A comparative study on security and privacy issues in internet banking
Fousiya M P, Sameeha Thayyil
The former functions of banks were accepting deposits and lending loans through direct mode. By the introduction of information technology, the entire face of banking transaction has changed. Information Technology has brought drastic change in the day-to-day functioning of banking operations. It not only brings improvements in their internal functioning and daily routine work but also enable them to provide better customer service efficiently and effectively. Online banking, also known as internet banking, e-banking or virtual banking, is one of the revolution happened in the banking due to IT. Online banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. According to the recent data of RBI (August 2017) on online banking transaction volume (public banks only), the total online banking transaction has reached at the value of 83 crores. However, it was 143 crores in the month of January 2017. It shows a decreasing trend, even though we expected an increase in online transaction due to the implementation of Demonetization in our country. The main reluctance customers are having while entering into online transaction is the security and privacy issues. This study attends to find out the customer perception towards security maintained by banks in online banking transactions, satisfaction on the measures adopted by their respective banks to ensure their privacy and security. This study tries to make a comparison between the customer perception and satisfaction on securities and privacy measures in public and private sector banks.