Virtual Banking services in Jharkhand (India)

International Research Journal of Education and Innovation (IRJEI) Vol 1 No 10 October 2015

Virtual Banking services in Jharkhand (India) with special reference to State Bank of India

Abstract

State Bank of India which provides largest core banking (Virtual banking) solutions has its history which dates back to the time when the bank was known as Imperial Bank. State Bank of India has come a long way and has served the people of our nation. Even today, when the bank is facing stiff competition from private and foreign banks due to globalization, the service rendered is far better compared to the services of all private and foreign banks put together, if one takes into consideration the price that an account holder pays for. Modern Banks of today are technologically more advanced and professional in their services. The Private Banks and Foreign banks which have mushroomed around us have from the very beginning benefited from the technological innovations like computers and internet with an option to spread its business with the use of ATMs which are much economical to the institutions, in comparison to operating a full fledged branch. Also, from day one, these banks have been choosy about its customers and have always judged them according to their financial standing. Even today, a common middle class person finds it difficult to follow the terms and conditions that govern him while maintaining an account.

Drafts, cheque books, money transfers, withdrawals, etc. all come with price attached. State Bank of

India or for that matter any Nationalized Bank extends these facilities almost free of charge. It has accounts from small depositors who use thumb impression for withdrawal of their money to big multinationals who have benefited from the services rendered over the years by State Bank of India who they look forward to as friend, philosopher and guide. From a small time businessman to an industrial tycoon can always banks upon the institution for guidance and benefits without charges, which these so called private and foreign financial institutions have learnt as business acumen and find it most essential for their survival. The services that they advertise on the media are given in State Bank of India from day one of its inception, free of charge. Even in the days of competition, we find the employees of State Bank of India calling up informing us of our return cheque and requesting us to come and deposit money into our account, not because he gains anything from this gesture but takes care of our goodwill. Introduction of new technologies allowed banking institutions to offer new channels of service outlets like ATM facility, Internet Banking, Telephone Banking and Mobile Banking. Indian consumers too have access to many new channels to interact with their bank. Banks race against each other in bringing the latest technology for the benefit of their customers and themselves. So this study has been conducted to evaluate if “Virtual Banking” channel is utilized properly by the customers in Jharkhand (India). Reasons for customer’s apathy towards Virtual banking channel, if that exist, have also been analyzed in this context.

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Keywords: Virtual Banking, Technology, Bank, Internet, customer, Account.

VIRTUAL BANKING AT STATE BANK OF INDIA

� In early 1990s more than 7000 branches were using traditional manual procedures.

�

�

�

�

These manual procedures were inherited from the Imperial Bank.

Traditional procedures were evolved over decades

Very few changes were brought in those procedures as per the need of time.

In that time, mainframe or mini computers were used for MIS, RECONCILLATION &

FUND SETTLEMENT PROCESS, or we can say that for backhand operations purpose.

Changes Brought in Information Technology by SBI:

� In the next decade internet facility was provided for individuals.

� All SBI branches were connected and ATM‟S were launch.

� 2001 - KMPG appointed consultant for preparing IT Plan for the Bank.

� Later on Core banking proposed by the IT consultancy company.

� 2002 - All branches computerized but on decentralized systems, there the initiative of core banking took place.

� 2008 - more than 6500 branches (95% of business) on Core Banking Solution (CBS) .

� Internet Banking facility for Corporate customers were also launched in early 2008.

� More Interfaces developed with e-Commerce & other sites through alternate channels like ATM & Online Banking.

� All Foreign Offices were brought on Centralized Solution .

� Large network is playing the role of backbone for connectivity across the country.

� Multiple Service Providers are providing the links – BSNL, MTNL, Reliance, Tata & reliance which are making the system errorless and provide high speed.

� Multiple Technologies to support the networking infrastructure – Leased lines, Dial-up,

CDMA & VSAT.

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SERVICES PROVIDED BY SBI VIRTUAL BANKING

ONLINE SBI (WWW.ONLINESBI.COM):

State Bank of India is India’s largest bank with a branch network of over 11000 branches and 6 associate banks located even in the remotest parts of India. State Bank of India (SBI) offers a wide range of banking products and services to corporate and retail customers. “Online SBI” is the Internet banking portal for State Bank of

India. The portal provides anywhere, anytime, online access to accounts for State Bank’s Retail and Corporate customers. The application is developed using the latest cutting edge technology and tools. The infrastructure supports unified, secure access to banking services for accounts in over 11,000 branches across India.

