Internet banking reduces
not only operational cost to the bank but also leads to higher levels of customer satisfaction
and retention. As a result internet banking is very attractive to banks and consumers, who
now have higher acceptance to new technology. (Polatoglu and Ekin, 2001, Mols, 2000,
Sathye, 1999, Wisner and Corney, 2001)
Jeevan (2000) observed that the internet banking enables banks to offer low cost and high
value added financial services. US web-corporation argues that finally banks are finding that
a comprehensive online banking strategy is indispensable for success in the increasingly
competitive financial services market. Changes in technology, competition and lifestyles have
changed the face of banking and banks in the present environment are looking for alternative
ways to provide differentiated services.
Hasan (2002) found that online home banking has came out as a significant strategy for banks
to attract and retain customers. About 75 percent of the Italian banks have adopted some form
of internet banking during the period 1993-2000. The study also found that the higher
likelihood of adopting active internet banking activities is by larger banks, banks with higher
involvement in off-balance sheet activities, past performance and higher branch network.
Mishra (2005) in his paper explained the advantages and the security concerns about internet
banking. According to him, improved customer access, offering of more services, increased
customer loyalty, attracting new customers are the primary drivers of internet banking. But in
a survey conducted by the online banking association, member institutions rated security as
the most important concern of online banking.
Nyangosi et al. (2009) collected customers' opinions regarding the importance of e-Banking
and the adoption levels of different e-Banking technologies in India and Kenya. The study
highlighted the trends of e-banking indicators in both countries. The overall result indicates
that customers in both countries have developed a positive attitude and they give much
importance to the emergence of e-banking. From the review of literature, we found that
education is one of the crucial factors for expanding e-banking. Younger consumers and
males are more comfortable in using e-banking. Convenience and accuracy, feedback and
complaint management, efficiency, queue management, accessibility and customization were
found to be primary dimensions of e-banking service quality. However, most of the studies
are carried out in foreign countries. In light of the above findings, the present study is
undertaken in Indian context to find out bankers perspectives on e-banking.
OBJECTIVES OF THE STUDY
The objectives of the paper are
1. To know the electronic banking service in india
2. To know the impact of e- banking on banks
3. To know the customer attitude towards e-banking in Karnataka
4. To offer conclusion
RESEARCH METHODOLOGY
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This study includes both primary as well as secondary data collected from 250 Bank
customer equally representing public sector banks, private sector banks and foreign banks in
Karnataka with the help of well-drafted and pre-tested structured questionnaire.
The secondary information has been obtained from the reports of RBI, different banks,
websites, magazines, journals and newspapers to study the relevant aspects. The data was
analysed using frequency distribution. In order to analyse the secondary data various
statistical tools used were average, graphs, percentage.
ELECTRONIC BANKING SERVICES IN INDIA
The Reserve Bank of India constituted a working group on Internet Banking. The group
divided the internet banking products in India into 3 types based on the levels of access
granted. They are:
INFORMATION ONLY SYSTEM
General purpose information like interest rates, branch location, bank products and their
features, loan and deposit calculations are provided in the banks website. There exist facilities
for downloading various types of application forms. The communication is normally done
through e-mail. There is no interaction between the customer and bank's application system.
No identification of the customer is done. In this system, there is no possibility of any
unauthorized person getting into production systems of the bank through internet.
ELECTRONIC INFORMATION TRANSFER SYSTEM
The system provides customer- specific information in the form of account balances,
transaction details, and statement of accounts. The information is still largely of the 'read
only' format. Identification and authentication of the customer is through password. The
information is fetched from the bank's application system either in batch mode or off-line.
The application systems cannot directly access through the internet.
FULLY ELECTRONIC TRANSACTIONAL SYSTEM
This system allows bi-directional capabilities. Transactions can be submitted by the customer
for online update. This system requires high degree of security and control. In this
environment, web server and application systems are linked over secure infrastructure. It
comprises technology covering computerization, networking and security, inter-bank
payment gateway and legal infrastructure.
