dissertation report sumandeep

8/6/2019 Dissertation Report Sumandeep

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DISSERTATION REPORT

ON

Detailed Analysis on E-Banking with respect to ICICI

Bank

Submitted in Partial Fulfillment of the requirements for

Master of Business Administration (MBA)

By

Sumandeep Kaur

2009-2011

ARMY INSTITUTE OF MANAGEMENT & TECHNOLOGY,

PLOT NO M-1, POCKET P-5, GREATER NOIDA

201306(UP)

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Acknowledgement

To undertake such an important project and to accomplish it, one needs a lot of guidance and

support.

I would like to express my deep sense of gratitude to my Faculty Mentor Mrs Surabhi Pandey

whose continuous support and guidance helped me in converting my conception into

visualization and also for the continuous guidance throughout the Dissertation report.

Student Name __________________________ Signature_______________________

Date _______________________

SUPERVISOR CERTIFICATE

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This is to certify that Ms SUMANDEEP KAUR, a student of Master of Business Administration, Army

Institute of Management and Technology, Greater Noida, has successfully completed his project under

my supervision.

During this period, she worked on the project title Detailed Analysis on E-Banking with respect to

ICICI Bank in partial fulfillment for the award of the degree of Master of Business Administration of

GGSIP University, Delhi.

To the best of my knowledge the project work done by the candidate has not been submitted to any

university for award of any degree.

Her performance and conduct has been good.

Date:

FACULTY:

Certificate of Originality

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I_________________________________ Roll No. ____________________ a fulltime bonafide

student of Second year of master of business administration (MBA) Programme of Army

Institute of Management & Technology, Greater Noida. I hereby certify that this work carried

out by me

The report submitted in partial fulfilment of the requirement of the programme is an original

work of mine under the guidance of the faculty mentor

___________________________________, and is not based or reproduced from any existing

work of any other person or on any earlier work undertaken at any other time or for any other

purpose, and has not been submitted anywhere else at any time.

(Students Signature)

(Faculty Mentors Signature)

CONTENTS

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Sr. No. TOPIC PAGE No

1 Executive Summary 6

2 Objectives 7

3 Literature Review

E-Banking

Need and Growth for E-Banking

E-Banking products & services

Issues and Risks in E-Banking

8-25

4 ICICI Bank Introduction

Porters 5 Forces Analysis of Indian Banking Industry

SWOT Analysis of ICICI Bank

26-33

5 Research Methodology

Data collection

Research design

34

6 Findings 37

7 Conclusion 39

8 Recommendations 40

9 References 41

Executive summary

E-banking- The execution of financial services via internet, reducing cost and increase in convenience

for the customer to access the transaction. E-banking is an umbrella term for the process by which a

customer may perform banking transactions electronically without visiting a brick-and-mortar

institution. The following terms all refer to one form or another of electronic banking: personal

computer (PC) banking, Internet banking, virtual banking, online banking, home banking, remote

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electronic banking, and phone banking. PC banking and Internet or online banking are the most

frequently used designations. It should be noted, however, that the terms used to describe the various

types of electronic banking are often used interchangeably.

The ever increasing speed of internet enabled phones & personal assistant, made the transformation

of banking application to mobile devices, this creative a new subset of electronic banking i.e. mobile

banking. In 1999 & 2000 mobile banking as an established channels, is the most attractive in todays

fast world.

The internet is revolutionizing the way the financial industry conducts business online, has

created new players who offer personalize services through the web portals. This increase to find new

ways and increase customer loyalty to add the value to this product and services.

Banks also enables customers lifestyle needs by changing and increasing preference for speed

and convenience are eroding the traditional affinity between customer and branch offices as a new

technology disinter mediates traditional channels, delivering the value proposition hinges on owing or

earning the customer interface and bringing the customer a complete solution which satisfies their

needs. Smart card is a new trend which provides the opportunity to build an incremental revenue stream

by providing an ideal platform for extended application and services. Banks are well positioned to play

central role unit in future M-commerce market. Banks have strong relationships with corporate andbusiness customers and a wide experience in providing them with corporate banking services. Bank

provides a multimedia of small and large retailers with acquiring functionality in credit card

transactions. Customers have trusted relationships with banks and a lower propensity to switch banking

providers.

Objectives of study

To study the concept of E-banking in India

To study the Readiness of E-Banking in Indian scenario

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Detailed analysis of E-Banking in ICICI Bank

Future and Growth prospects of E-Banking in India

LITERATURE REVIEW

3.1 E-BANKING

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Electronic banking, also known as electronic funds transfer (EFT),is simply the use of electronic means

to transfer funds directly from one account to another, rather than by cheque or cash.

E-banking means any user with a personal computer and a browser can get connected to his banks

website to perform any of the virtual banking functions. In internet banking system the bank has a

centralized database that is web-enabled. All the services that the bank has permitted on the internet are

displayed in menu. Any service can be selected and further interaction is dictated by the nature of

service. The traditional branch model of bank is now giving place to an alternative delivery channels

with ATM network. Once the branch offices of bank are interconnected through terrestrial or satellite

links, there would be no physical identity for any branch. It would a borderless entity

permitting anytime, anywhere and anyhow banking.