RETAIL BANKING

: The Retail banking application is an integration of several functional areas, and enables customers to:

� Issue Demand Drafts online

� Transfer funds to own and third party accounts

� Credit beneficiary accounts using RTGS/NEFT feature

� Generate account statements

� Setup Standing Instructions

� Configure profile settings

� Use eTax for online tax payment

� Use ePay for automatic bill payments

� Interface with merchants for railway and airline reservations

� Avail DEMAT and IPO services

� Pay bill of Visa Credit Card issued by any Bank

The Online SBI corporate banking application provides features to administer and manage corporate accounts online. The corporate module provides roles such as Regulator, Admin,

Uploader, Transaction Maker, Authorizer, and Auditor. These roles have access to the following functions:

� Manage users, define rights and transaction rules on corporate accounts.

� Access accounts in several branches with a single sign-on mechanism.

87


� Upload files to make bulk transactions to third parties, supplier, vendor and tax collection authorities.

� Use online transactional features such as fund transfer to own accounts, third party payments (both Inter and Intra bank), and draft issues.

� Make bill payments over the Internet.

� Authorize, modify, reschedule and cancel transactions, based on rights assigned to the user.

� Generate account statement.

� Enquire on transaction details or current balance .

CORPORATE BANKING

: The Online SBI corporate banking application provides features to administer and manage corporate accounts online. The corporate module provides roles such as

Regulator, Admin, Up-loader, Transaction Maker, Authorizer, and Auditor. These roles have access to the following functions:

� Manage users, define rights and transaction rules on corporate accounts

� Access accounts in several branches with a single sign-on mechanism

� Upload files to make bulk transactions to third parties, supplier, vendor and tax collection authorities.

� Use online transactional features such as fund transfer to own accounts, third party payments, and draft issues

� Make bill payments over the Internet.

� Authorize, modify, reschedule and cancel transactions, based on rights assigned to the user

� Generate account statement

� Enquire on transaction details or current balance

Value Added Services:

� Tax payments to central and state governments through site to site integration.

� Supply Chain Finance( e-VFS- Electronic Vendor Finance Scheme)

� Direct Debit Facility

E Collection Facilities for:

� Core Banking Transactions

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� Internet Bank transactions for incoming RTGS/NEFT Transactions

� Internet banking transactions for SBI and associate banks

� Debit facility where suppliers can directly debit their customer’s account through internet banking

Products & Services :

� E-Ticketing

� SBI E-Tax

� Bill Payment

� RTGS/NEFT (Real Time Gross Settlement Systems, National Electronic Funds Transfer)

� E-Payment

� Fund Transfer

� Third Party Transfer

� Demand Draft

� Cheque Book Request

� Account Opening Request

� Account Statement

� Transaction Enquiry

� DEMAT Account Statement

� Donation

ATM Services:

SBI provides easy access to money to its customers through more than 8500 ATMs in India. The

Bank also facilitates the free transaction of money at the ATMs of State Bank Group, which includes the ATMs of State Bank of India as well as the Associate Banks – State Bank of

Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, etc. also transact money through SBI Commercial and International Bank Ltd by using the State Bank ATM-cum-Debit

(Cash Plus) card.

Products and Services

� Personal Banking

� SBI Term Deposits

� SBI Loan for Pensioners

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� SBI Recurring Deposits

� Loan against Mortgage of Property

� SBI Housing Loan

� Loan against Shares & Debentures

� SBI Car Loan

� Rent plus Scheme

� SBI Educational Loan

� Medi-Plus Scheme

VIRTUAL BANKING SERVICES FOR INDIAN CUSTOMERS

Virtual banking initiatives by the Reserve Bank and the deployment of Core Banking Solutions have allowed Indian banks to offer a new banking ‘experience’ for their customers. Indian customers suddenly became at par with their counter parts in developed countries in terms of services obtained from their banks. Gone are the days of branch only banking-computerization allowed banks to offer many new channels of delivery. Indian banks, particularly the new generation banks which started their operations after 1993, were the first to offer new channels of delivery like ATMs, Phone Banking, Internet Banking and Mobile Banking. The new generation banks did not have the branch network that public sector banks possessed and they also had to introduce some differentiator to the customers. New generation banks like

ICICI Bank, HDFC Bank, Axis Bank and Foreign banks like Amro Bank and Citibank kicked the ATM revolution in India. ICICI Bank employed a very aggressive strategy of ATM deployment to counter its lack of branch presence across the country.ATMs not only worked as an attraction for customers but also allowed banks to lower its transaction cost. ATMs as a delivery channels became a huge success, which prompted public sector banks also to invest in them. Customer acceptance of ATMs were very high, customers in semi-urban also welcomed this innovation with both hands. Efforts are being done to develop ATMs that could be deployed in rural markets, the multi-lingual ATM developed by IIT Chennai promises new market for this channel.