AUTOMATED TELLER MACHINE (ATM)
ATM is designed to perform the most important function of bank. It is operated by plastic
card with its special features. The plastic card is replacing cheque, personal attendance of the
customer, banking hours restrictions and paper based verification. There are debit cards.
ATMs used as spring board for Electronic Fund Transfer. ATM itself can provide
information about customers account and also receive instructions from customers - ATM
cardholders. An ATM is an Electronic Fund Transfer terminal capable of handling cash
deposits, transfer between accounts, balance enquiries, cash withdrawals and pay bills. It may
be on-line or 0ff-line. The on-line ATN enables the customer to avail banking facilities from
anywhere. In off-line the facilities are confined to that particular ATM assigned. Any
customer possessing ATM card issued by the Shared Payment Network System can go to
any ATM linked to Shared Payment Networks and perform his transactions.
CREDIT CARDS/DEBIT CARDS
The Credit Card holder is empowered to spend wherever and whenever he wants with his
Credit Card within the limits fixed by his bank. Credit Card is a post paid card. Debit Card,
on the other hand, is a prepaid card with some stored value. Every time a person uses this
card, the Internet Banking house gets money transferred to its account from the bank of the
buyer. The buyers account is debited with the exact amount of purchases. An individual has
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to open an account with the issuing bank which gives debit card with a Personal
Identification Number (PIN). When he makes a purchase, he enters his PIN on shops PIN
pad. When the card is slurped through the electronic terminal, it dials the acquiring bank
system - either Master Card or VISA that validates the PIN and finds out from the issuing
bank whether to accept or decline the transactions. The customer can never overspend
because the system rejects any transaction which exceeds the balance in his account. The
bank never faces a default because the amount spent is debited immediately from the
customers account.
SMART CARD
Banks are adding chips to their current magnetic stripe cards to enhance security and offer
new service, called Smart Cards. Smart Cards allow thousands of times of information
storable on magnetic stripe cards. In addition, these cards are highly secure, more reliable and
perform multiple functions. They hold a large amount of personal information, from medical
and health history to personal banking and personal preferences.
OTHER SERVICES
BILL PAYMENT SERVICE
You can facilitate payment of electricity and telephone bills, mobile phone, credit card and
insurance premium bills as each bank has tie-ups with various utility companies, service
providers and insurance companies, across the country. To pay your bills, all you need to do
is complete a simple one-time registration for each biller. You can also set up standing
instructions online to pay your recurring bills, automatically. Generally, the bank does not
charge customers for online bill payment.
FUND TRANSFER
You can transfer any amount from one account to another of the same or any another bank.
Customers can send money anywhere in India. Once you login to your account, you need to
mention the payees's account number, his bank and the branch. The transfer will take place in
a day or so, whereas in a traditional method, it takes about three working days. ICICI Bank
says that online bill payment service and fund transfer facility have been their most popular
online services.
CREDIT CARD CUSTOMERS
With Internet banking, customers can not only pay their credit card bills online but also get a
loan on their cards. If you lose your credit card, you can report lost card online.
Railway ticket reservation
IRCTC website has been proving online train ticket reservation service and flight ticket
booking, hotel booking. Now per day more 6 lakh Railway tickets are reserving in IRCTC
website.
INVESTING THROUGH INTERNET BANKING
You can now open an FD online through funds transfer.Now investors with interlinked demat
account and bank account can easily trade in the stock market and the amount will be
automatically debited from their respective bank accounts and the shares will be credited
in their demat account. Moreover, some banks even give you the facility to purchase mutual
funds directly from the online banking system. Nowadays, most leading banks offer both
online banking and demat account. However if you have your demat account with
independent share brokers, then you need to sign a special form, which will link your two
accounts.
RECHARGING YOUR PREPAID PHONE
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Now just top-up your prepaid mobile cards by logging in to Internet banking. By just
selecting your operator's name, entering your mobile number and the amount for recharge,
your phone is again back in action within few minutes.
