Virtual Banking :: essays research papers

TABLE OF CONTENTS01.00............ administrator SUMMARY02.00............ TRENDS IN RETAIL BANKING03.00............ ABOUT THE INTERNET04.00............ VIRTUAL BANKING AND APPLICATIONS04.01............ SMART CARDS05.00............ EXAMPLES06.00............ credential ON THE INTERNET06.01............ CRYPTOGRAPHY06.02............ FIREWALLS06.03............ TRUSTED OPERATING SYSTEMS07.00............. REGULATIONS AND PROBLEMS08.00............ CONCLUSION .09.00. REFERENCES01.00 EXECUTIVE SUMMARYThe internet is emerging as an efficient delivery furrow for fiscal services. WithInternet banking, customers do not need to wee-wee additional bank-issued softw atomic number 18. Banksmaintain their identity and can differentiate themselves by customizing the services And development they provide over the Internet.02.00 TRENDS IN RETAIL BANKINGWhat does better customer spurious? Increasingly, customers are demanding moreconvenient ways to do their banking. An Ernst and Young information (Technology inBanking Report) concluded that "nothing changes in the banking world if customerscannot find oneself financial services when and where they wish...this means anywhere, at anytime." Statistics show that ATMs, telephone banking, and understructure banking account forover fifty percent of all banking transactions today, and wide non-branch activity isgrowing at fifteen percent a year. In one survey (Web-Tech, Inc., May 17, 1995),eighty-two percent of 18- to 34-year olds polled preferred banks with 24-hourservice. Customers are also demanding a more sophisticated mix of products tailoredspecifically to their financial needs, and non-bank competitors are better fulfilling theseneeds. Banks today hold only 20% of household financial assets, versus 34% twentyyears ago they drop 30% of business deposits, versus 42% only seven years ago.Nonbank mention card providers have gained inroads against banks, holding a 25%market packet versus 5% in 1986 (WebTech, Inc., M ay 17, 1995).Internet banking offers an attractive solution to this redesigned products and services.Customers have 24-hour graphical-interface access to their accounts and appreciatethat their bank is doing something to make banking easier for them. 03.00 ABOUT THE INTERNETThe Internet has exploded in the last two years thanks to the trick of the so-called" browser." A browser is a point-and-click software program that allows "surfers" to fly around the Internet without knowing any UNIX commands. The firstbrowser was positive by the National Center for Supercomputing Applications, agovernment agency. With a browser and access to the Internet, you can order a pizza,listen to and purchase a CD, stroll through the Louvre, or view satellite photographsof Scotland. Although it may get congested from time to time, the Internet itself is extremelyreliable. There is not really any one network that is the Internet it is made up ofthousands of networks that join to each o ther through common routes, and theyall agree to stockpile each others traffic. There is a lot of money flowing up from local