Another major innovation that was introduced in India during the last decade is Internet banking which offered many new services to the customer (Rajneesh & Padmanabhan, 16-Sep-2002). ICICI Bank was the first bank in India which offered this delivery channel, by kicking off its online banking services in

1996. Other private sector banks like Citibank, Indusland Bank and HDFC Bank and Times bank (now part of HDFC Bank) started offering banking services in July 2001. Other public sector banks like State

90


Bank of Travancore, Bank of Baroda, Allahabad Bank, Syndicate Bank and Bank of India, also rolled their services during the same time. Although, the acceptance of virtual banking is lower compared to that of ATMs, banks are expecting usage levels to go up as internet penetration in the country improves.

Reserve Bank constituted a Working Group under the Chairmanship of S.R.Mittal. The working group came up with the “Report on Internet Banking” in 2001 (RBI, 2001). This report gave guidelines for offering internet banking services in India. It discussed the technical, legal, regulatory and supervisory aspects of internet banking. The Information Technology Act of 2000 took care of the legal aspects of electronic commerce in India that allowed banks to offer full suite of Virtual banking. Banks in India currently offer ‘Fully Transactional Websites’ to their customers. It is the least cost delivery channel available for a bank; the working report suggests the following comparative costs for different channels-

Teller cost at Rs. 1 per transaction, ATM transaction cost at 45paise, Phone banking at 35paise, Debit cards at 20paise and Internet banking at 10paise per transaction. The main deterrent for acceptance of

Virtual banking among customers is lack of confidence in the security. The committee recommended implementing latest security technology to safe guard Virtual banking infrastructure in a bank. The report estimates that round 1% of the 9 lakh internet users in India used Virtual banking in 1998.

STATUS OF VIRTUAL BANKING IN INDIA

In Indian context, many publications throw light over the importance of Virtual banking and also its prospects for the Indian banking industry. Unnithan and Swatman (2001) studied the drivers for change in the evolution of the banking sector, and the move towards electronic banking by focusing on two economies, Australia and India. The study found that Australia is a country with internet-ready infrastructure as far as Telecommunication, Secure protocols; PC penetration and Consumers’ literacy are concerned. India, by comparison, is overwhelmed by weak infrastructure, low PC penetration, developing security protocols and consumer reluctance in rural sector. Although many major banks have started offering Virtual banking services, the slow pace will continue until the critical mass is achieved for PC, internet connections and telephones. However, the upsurge of IT professionals with growing demands is pressuring the government and bureaucracy in the country to support and develop new initiatives for a faster spread of Virtual banking.

Indian Banking industry is witnessing an unprecedented competition. To stay ahead, Banks are coming up with plethora of services to lure customers. Services like 24hour banking, Service at door step, Telephone banking, Internet banking, Extended Business Hours (EBH), Speedy processing are only a few to mention. Greater part of today's bank transactions take place somewhere else other than in branch

91

International Research Journal of Education and Innovation (IRJEI) Vol 1 No 10 October 2015 premises. This shows the growth of "Virtual" banks in India. With convenience, speed, efficiency and effectiveness, these virtual banks, in effect have opened up a new world of possibilities and brought major changes in providing a broad range of services. Virtual banks are now seen as an answer to the challenge of designing a new service channel that is fully secure, functional and which customers can readily learn to use and trust it. Virtual banking- a powerful "value added" tool - has become the focal point for banks to attract and retain customers. Though, the aim of these services is to satisfy customers, there is a need to understand customer awareness, perception and importantly the level of satisfaction.

STATUS OF VIRTUAL BANKING IN JHARKHAND

RBI conducted a survey by circulating a questionnaire among 12 major banks (excluding the private sector banks) having 1,427 branches in the State to assess the reach of electronic banking in the State.