Shopping With a range of all kind of products, you can shop online and the payment is also
made conveniently through your account. You can also buy railway and air tickets through
Internet banking.
LEGAL ISSUES INVOLVED IN ELECTORNIC BANKING
The legal framework for banking in India is provided by a set of enactments, viz., the
Banking Regulations Act, 1949, the Reserve Bank of India Act, 1934, and the Foreign
Exchange Management Act, 1999. Broadly, no entity can function as a bank in India without
obtaining a license from Reserve Bank of India under Banking Regulations Act, 1949.
Different types of activities which a bank may undertake and other prudential requirements
are provided under this Act. Accepting of deposit from public by a non-bank attracts
regulatory provisions under Reserve Bank of India Act 1934. Under the Foreign Exchange
Management Act 1999, no Indian resident can lend, open a foreign currency account or
borrow from a non resident, including non-resident banks, except under certain circumstances
provided in law. Besides these, banking activity is also influenced by various enactments
governing trade and commerce, such as, Indian Contract Act, 1872, the Negotiable
Instruments Act, 1881, Indian Evidence Act, 1872, etc.
E-Banking is an extension of the traditional banking, which uses Internet both as a medium
for receiving instructions from the customers and also delivering banking services. Hence,
conceptually, various provisions of law, which are applicable to traditional banking activities,
are also applicable to E-Banking. Cross border transactions carried through Internet pose the
issue of jurisdiction and conflict of laws of different nations.
The dichotomy between integration of trade and finance over the globe through ecommerce
and divergence of national laws is perceived as a major obstacle for ecommerce/ internet banking and has set in motion the process of harmonization and standardization of laws
relating to money, banking and financial services. A major initiative in this direction is the
United Nations Commission on International Trade Law (UNICITRAL)’s Model law, which
was adopted by the General Assembly of United Nations and has been recommended to the
member nations for consideration while revising / adopting their laws of electronic trade.
Government of India has enacted The Information Technology Act, 2000, in order to provide
legal recognition for transactions carried out by means of electronic data interchange and
other means of electronic communication, commonly referred to as ‘electronic
commerce’…The Act, which has also drawn upon the Model Law, came into force with
effect from October 17, 2000. The Act has also amended certain provisions of the Indian
Penal Code, the Indian Evidence Act, 1872, The Bankers Book of Evidence Act, 1891 and
Reserve Bank of India Act 1934 in order to facilitate ecommerce in India.
OPPORTUNITIES AVAILABLE IN ELECTRONIC BANKING
1. Internet provides an ever-growing market both in terms of number of potential
customers and geographical reach. Technological development has made access to
Internet both cheaper and faster. More and more people across the globe are accessing
the net either through PCs or other devices. The purchasing power and need for
quality service of this segment of consumers are considerable. Anybody accessing
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Internet is a potential customer irrespective of his or her location. Thus, any business
targeting final consumers cannot ignore the business potential of Internet.
2. Internet offers a unique opportunity to register business presence in a global market.
Its effectiveness in disseminating information about one’s business at a relatively cost
effective manner is tremendous. Time sensitive information can be updated faster than
any other media. A properly designed website can convey a more accurate and
focused image of a product or service than any other media. Use of multimedia
capabilities, i.e., sound, picture, movies etc., has made Internet as an ideal medium for
information dissemination.
3. The quality of service is a key feature of any e-commerce venture. The ability to sell
one’s product at anytime and anywhere to the satisfaction of customers is essential for
e-business to succeed. Internet offers such opportunity, since the business presence is
not restricted by time zone and geographical limitations. Replying to customers’
queries through e-mail, setting up (Frequently Asked Questions) FAQ pages for
anticipated queries, offering interactive help line, accepting customers’ complaints
online 24 hours a day and attending to the same, etc. are some of the features of ebusiness which enhance the quality of service to the customers. It is of crucial
importance for an e-venture to realize that just as it is easier to approach a customer
through Internet; it is equally easy to lose him. The customer has the same facility to
move over to another site.