The network which connects the various locations and gives connectivity to the central office within the

organization is called intranet. These networks are limited to organizations for which they are set up.

Meaning and features of E-Banking are as follows:

1. Banking is a combination of two,Electronic technology and Banking.

2. Electronic Banking is a process by which a customer performs banking transactions electronically

without visiting a brick-and-mortar institution.

3.E-Banking denotes the provision of banking and related service through extensive use of information

technology without direct recourse to the bank by the customer.

3.2 NEED FOR E-BANKING

One has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement

of accounts. In true Internet banking, any inquiry or transaction is processed online without any

reference to the branch (anywhere banking) at any time. Providing Internet 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.

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 delivery channels

include direct dial up connections, private networks, public networks etc and the devices include

telephone, Personal Computers including the Automated Teller Machines, etc. With the popularity of

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PCs, easy access to Internet and World Wide Web (WWW), Internet is increasingly used by banks as a

channel for receiving instructions and delivering their products and services to their customers. This

form of banking is generally referred to as Internet Banking, although the range of products and services

offered by different banks vary widely both in their content and sophistication.

Indias banking sector is growing at a fast pace. India has become one of the most preferred banking

destinations in the world. The reasons are numerous: the economy is growing at a rate of 8%, Bank

credit is growing at 30% per annum and there is an ever expanding middle class of between 250 and 300

million people (larger than the population of the US) in need of financial services. All this enables

double-digit returns on most asset classes which is not so in a majority of other countries. Foreign banks

in India achieving a return on assets (ROA) of 3%, their keen interest in expanding their businesses is

understandable even more so when compared with the merely 1% average ROA for the Top 1000

banks in the world.

Growth in E-Banking

Numerous factors including competitive cost, customer service, and demographic considerations

are motivating banks to evaluate their technology and assess their electronic commerce and Internet

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 Internet 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-by-bank basis to assess the risk. Evaluating a banks data on the use of their Web sites, may help

examiners determine the banks strategic objectives, how well the bank ismeeting its Internet banking

product plan, and whether the business is expected to be profitable.

Some of the market factors that may drive a banks strategy include the following:

Competition Studies show that competitive pressure is the chief driving force behind increasing use

of Internet banking technology, ranking ahead of cost reduction and revenue enhancement, in second

and third place respectively. Banks see Internet 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

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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 Internet 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. Internet 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 Internet 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 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 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.

3.3 E-banking products

Automated Teller Machine (ATM)

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These are cash dispensing machine, which are frequently seen at banks and other locations such as

shopping centers and building societies. Their main purpose is to allow customer to draw cash at any

time and to provide banking services where it would not have been viable to open another branch e.g. on

university campus.

An automated teller machine or automatic teller machine (ATM) is a computerized

telecommunications device that provides a financial institution's customers a method of financial\

transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs,

the customer identifies him or herself by inserting a plastic ATM card with a magnetic stripe or a plastic

smartcard with a chip that contains his or her card number and some security information, such as an

expiration date or CVC (CVV). Security is provided by the customer entering a personal identification

number (PIN).

Using an ATM, customers can access their bank accounts in order to make cash withdrawals (or credit

card cash advances) and check their account balances. Many ATMs also allow people to deposit cash or

checks, transfer money between their bank accounts, pay bills, or purchase goods and services.

ATMs are known by various casual terms including cash machine, hole-in-the-wall, cash point or

Bancomat (in Europe and Russia). The occasionally-used ATM Machine is an example of RAS

syndrome.

Some of the advantages of ATM to customers are:-

Ability to draw cash after normal banking hours

Quicker than normal cashier service

Complete security as only the card holder knows the PIN

Does not just operate as a medium of obtaining cash.

Customer can sometimes use the services of other bank ATMs.

Telebanking or Phone Banking

Telephone banking is relatively new Electronic Banking Product. However it is fastly becoming one of

the most popular products. Customer can perform a number of transactions from the convenience of

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their own home or office; in fact from anywhere they have access to phone. Customers can do

following:-

Check balances and statement information

Transfer funds from one account to another

Pay certain bills

Order statements or cheque books

Demand draft request

This facility is available with the help of Voice Response System (VRS). This system basically, acceptsonly TONE dialed input. Like the ATM customer has to follow particular process, initially account

number and telephone PIN are fed for the process to start. Also the VRS system provides the users

within additional facilities such as changing existing password with the new desired, information about

new products, current interest rates etc.

Mobile Banking

Mobile banking comes in as a part of the banks initiative to offer multiple channel banking providing

convenience for its customer. A versatile multifunctional, free service that is accessible and viewable on

the monitor of mobile phone. Mobile phones are playing great role in Indian banking- both directly and

indirectly. They are being used both as banking and other channels.

Internet Banking

The advent of the Internet and the popularity of personal computers presented both an opportunity and a

challenge for the banking industry. For years, financial institutions have used powerful computer

networks to automate million of daily transactions; today, often the only paper record is the customers

receipt at the point of sale. Now that their customers are connected to the Internet via personal

computers, banks envision similar advantages by adopting those same internal electronic processes to

home use.