There are 260 branches of commercial banks in the State that are networked under the Core Banking

Solution (CBS) and together they constitute 16.8 per cent of all the branches (excluding the cooperative banks). SBI has reported the presence of CBS branches in all the 24 districts of the State. Besides, there are 4056 ATMs in the State spread over 17 districts, of which 1041 ATMs are offsite whereas rest are onsite ATMs. This portends well for the faster movement of funds from other cities of the country through RBI’s Payment and Settlement System initiatives for inter-bank funds settlement like Special

Electronic Funds Transfer (SEFT) or National Electronic Fund Transfer (NEFT) mechanism. The State

Government must see this as an opportunity for faster transfer of funds especially under the Government

Sponsored Schemes (GSS).

BANKING NETWORK IN THE STATE

The State of Jharkhand comprises 24 districts. Allahabad Bank is the convenor of the State Level

Bankers’ Committee (SLBC). The Lead Bank responsibility of 24 districts has been allotted amongst the following public sector banks.

The State had a network of 1661 bank branches, covered by 22 public sector banks with 1,123 branches, 8 private sector banks with 36 branches, two Regional Rural Banks with 388 branches, eight District

Central Co-operative Banks (DCCBs) with 112 branches, and two primary urban co-operative banks with two branches, as on March 31, 2007. The population group-wise distribution of these branches indicates that the rural branches accounted for 62 per cent of the total number of branches in the State, as against the all-India average of 34 per cent. The share of semi-urban branches in the State was 18.2 per cent as

92

8

9

10

11

12

6

7

4

5

International Research Journal of Education and Innovation (IRJEI) Vol 1 No 10 October 2015 compared to 24.1 per cent at the all-India level. The State had a three-tier rural cooperative credit structure, comprising the Bihar State Co-operative Bank, eight District Central Cooperative banks and

857 Primary Agricultural Credit Societies (PACS), 474 Large Sized Adivasi Multi Purpose Societies

(LAMPS) and one Farmer Service Societies (FSS).

In Jharkhand (India) around 440 SBI branches operation in different districts. Public sector banks in India have called for bids to install 5,259 ATMs in the neighboring states of Bihar and Jharkhand by March 31,

2014.The current number is 30 percent higher than the estimated 4,039 ATMs announced in the first week of March, said an article at The Hindu Business Line.

Sl. No. Name of District

1

2

3

RANCHI

LOHARDAGGA

GUMLA

Total

Population

2214088

288886

707555

ST

Population SC Population

No of

SBI

Branches

964422

162964

493563

123239

10919

25608

53

2

2

SIMDEGA

PALAMU

LATEHAR

GARHWA

SARAIKELA

KHARSAWAN

SINGHBHUM

DUMKA

JAMTARA

SAHEBGANJ

446421

1182770

467071

801350

707175

1613088

950853

544856

736835

323425

106254

211580

125432

260361

466572

443285

178199

228990

35691

324223

99507

190830

40111

77194

52763

51331

49304

9

9

2

27

7

40

32

18

20

93

18

19

20

21


13 PAKUR 564253 278331 21484 20

14

15

GODDA

HAZARIBAGH

861182

1836068

216047

223571

72893

280700

32

35

16

17

CHATRA

KODERMA

612713

394763

23487

3528

198668

57789

10

9

GIRIDIH

DHANBAD

BOKARO

DEOGHAR

Total

1496189

1949526

1454416

933113

148342

171741

177123

119085

Table 1.8: SBI branches operating in different districts of Jharkhand

202084

312467

197365

115697

17

35

34

24

437

VIRTUAL BANKING-PROSPECTS & ISSUES

Rapid growth of Internet ensures that Virtual banking acceptance will also grow in the coming years.

Numerous factors-including competitive cost, customer service, and demographic considerations are motivating banks to evaluate their technology and assess their electronic commerce and Virtual banking strategies. Many researchers expect rapid growth in customers using online banking products and services. The challenge for national banks is to make sure the savings from Virtual banking technology more than offset the costs and risks associated with conducting business in cyberspace. Marketing strategies will vary as national banks seek to expand their markets and employ lower cost delivery channels. Examiners will need to understand the strategies used and technologies employed on a bank-bybank basis to assess the risk. Evaluating a bank

’ s data on the use of their web sites, may help examiners determine the bank ’ s strategic objectives, how well the bank is meeting its Internet banking product plan, and whether the business is expected to be profitable.

Some of the market factors that may drive a bank

’ s strategy include the following:

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Competition - Studies show that competitive pressure is the chief driving force behind increasing use of virtual banking technology, ranking ahead of cost reduction and revenue enhancement, in second and third place respectively. Banks see virtual banking as a way to keep existing customers and attract new ones to the bank.