4. Cost is an important issue in an e-venture. It is generally accepted that the cost of
overhead, servicing and distribution, etc. through Internet is less compared to the
traditional way of doing business.
BENEFITS OF E-BANKING TO BANKS
COST SAVINGS
Electronic processing dramatically reduces the cost per transaction. Also, there are
opportunities for banks to present customer bills electronically. The cost of delivering bills
electronically is substantially lower than if the bill was in paper form delivered through the
mail. These cost savings can offer customers and banks alike reduced cost of banking and
still provide efficient and varied services.
LOYAL CUSTOMERS
Web sites that offer financial convergence for the customer will create a more involved
banking customer who will more frequently patronize the banking site and more likely use
the services offered. The idea is that by creating a more loyal customer who depends on a
bank for many financial services, more bundling can occur and higher revenue per customer
can be generated.
OFFER ADDITIONAL SERVICES
Many banks are moving towards offering clients a financial portal. This portal concept offers
banks a new role in the business of serving clients. Simply having an Internet presence does
not provide banks a revenue stream. However, by offering a wide array of products and
services, banks can benefit from Internet integration. By creating financial portals where
consumers can manage a broad range of financial activities such as stocks and mortgages,
banks can profit from offering Internet capabilities to clients
INTERNET PROFIT GENERATION
E-commerce, when properly integrated into existing banking operations, can lead to
substantial cost savings and higher profitability. Cost savings occur by virtue of automating
customer transactions such as funds transfers, payments, account balance inquiries, etc.
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Strategic alliances with insurance companies, mortgage companies, and stock brokerage
forms can lead to additional business opportunities that otherwise will go unrealized.
Furthermore, banks are able to retain customers more effectively when offering services that
are value-added. This has been clearly demonstrated in the case of Wells Fargo bank. When
customers moved online with Wells Fargo, the percentage of customers taking their business
elsewhere dropped 50 percent.
BENEFITS OF E-BANKING TO CONSUMERS
COST SAVINGS
Cyberspace is cheaper to operate in than bricks-and-mortar structure and this cost benefit is
often passed along to consumers. The E-Banking cost structure allows consumers to receive
cost savings and/or financial benefits for banking online.
ACCESS TO ADDITIONAL SERVICES
Basic transactional web sites allow customers to review account balances, holdings and
recent banking statements. Systems that allow customers to initiate transactions online, such
as transferring money between accounts or making payments, provide additional advantages
to the customer. These enhanced web sites enable customers to pay bills, apply for and
review loans and mortgages, and check credit card bills. The financial institutions that offer
expanded services online are well positioned to be market leaders. By offering this large
umbrella of service from one trusted banking institution, these forms will be able to garner a
greater share of a customer’s financial business. Customers will benefit by having a wider
selection of services available from one trusted institution
CONVENIENT ONE-STOP SHOPPING
Banks are adding real-time loan applications, and the opportunity to trade stocks through
their web sites. The trend towards “convergence banking” is predicted to shape the future of
E-Banking. This concept of “ones top” shopping is convenient and leads to more satisfied
customers.
CHALLENGES FACED IN INDIA
Not all banking products, and not all banking customers, adapt well to the Internet channel.
Transferring funds, paying bills, and applying for a credit card do not require personal contact
or a large physical space, and are therefore well suited for Internet delivery. But applying for
a business loan, closing on a home mortgage, and estate planning are complex transactions,
which typically require a secure physical space and/or person to- person communication. And
getting cash is impossible over the Internet, requiring either branches or ATMs. Because of
such limitations, most banks that offer Internet delivery do not rely on it entirely. The mix of
delivery channels a bank chooses has consequences for its expenses, the convenience of its
customers, and the quality of the
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A majority of customers are not computer savvy.
Availability of Internet Bandwidth and connectivity is not uniform.
