The document discusses the history and various approaches to implementing home banking. It begins by explaining how telephone banking first emerged in the 1970s as customers could check balances and pay bills over touch-tone phones. Later, cable TV and personal computers were also explored as mediums for home banking.
The main approaches discussed are proprietary bank dial-up services, off-the-shelf home financial software, online services-based banking through providers like Prodigy, and web-based banking. Security First Network Bank is provided as an example of an early adopter of internet banking, allowing secure transactions directly through a web interface without additional software.
Management issues discussed include the need to deliver high quality products and services, potential partnership
The document discusses the history and various approaches to implementing home banking. It begins by explaining how telephone banking first emerged in the 1970s as customers could check balances and pay bills over touch-tone phones. Later, cable TV and personal computers were also explored as mediums for home banking.
The main approaches discussed are proprietary bank dial-up services, off-the-shelf home financial software, online services-based banking through providers like Prodigy, and web-based banking. Security First Network Bank is provided as an example of an early adopter of internet banking, allowing secure transactions directly through a web interface without additional software.
Management issues discussed include the need to deliver high quality products and services, potential partnership
The document discusses the history and various approaches to implementing home banking. It begins by explaining how telephone banking first emerged in the 1970s as customers could check balances and pay bills over touch-tone phones. Later, cable TV and personal computers were also explored as mediums for home banking.
The main approaches discussed are proprietary bank dial-up services, off-the-shelf home financial software, online services-based banking through providers like Prodigy, and web-based banking. Security First Network Bank is provided as an example of an early adopter of internet banking, allowing secure transactions directly through a web interface without additional software.
Management issues discussed include the need to deliver high quality products and services, potential partnership
Financial institutions were interested in home banking concept into reality as early in 1970. The most popular approach of the 1970 was home banking via touch tone telephone, which enable customers to check a/c balances, transfer funds and pay bills. With telephone banking customers use a numeric password on a push button telephone to access banking services. In 1980, cable television also was considered as a possible medium for home banking. Then comes home banking from PC. Home Banking Implementation approaches Proprietary bank dial-up services Off the shelf home financial s/w Online services based banking World wide web based banking Home Banking using banks Proprietary S/W Bank mainframe computer system connected with terminal server with modem. When a consumer wants to communicate with Bank, then the information is transmitted via terminal server which is connected to bank. Banking via the PC using Dial-Up Software Intuit: is the leading provider of home & small business financial Software, supplies and services for PC users. Quicken: allows users to organize, understand and manage their personal finances. Intuit Services To check current a/c balances, transfer funds between a/c, determine the clearance of given transactions. Online bill payments enables users to pay bills by transmitting payment instructions via modem. E.g. a Quicken user needs to pay three bills, the user would open Quicken and type the names of the payees and the amounts and then hit transmit. Multiplatform strength: DOS, windows New revenue strength: new products & services Recurring revenue opportunities: e-credit card statement delivery, attractiveness to software product. Banking via Online Services Prodigy & CityBank providing home banking services. Prodigy providing home banking to consumers since 1988 and has relationship with more banks than any commercial online services. Customers can check their a/c balances, transfer money between a/c, pay bills electronically, review their CitiBank credit card a/c, buy & sell stock through CitiCorp Investment services. AOL users will not need to use Quicken s/w to access the banking services. Rather Intuit built a Quicken like application into AOL that will have the basic banking functionality of transferring funds etc. Banking via the Web: Security First Network Bank(SFNB) The goal is to provide superior customer service & secure electronic environment. Internet banking: Consumers do not need to purchase any additional s/w, store any data on their comp, wait for new versions & upgrades, since all transactions occur on a secure server over the internet. The first Internet bank to provide e-banking services to internet users was SFNB. Secure registration via login id & password SFNB provides joint a/c facility. Open vs Closed Models In an open system, content changes can occur easily because of the use of standard technology and components. Banking(web) used open system : easy to customize to a bank changing needs. Closed system: in which the changes are difficult since everything is proprietary. E.g. Banking interfave developed around Intuit cannot be modified unless the vendor distributes a new version of its s/w. Management issues in Online Banking Banks must deliver high quality products. Creation of online financial supply chain Low cost interactive access terminals for he home Some banks are forming cooperative partnership with bank s/w companies, while others are writing their own s/w. Pricing affect online banking via: Initial s/w pricing Financial product pricing Usage pricing Marketing issue Back-office support for online banking University Questions Explain in details home banking implementation approaches. Explain categories of home banking. Explain management and marketing issues of online banking. Short note on Security First Network Bank. University Questions Write a brief note on pricing issues in online banking Write a note on Banking via PC Compare open versus closed models in connection with network banking. Structure of Security First Network Bank.
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