Banks view online banking as a powerful value added tool to attract and retain new customers while

helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking

environment. In India first one to move into this area was ICICI Bank. They started web based bankingas early as august 1997.

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E-banking services

1. Bill payment service

Each bank has tie-ups with various utility companies, service providers and insurance companies, across

the country. It facilitates the payment of electricity and telephone bills, mobile phone, credit card and

insurance premium bills.

To pay bills, a simple one-time registration for each biller is to be completed. Standing instructions can

be set, online to pay recurring bills, automatically. One-time standing instruction will ensure that bill

payments do not get delayed due to lack of time. Most interestingly, the bank does not charge customers

for online bill payment.

2. Fund transfer

Any amount can be transferred from one account to another of the same or any another bank.

Customers can send money anywhere in India. Payees account number, his bank and the branch is

needed to be mentioned after logging in the account. 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.

3. Credit card customers

Credit card users have a lot in store. With Internet banking, customers can not only pay their credit card

bills online but also get a loan on their cards. Not just this, they can also apply for an additional card,

request a credit line increase and God forbid if you lose your credit card, you can report lost card online.

4. Railway pass

This is something that would interest all the aam janta. Indian Railways has tied up with ICICI bank andyou can now make your railway pass for local trains online. The pass will be delivered to you at your

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doorstep. But the facility is limited to Mumbai, Thane, Nasik, Surat and Pune. The bank would just

charge Rs 10 + 12.24 percent of service tax.

5. Investing through Internet banking

Opening a fixed deposit account cannot get easier than this. An FD can be opened online through funds

transfer. Online banking can also be a great friend for lazy investors.

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 the facility to purchase mutual funds directly from the online banking

system.

So it removes the worry about filling those big forms for mutual funds, they will now be just a few

clicks away. Nowadays, most leading banks offer both online banking and demat account. However if

the customer have there demat account with independent share brokers, then need to sign a special form,

which will link your two accounts.

6. Recharging your prepaid phone

Now there is no need to rush to the vendor to recharge the prepaid phone, every time the talk time runs

out. Just top-up the prepaid mobile cards by logging in to Internet banking. By just selecting the

operator's name, entering the mobile number and the amount for recharge, the phone is again back in

action within few minutes.

7. Shopping at your fingertips

Leading banks have tie ups with various shopping websites. With a range of all kind of products, one

can shop online and the payment is also made conveniently through the account. One can also buy

railway and air tickets through Internet banking.

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List of some banks operating E-Banking in India

Bank Name Technology Vendor Service offering

ABN AMRO Bank Infosys (Bank Away) NetBanking

Abu Dhabi Commercial

Bank Infosys (Bank Away) ADCB NetLink

Bank of India I-flex BOIonline

Citibank Orbitech (now Polaris) Citibank Online

Corporation Bank I-flex CorpNet

Deutsche Bank db direct

Federal Bank Sanchez FedNet

Global Trust Bank Infosys (BankAway) ibank@gtb

HDFC Bank i-flex/ Satyam NetBanking

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HSBC Online@hsbc

ICICI Bank Infosys, ICICI Infotech Infinity

IDBI Bank Infosys (Bank Away) i-net banking

IndusInd Bank CR2 IndusNet

Punjab National Bank Infosys (Bank Away) Internet Banking

Standard Chartered Bank In-House Me Standard Chartered Online

State Bank of India Satyam/Broadvision onlinesbi.com

UTI Bank Infosys (Bank Away) I connect

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ADVANTAGES OF INTERNET BANKING

Convenience- Unlike your corner bank, online banking sites never close; theyre available 24

hours a day, seven days a week, and theyre only a mouse click away.

Availability- If youre out of state or even out of the country when a money problem arises, you

can log on instantly to your online bank and take care of business, 24\7.

Transaction speed- Online bank sites generally execute and confirm transactions at or quicker

than ATM processing speeds.

Efficiency-You can access and manage all of your bank accounts, including IRAs, CDs, even

securities, from one secure site.

Effectiveness- Many online banking sites now offer sophisticated tools, including account

aggregation, stock quotes, rate alert and portfolio managing program to help you manage all of

your assets more effectively. Most are also compatible with money managing programs such as

quicken and Microsoft money.

DISADVANTAGES OF INTERNET BANKING

Start-up may take time-In order to register for your banks online program, you will probably

have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and

manage their assets together online, one of you may have to sign a durable power of attorney

before the bank will display all of your holdings together.

Learning curves- Banking sites can be difficult to navigate at first. Plan to invest some time

and\or read the tutorials in order to become comfortable in your virtual lobby.

Bank site changes- Even the largest banks periodically upgrade their online programs, adding new

features in unfamiliar places. In some cases, you may have to re-enter account information.

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How an Online Credit Transaction Works

3.4 Issues in E Banking

Financial institutions, their card associations, and vendors are working to develop an Internet payment

infrastructure to help make electronic commerce secure. Many in the banking industry expect significant

growth in the use of the Internet for the purchase of goods and services and electronic data interchange.