Non availability of safe computing facilities across the country
Banks are not networked and many of the banks still have legacy systems, where
providing E-Banking Solutions is not cost effective and efficient
Customer confidence in E-Banking needs to be built.
Ensuring Security including privacy and confidentiality of customer information
is a challenge.
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Convincing older generation people to use E-Banking.
FINDINGS OF THE STUDY
This study is designed to understand Internet users' perspectives on E-Banking, their
experiences with E-Banking, and their expectations on E-Banking services. Some of the
major Findings are as follows;
 Younger generations are more likely to adopt E-Banking than older generations.
 People with higher education (university or above) are more likely to adopt EBanking than those with less education.
 High-income group is more likely to adopt E-Banking than low-income group.
 Frequent visitors to banks’ websites are more likely to adopt E-Banking.
 Men are more likely to adopt E-Banking than women.
 58.3% of the male respondents shop online using their online bank account.
 45% of the respondents stated that they use their internet bank account once a week.
 60% of the respondents felt that they opened the internet bank account because they
had a traditional bank account with the same bank.
 55% of those with Internet bank accounts claim to have purchased some product over
the Worldwide Web.
 85%of those with an Internet bank account said convenience of the services were
"very important" or "important" in their decision to open their account.
 65% of the respondents with an Internet bank account said they access their account
from office.
 75% of the respondents feel that Security is very important in a bank’s website.
 66% of the respondents said that they are happy with the security measures taken by
the bank to safeguard information and prevent frauds.
 65% of the respondents said that they are happy with the services offered by their
Internet Bank.
 75% of the respondents stated that Privacy is one of the very important contents of a
bank’s website.
 85.7% of the female respondents stated that they opened an online account because
they had a traditional bank account with the same bank; where as 50% of the male
respondents stated the same reason.
RECOMMENDATIONS
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Banks should maintain secrecy and confidentiality of customer’s account and take
adequate risk control measures against hacking and technology failures.
Banks should ensure that proper security infrastructure is in place like the use of at
least 128-bit SSL for securing browser to web server communications and, in
addition, encryption of sensitive data like passwords in transit within the enterprise
itself.
Banks should use latest versions of software or upgrade existing software which gives
better security & control to remove bugs and loopholes.
Banks should concentrate on providing more technical support to its customers.
Banks should design the websites in a more user friendly format to make the
customers comfortable with the technology.
Banks should ensure that a proper system of back up of data is in place, to prevent
loss of data.
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Banks should be more responsive to customers’ queries.
Banks should create awareness among non-users of E-Banking, and motivate them to
use online banking to reduce rush at bank branches.
CONCLUSION
By the study conducted on “Customer’s experience with E-Banking” we can conclude that in
all respects the customers are satisfied with their internet bank. Major concerns of customers
include security and privacy because of the growing number of online frauds, cheating cases
and hacking. Even though the Banks in India providing E-Banking facility are giving 128 bit
encryption security there are cases of frauds reported in India. So banks should be committed
to provide adequate safety to the customers and prevent frauds. Banks should maintain
secrecy and confidentiality of customer’s account and take adequate risk control measures
against hacking and technology failures. Banks should use latest versions of software or
upgrade existing software which gives better security & control to remove bugs and
loopholes.
There is a large potential for E-Banking in India. Only about 1% of Internet users did banking
online in 1998. This increased to 16.7% in March 2000. The growth potential is, therefore,
immense. Internet usage is expected to grow with cheaper bandwidth cost. The Department
of Telecommunications (DoT) is moving fast to make available additional bandwidth, with
the result that Internet access will become much faster in the future. Today state owned
BSNL is offering Broad band internet at Rs 250/- per month. This is expected to give a fillip
to E-Banking in India. The online population has increased from just 500,000 in 1998 to 5
million in 2000. By 2015, the online population is expected to reach 70 million. Keeping in
view all the above developments, E-Banking is likely to grow at a rapid pace and most banks
will enter into this area soon.
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