Cost Efficiencies - National banks can deliver banking services on the Internet at transaction costs far lower than traditional brick-and-mortar branches. The actual costs to execute a transaction will vary depending on the delivery channel used. For example, according to Booz, Allen & Hamilton, as of mid-

1999, the cost to deliver manual transactions at a branch was typically more than a dollar, ATM and call center transactions cost about 25 cents, and Internet transactions cost about a penny. These costs are expected to continue to decline. National banks have significant reasons to develop the technologies that will help them deliver banking products and services by the most cost-effective channels. Many bankers believe that shifting only a small portion of the estimated 19-billion payments mailed annually in the U.S. to electronic delivery channels could save banks and other businesses substantial sums of money.

However, national banks should use care in making product decisions. Management should include in their decision making the development and ongoing costs associated with a new product or service, including the technology, marketing, maintenance, and customer support functions. This will help management exercise due diligence, make more informed decisions, and measure the success of their business venture.

Geographical Reach -

Virtual banking allows expanded customer contact through increased geographical reach and lower cost delivery channels. In fact some banks are doing business exclusively via the Internet - they do not have traditional banking offices and only reach their customers online. Other financial institutions are using the Internet as an alternative delivery channel to reach existing customers and attract new customers.

Branding -

Relationship building is a strategic priority for many national banks. Virtual banking technology and products can provide a means for national banks to develop and maintain an ongoing relationship with their customers 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 services, banks hope to build customer loyalty, cross-sell, and enhance repeat business.

Customer Demographics Virtual banking allows national banks to offer a wide array of options to their banking customers. Some customers will rely on traditional branches to conduct their banking business.

For many, this is the most comfortable way for them to transact their banking business. Those customers

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International Research Journal of Education and Innovation (IRJEI) Vol 1 No 10 October 2015 place a premium on person-to-person contact. Other customers are early adopters of new technologies that arrive in the marketplace. These customers were the first to obtain PCs (Personal Computer) and the first to employ them in conducting their banking business. The demographics of banking customers will continue to change. The challenge to national 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.

E-Threats and Virtual Banking

Acceptance of Virtual banking is directly influenced by the confidence of customers with regards to the security of the computer, network and most importantly the infrastructure of the bank they wish to access. A survey among UK customers clearly highlights this concern about the security of virtual banking (Schaaf, December 2010). Findings of the survey show that customers are wary of the common e-threats like Viruses, Identity theft, Snooping of information when they access an Internet banking web site. As mentioned earlier, malicious hacking has increased after the prominence of Internet from mid-nineties. More enterprises are using Internet as a medium for connecting their computers across the globe; this has prompted hackers to try gain unauthorized access to computer networks. Computer programs are becoming more complex day by day and vendors are not able to plug all the security vulnerabilities in operating systems or applications programs before they are released for public use. Hackers are quick to exploit these vulnerabilities to gain illegal access to computer and perform malicious activities. Computer vulnerabilities reported and incidents reported are going high over the last few years. This high rise of incidents has worried the customers and made them stay away from virtual banking usage

THE FUTURE

The Bank is forging ahead with cutting edge technology and innovative new banking models, to expand its Rural Banking base, looking at the vast untapped potential in the hinterland and proposes to cover 100,000 villages in the next two years.

It is also focusing at the top end of the market, on whole sale banking capabilities to provide

India’s growing mid / large Corporate with a complete array of products and services. It is

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International Research Journal of Education and Innovation (IRJEI) Vol 1 No 10 October 2015 consolidating its global treasury operations and entering into structured products and derivative instruments.

Today, the Bank is the largest provider of infrastructure debt and the largest arranger of external commercial borrowings in the country. It is the only Indian bank to feature in the Fortune 500 list.

With about 8500 of its own 10000 branches and another 5100 branches of its Associate Banks already networked, today it offers the largest banking network to the Indian customer. The Bank is also in the process of providing complete payment solution to its client with its over 8500

ATMs, and other electronic channels such as Internet banking, debit cards, mobile banking, etc.

SBI is looking to go on an expansion spree in India as well as in the international arena.

Currently it has 82 offices in 32 countries across the globe. Its 7 subsidiaries in India include SBI

Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards. SBI is currently undertaking the task of raising sufficient capital for growth and consolidation.

.

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