The banking industry also recognizes that the Internet must be secure to achieve a high level of

confidence with both consumers and businesses.

Sound management of banking products and services, especially those provided over the Internet, isfundamental to maintaining a high level of public confidence not only in the individual bank and its

brand name but also in the banking system as a whole. Key components that will help maintain a high

level of public confidence in an open network environment include:

Security

Authentication

Trust

Nonrepudiation

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Availability

Security is an issue in Internet banking systems. The OCC expects national banks to provide a level of

logical and physical security commensurate with the sensitivity of the information and the individualbanks risk tolerance.

Firewalls are frequently used on Internet banking systems as a security measure to protect internal

systems and should be considered for any system connected to an outside network. Firewalls are a

combination of hardware and software placed between two networks through which all traffic must

pass, regardless of the direction of flow. They provide a gateway to guard against unauthorized

individuals gaining access to the banks network.

Authentication is another issue in a Internet banking system. Transactions on the Internet or any other

telecommunication network must be secure to achieve a high level of public confidence. In cyberspace,

as in the physical world, customers, banks, and merchants need assurances that they will receive the

service as ordered or the merchandise as requested, and that they know the identity of the person they

are dealing with.

Trust is another issue in Internet banking systems. As noted in the previous discussion, public and

private key cryptographic systems can be used to secure information and authenticate parties in

transactions in cyberspace. A trusted third party is a necessary part of the process. That third party is the

certificateauthority.

A certificate authority is a trusted third party that verifies identities in cyberspace. Some people think of

the certificate authority functioning like an online notary. The basic concept is that a bank, or other third

party, uses its good name to validate parties in transactions. This is similar to the historic role banks

have played with letters of credit, where neither the buyer nor seller knew each other but both parties

were known to the bank. Thus the bank uses its good name to facilitate the transaction, for a fee.

Nonrepudiation is the undeniable proof of participation by both the sender and receiver in a

transaction. It is the reason public key encryption was developed, i.e., to authenticate electronic

messages and prevent denial or repudiation by the sender or receiver. Although technology has provided

an answer to nonrepudiation, state laws are not uniform in the treatment of electronic authentication and

digital signatures. The application of state laws to these activities is a new and emerging area of the law.

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Privacy is a consumer issue of increasing importance. National banks that recognize and respond to

privacy issues in a proactive way make this a positive attribute for the bank and a benefit for its

customers. Public concerns over the proper versus improper accumulation and use of personal

information are likely to increase with the continued growth of electronic commerce and the Internet.

Providers who are sensitive to these concerns have an advantage over those who do not.

Availability is another component in maintaining a high level of public confidence in a network

environment. All of the previous components are of little value if the network is not available and

convenient to customers. Users of a network expect access to systems 24 hours per day, seven days a

week. Among the considerations associated with system availability are capacity, performance

monitoring, redundance, and business resumption. National banks and their vendors who provide

Internet banking products and services need to make certain they have the capacity in terms of hardware

and software to consistently deliver a high level of service.

In addition, performance monitoring techniques will provide management with information such as the

volume of traffic, the duration of transactions, and the amount of time customers must wait for service.

Monitoring capacity, downtime, and performance on a regular basis will help management assure a high

level of availability for their Internet banking system.

Risks in E-Banking

Continuing technological innovation and competition among existing banking organizations and new

entrants have allowed for a much wider array of banking products and services to become accessible

and delivered to retail and wholesale customers through an electronic distribution channel collectively

referred to as ebanking.However, the rapid development of e-banking capabilities carries risks as well

as benefits.

Without a doubt, the technological growth has considerably affected the profile of Bank risks and

financial institution formation more generally. Some of these risks are increased, while others on the

contrary are possible to be decreased. In any case, the growth of electronic banking has created a new

basis with regard to the degree of exposure to the risk and therefore consequently the need of not only a

differentiated regulating frame, but also mechanisms of monitoring to be formed, which has already

begun to be shaped in the fields of Basle Committee of Banking Supervision. The degree of exposing to

risks, which are related to the electronic banking, depends mainly on the degree of adopting new

alternative electronic means of distribution of services and products.

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Transactional/Operational risk

It is defined as the risk of loss as a consequence of the actions, the processes, the infrastructure, the

technology or other factors that practise functional effect, including the false activities that include

fraud. The Basle Committee of Banking Supervision defines as operational risk the risk of occurring

damage, either from insufficient, inadequate internal processes and systems, or from human factor, or

other external reasons. Operational risk differs from the traditional banking risks in that it does not come

from the effort to achieve profit but it is an innate characteristic of banking activity. The operational risk

is the risk of damage that is owed, in insufficient or unsuccessful processes (insufficiencies of systems

and internal inspection), individuals (human faults, failures of administration) or systems (risk of

damage or insufficiency of computer systems) or in exterior incidents (e.g. natural destruction, fires,

legislative changes, lawful requirements, etc). The operational risks are directly related with the bad

operation of information systems, the processes of reports and the applied internal rules of observing the

management of potential risk.

