Leveraging business internet service in banking services

D uring the past ten years, all local banks have engaged in ambitious programs to shore up customer numbers. Competition have pushed them to deploy innovative value added services on the core banking services. The most noticeable of all is mobile banking services. This has won praises and for opening up banking services to the population without bank accounts. it enable users to transact comfortably whenever they are, even during odd banking hours. Following closely is the rapid deployment of business Internet services in the banking sector. Many banks have launched Internet banking services, targeting mostly high net-worth and corporate clients. Customers are required to register for the service after which they can access their accounts securely through the respective bank' website. Most common services provided include: electronic fund transfers, balance inquiries, statement printing, inter account transfers transactions tracking and other e-payment services customized to customer demands. Users can save substantially on banking services charges. However, the increase in incidences of cyber crime and frauds , particularly targeting banks and their clients have discouraged many people from embracing business Internet services. On the other hand, individuals and organizations who have fallen victims of other frauds such as: Automated Teller Machine related crimes, impersonation and frauds instigated by employees view it as a safer bet. Other than the convenience that comes with it and its cost effective nature, this technology can enable executives to manage their time prudently and save on unnecessary paper work. While it is true such services can reduce revenues from the traditional banking services such as over the counter transactions, this is another revenue stream that they can pursue. The overheads involved are marginal , just as it helps banks to reduce human traffic in their premises tremendously . This concept is gaining popularity with bank customers. Further research can be done to address weaknesses.