SECURITY RISK

Internet is a public network of computers which facilitates flow of data information and to which there

is unrestricted access. Banks using this medium for financial transactions must, therefore, have propertechnology and systems in place to build a secured environment for such transactions. Security risk

arises on account of unauthorized access to a banks critical

information stores like accounting system, risk management system, portfolio management system, etc.

A breach of security could result in direct financial loss to the bank. For example, hackers operating via

the Internet could access, retrieve and use confidential customer information and also can implant virus.

This may result in loss of data, theft of or tampering with customer information, disabling of a

significant portion of banks internal computer system thus denying service, cost of repairing these etc.

Identity of the person making a request for a service or a transaction as a customer is crucial to legal

validity of a transaction and is a source of risk to a bank. A computer connected to Internet is identified

by its IP (Internet Protocol) address. There are methods available to masquerade one computer as

another, commonly known as IP Spoofing. Likewise user identity can be misrepresented. Hence,

authentication control is an essential security step in any e-banking system.

System Architecture and Design

Appropriate system architecture and control is an important factor in managing various Kinds of

operational and security risks. Banks face the risk of wrong choice of technology, improper system

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design and inadequate control processes. For example, if access to a system is based on only an IP

address, any user can gain access by masquerading as a legitimate user by spoofing IP address of a

genuine user. Numerous protocols are used for communication across Internet. Each protocol is

designed for specific types of data transfer. A system allowing communication with all protocols, say

HTTP (Hyper Text Transfer Protocol), FTP (File Transfer Protocol), telnet etc. is more prone to attack

than one designed to permit say, only HTTP. Choice of appropriate technology is a potential risk banks

face. Technology which is outdated, not scalable or not proven could land the bank in investment loss, a

vulnerable system and inefficient service with attendant operational and security risks and also risk of

loss of business.

Reputational risk

Reputational risk is the risk of getting significant negative public opinion, which may result in a critical

loss of funding or customers. Such risks arise from actions which cause major loss of the public

confidence in the banks' ability to perform critical functions or impair bank-customer relationship.

An institutions decision to offer e-banking services, especially the more complex transactional services,

significantly increases its level of reputation risk. Some of the ways in which e-banking can influence an

institutions reputation include:

Loss of trust due to unauthorized activity on customer accounts,

Disclosure or theft of confidential customer information to unauthorized parties (e.g., hackers),

Failure to deliver on marketing claims,

Failure to provide reliable service due to the frequency or duration of service disruptions,

Customer complaints about the difficulty in using e-banking services and the inability of the

institutions help desk to resolve problems, and

Confusion between services provided by the financial institution and services provided by other

businesses linked from the website.

Legal risk

Legal risk is the risk of non-compliance with legal or regulatory requirements. A big part of the legal

framework is general and it is in effect for all the enterprises, in certain cases, however, a legislative

framework that covers specific services exists. The individual regulations will be specific and they will

be published by the regulating organizations that have legal competence for the particular sector. The

legal risks are directly related to the electronic banking and they increased as its use is extended. They

mainly stem from the uncertainty that exists in the legal regulative framework concerning the

electronic banking.

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The systemic risk

It is the risk that a small incident will cause unexpected consequences in local, regional or international

systems that are not connected immediately with the source of disturbance. The systemic risk is likely to

influence a small or big number of companies of the same sector or to concern exclusively one single

company. The rapid adoption of information technology from the banks and its negative aspects, are

very much likely to increase the systemic risks.

The systemic risk can be increased since many participants in the particular market can use the same or

similar software or equipment for the confrontation of the same problems. Because of their widespread

application, the risk management models may create risks in cases of likely weaknesses and deficiencies

that arise in periods of extreme conditions in the market. The dependence on exterior collaborators or

suppliers is possible to lead to the gathering of certain administrative system operations and as a result

the burden of risks of ensuring the proper operation of the electronic system of financial services,

becomes the

responsibility of certain specialised suppliers or even only one from whom all the financial institutions

will be depended.

Money Laundering

Money laundering is the practice of engaging in financial transactions in order to conceal the identity,

source, and/or destination of money, and is a main operation of the underground economy Money

laundering is called what it is because that perfectly describes what takes place - illegal, or dirty, money

is put through a cycle of transactions, or washed, so that it comes out the other end as legal, or clean,

money. In other words, the source of illegally obtained funds is obscured through a succession of

transfers and deals in order that those same funds can eventually be made to appear as legitimate

income.

Strategic Risk

A financial institutions board and management should understand the risks associated with e-banking

services and evaluate the resulting risk management costs against the potential return on investment

prior to offering e-banking services. Poor e-banking planning and investment decisions can increase a

financial institutions strategic risk. Early adopters of new e-banking services can establish themselves

as innovators who anticipate the needs of their customers, but may do so by incurring higher costs and

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increased complexity in their operations. Conversely, late adopters may be able to avoid the higher

expense and added

complexity, but do so at the risk of not meeting customer demand for additional products and services.

E- Banking Simplified With a Glimpse of Future (An Article)

Consumers have the ability to swipe with their hands or arms over a designated reader as they handle

bank transactions with these implants. This is the new way of doing banking, as the ATM machine

becomes a distant memory.

When it comes to the future of banking, there is an assortment of predictions. The majority of

individuals envision consumers with imbedded chip implants. Consumers have the ability to swipe with

their hands or arms over a designated reader as they handle bank transactions with these implants. This

is the new way of doing banking, as the ATM machine becomes a distant memory. The customer simply

walks into the store, swipes and views his balance instantaneously.

Several individuals believe the paper dollar and coin will become extinct. Everything is expected to be

electronic in a society without paper. E-banking allows bank customers to simply access banking

information via the access of the Internet. Whether home or in the workplace, customers can access the

banking information 24 hours a day, seven days a week.

Executed between two parties, such as business to business or business to consumer, e-commerce is an

electronic financial business activity. E-banking, which is bank to business or bank to consumer, has

actually been around since the 1990s. The popular features of e-banking are funds transfers, automatic

payment options, electronic bill pay, view account balances, account history accessibility and schedule

future transfers.

Virtual banking is another alternative to traditional banking. Virtual account customers do not have to

endure the inconvenience of stepping foot into a building or an actual financial institution. Customers

have the option of mailing their deposits or even setting up direct deposit. E-bank customers enjoy the

advantages, such as 24-hour, seven days a week access to their bank accounts. The pass method of

standing in line and filling out tedious paperwork seems like forever for many bank institutes. Bankers

do not have to concern themselves with the thankless task of speaking on telephones to a customer

service representative to find out banking history, wait for a bank statement in the mail that could easilyget lost and wind up in the possession of a prying neighbor. A secure site is accessible to the online

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banking consumer.

As in everything in life, there are disadvantages. It can be arduous to navigate and learn online banking,

although many companies try very hard to utilize navigation around their site user friendly. In addition,

many consumers are also concerned about viruses and privacy issues that can cause glitches in the e-

banking system, which can cause delays and mass confusion. Nevertheless, there are constant

improvements in online banking, such as the bill pay option. This allows customers to set up accounts

online as they schedule their bills to be paid at various times to different companies such as telephone

companies, cable television, insurance and mortgage payments. The funds come directly out of the bank

account and allocated to the company of choice.

ICICI Bank

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ICICI Bank Online Banking Services provide the largest private bank in India. Banking becomes a

pleasure as the transactions and services become instant with ICICI Bank online Internet banking. The

services provided are totally secure and unique. These cover online account transactions and operations,

credit card and account applications and payments, share trading and investments through mutual funds,

bill payments, statement generation and a virtual demo of each service.

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USE OF E-BANKING IN INDIA FROM LAST FEW YEARS

Year 2002 2003 2004 2005 2006 2007 2008 2009

Incr

%

9 12 15 20 25 32 40 50

Finding

In 2002-2009 the user of the E-banking is increasing more in every year.

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Key Points:

Supply

Liquidity is controlled by the Reserve Bank of India (RBI).

Demand

India is a growing economy and demand for credit is high though it could be cyclical.

Barriers to entry

Licensing requirement, investment in technology and branch network.Bargaining power of suppliers

High during period of tight liquidity. Trade unions in public sector banks can be anti reforms.

Depositors may invest elsewhere if interest rates fall.

Bargaining power of customers

For good creditworthy borrowers bargaining power is high due to the availability of large number of

banks

Competition - High

There are public sector banks, private sector and foreign banks along with non banking finance

companies competing in similar business lines.

RIVALRY AMONG THE INDUSTRY

Rivalry in banking industry is very high. There are so many private, public, co-operative and non-

financial institutions operating in the industry. They are fighting for same customers. Due to

government liberalization and globalization policy, banking sector became open for everybody. So,

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newer and newer private and foreign firms are opening their branches in India. This has intensified the

competition. The no. of factors have contributed to increase rivalry those are:

1. A large no. Of banks

There are so many banks and non-financial institutions fighting for same pie, which has intensified

competition.

2. High market growth rate

India is seen as one of the biggest market place and growth rate in Indian banking industry is also very

high. This has ignited the competition.

3. Low switching cost

Customer switching cost is very low. They can easily switch from one bank to another bank and very

little loyalty exists.

4. In differentiate services

Almost every bank provides similar services. No differentiation exists. Every bank tries to copy each

other services and technology, which increases the level of competition.

5. High exit barrier

High exist barriers humiliate banks to earn profit and retain customers by providing world-class

services.

BARGAINING POWER OF SUPPLIERS

Suppliers of banks are depositors. These are those people who have excess money and prefer regular

income and safety. In banking industry Suppliers have low bargaining power. Following are the reasons

for low bargaining power of suppliers.

1. Nature of suppliers

Suppliers of banks are generally those people who prefer low risk and those who need regular income

and safety as well. Bank is best place for them to deposit their surplus money. They believe that banks

are very safe than other investment alternatives. So, they do not consider other alternatives very

seriously, which lower their bargaining power.

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2. Few alternatives

Suppliers are risk averters and want regular income. So, they have few alternatives available with them

to invest like Treasury bills, government bonds. So, few alternatives lower their bargaining power.

3. RBI Rules and Regulations

Banks are subject to RBI rules and regulations. Banks have to behave in the way that RBI wants. So,

RBI takes all decisions relating to interest rates. This reduces suppliers bargaining power.

4. Suppliers are not concentrated

Banking industrys suppliers are not concentrated. There are numerous suppliers with negligible portion

to offer. So, this reduces their bargaining power. If they were concentrated then they can bargain with

banks or can collectively invest in other no-risky projects.

5. Forward integration

Forward integration is possible like mutual funds, but only few people now about this. Only educated

people can forwardly integrate where as large no. Of suppliers are unaware about these alternatives.

BARGAINING POWER OF CUSTOMERS

Customers of the banks are those who take loans, advances and use services of banks. Customers have

high bargaining power. Following are the reasons for high bargaining power of customers.

1. Large no. Of alternatives

Customers have very large no. of alternatives. There are so many banks, which fight for same pie. Thereare many non-financial institutions like ICICI, HDFC, IFCI etc., which has also jumped into this

business. There are foreign banks, private banks, cooperative banks and development banks together

with the specialized financial companies that provide finance to customers. These all increase

preferences for customers.

2. Low switching cost

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Cost of switching from one bank to another is low. Banks are also providing zero balance account and

other types of facilities. They are free to select any banks service. Switching costs are becoming lower

with Internet Banking gaining momentum and as a result consumers loyalties are harder to retain.

3. Undifferentiated service

Banks provide merely similar services. There is no much difference in services provided by different

banks. So, bargaining power of customers increases. They cannot be charged for differentiation.

4. Full information about the market

Customers have full information about the market due to globalization and digitization consumers have

become advance and sophisticated. They are aware with each market conditions. So, banks have to be

more competitive and customer friendly to serve them.

THREAT OF NEW ENTRANTS

Barriers to an entry in banking industry no longer exist. So, lots of private and foreign banks are

entering in the market. Competitors can come from any industry to disintermediate banks. Product

differentiation is very difficult for banks and exit is difficult. So, every bank strives to survive in highly

competitive market. So, we see intense competition and mergers and acquisition.

Government policies are supportive to start a new bank. There are less statutory requirements needed to

start a new venture. Every bank tries to achieve economies of scale through use of technology and

selecting and training manpower.

THREAT OF SUBSTITUTES

Competition from the non-banking financial sector is increasing rapidly. Sony and Software giants such

as Microsoft are attempting to replace the banks as intermediaries. The threat of substitute products is

very high. These new products include credit unions and investment houses. One feature of using an

investment house is that the fees that the investment house charges are tax deductible, where as a bank it

is considered a personal expense, which is not tax deductible. The rate of return with using investment

houses is greater than a bank. There are other substitutes as well for banks like mutual funds, stocks

(shares), government securities, debentures, gold, real estate etc. so, there is a high threat from

substitute.

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ICICI Bank - A SWOT Analysis

Strengths

ICICI Bank has today emerged as the SECOND largest bank in India and is among the top 250

banks in the world within a decade of its operation.

Currently it has an asset of worth around USD 81 Billion*, with a profit after tax of USD 896

million*.

ICICI Bank is now a global player in the arena of International Banking through its operations in

18 countries all over the world.

ICICI Bank has expanded its market capitalization through enlistment not only in NSE and BSE,

but also in becoming the first non-Japanese Asian bank to get enlisted in NYSE.

ICICI has successfully diversified its operations to a number of financial spheres, starting fromgeneral banking activities to general insurance, credit card services, mutual funds, stock trading,

loans etc.

It has a massive customer pool of 14 million (and counting...), and the same is served through

2016 branches*, and 5219 ATMs* in India.

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ICICI is considered as the pioneer in usage of Internet services for Online Banking from the

comforts of home and offices. Much of its success is attributed to aggressive and innovative

marketing strategies for its diversified range of products and services.

Weakness

It primarily targets upper middle class and upper class of the society, thereby losing the business

opportunities concentrated at middle and bottom sections of the economical pyramid.

ICICI levies higher services charges for various transactions making it expensive to afford by the

major sections of the society.

* Figures as on 31st March, 2010.

Opportunities

Expanding business to the middle and lower income groups of the society by introducing

economical version of its services and hence making it affordable.

Threats

More and more banks are coming up, both in private and public sector, with Online Banking

Systems (which no longer is the exclusive domain of ICICI), competitive service charges and

interest rates, lucrative loan schemes and insurance policies etc.

In view of above, ICICI has to re-model its business strategies to cope with stiff competition from

the fast growing pool of players in the Indian Banking Sector.

* Figures as on 31st March, 2010.

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Research Methodology

Research is defined as human activity based on intellectual application in the investigation of matter.

The primary purpose for applied research is discovering, interpreting, and the development of methods

and systems for the advancement of human knowledge on a wide variety of scientific matters of our

world and the universe.

The term research is also used to describe an entire collection of information about a particular subject.

Methodology is the method followed while conducting the study on a particular project. Through this

methodology a systematic study is conducted on the basis of which the basis of a report is produced.

It is a written game plan for conducting Research. Research methodology has many dimensions. It

includes not only the research methods but also considers the logic behind the methods used in the

context of the study and explains why only a particular method or technique has been used. It also helps

to understand the assumptions underlying various techniques and by which they can decide that certain

techniques will be applicable to certain problems and other will not. Therefore in order to solve a

research problem, it is necessary to design a research methodology for the problem as the some may

differ from problem to problem.

The research designed followed in this project report is descriptive since thorough study of various information

sources were used for this project

Data collection

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Secondary data:

Articles on E-Banking taken from journals, various Books magazines published from time to time.

Through internet

Findings

Online Services : ICICI Bank provides online services of all its banking facilities. It also provides

D-Mart account facilities on-line, so a person can access his account from anywhere he is.

[D-Mart is a dematerialized account opened by a salaried person for purchase & sale of shares of

different companies.]

Advanced Infrastructure : Branches of ICICI Bank are well equipped with advanced technology to

provide the customers with taster banking services. All the computerized machines are located in

suitable manner & are very useful to the customers & staff of the bank.

Friendly Staff : The staff of ICICI Bank in all branches is very friendly & help the customers in all

cases. They provide faster services along with bonding & personal relationship with the customers.

Late night ATM services : ICICI bank provides late night ATM services to the customers.

The ATM centres of ICICI bank works even after 11:00pm at night in certain branches.

High Bank Service Charges : ICICI bank charges highly from their customers for the services

provided to them when compared to other banks & that is why it is only in the reach of higher class

of society.

Less Credit Period : ICICI bank provides credit facilities but only upto limited period. Even when

the credit period is not over it sends reminder letters to the customers which may annoy them.

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Increase in percentage of Returns on increase : The bank should provide higher returns on deposits

in comparison of the present situation. This will also upto large extent helps the bank to earn profits

& popularity.

Competition : ICICI Bank is facing tight competition locally as well as internationally. Bank like

CITI Bank, HSBC, ABM, Standered Chartered, HDFC also provide equivalent facilities like ICICI

do and also ICICI do not have consistency in its international operation.

Net Services : ICICI Bank provides all kind of services on-line. There can be easy access to the e-

mail ids of the customers through wrong people. The confidential information of the customers can

be leaked easily through the e-mail ids.

Decentralized Management : Each branch manager is given the authority of taking decisions in their

respective branches. The decisions made by different managers are diverse and any one wrong

decision can laid to heavy losses to the bank.

No Proper Facilities to Uneducated customers : ICICI Bank provides all services through electronic

computerized machines. This creates problems to the less educated people. The company can avoid

this threat.

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Conclusion

Thus, ICICI has been able to use technology to provide value-added service to its customers during the

last few years. For ICICI, technology is an integral part of their business. However, their overall

progress could have been smoother but for certain internal and extraneous factors and also a pressure on

spreads due to a competitive market (Annual report, 2000 01).

E-banking has become a necessary survival weapon and is fundamentally changing the banking industry

worldwide. Today, the click of the mouse offers customers banking services at a much lower cost andalso empowers them with unprecedented freedom in choosing vendors for their financial service needs.

No country today has a choice- whether to implement E-banking or not given the global and competitive

nature of the economy.

ICICI have to upgrade and constantly think of new innovative customized packages and services to

remain competitive. The invasion of banking by technology has created an information age and

commoditization of banking services. ICICI have come to realize that survival in the new e-economy

depends on delivering some or all of their banking services on the Internet while continuing to support

their traditional infrastructure.

The rise of E-banking is redefining business relationships and the most successful banks will be those

that can truly strengthen their relationship with their customers. Without any doubt, the international

scope of E-banking provides new growth perspectives and Internet business is a catalyst for new

technologies and new business processes.

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Suggestions

The first and most obvious step they should take is to see to it that the basic problem fuelling

dissatisfaction has been addressed.

After repairing this basic deficiency, banks must ensure that their services are competitive.

Online banking should be promoted through advertising co.

The bank should provide higher returns on deposits in comparison of the present situation. This

will also upto large extent helps the bank to earn profits & popularity.

ICICI Bank provides all services through electronic computerized machines. This creates problems

to the less educated people. The company should avoid this threat.

Bank should expand business to the middle and lower income groups of the society by introducing

economical version of its services and hence making it affordable.

The bank should associate itself with social causes like providing relief aid patients, funding

towards natural calamities.

Bank & Insurance is a special non-aid course where the students specialize in the functioning &

services of the bank & also are knowledge about various tax policies. The bank can recruit these

students through tie-ups with colleges. Such students will surely prove as an asset to the bank.

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BIBLIOGRAHY

Books:-

E-banking: the global perspective Gupta Vivek

2. E-Commerce in Indian banking Bhasin

3. Banking and Finance C.M.Chaudhary

Lucae, Management Information System

Management Information System

E-commerce Kamlesh K Bajaj

Links Visited

www.google.com

www.icici.com

www.wikipedia.com

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