The Future of Internet Banking in India

摘要

Online banking [OLB] allows customers to conduct financial and non-financial transactions on a secure website operated by their retail or virtual bank. OLB provides services ranging from account opening, fund transfers, remote capturing, bill payment, mobile refills etc. Worldwide, OLB adoption is increasing, and Canada is leading the pack. In India, a McKenzie survey states that in 2010-11 the usage increased by 7% of the total bank account holders -a seven-fold jump since 2007, while branch banking reduced by 15%. A research paper published in the Journal of OLB and Commerce indicates that over 68% of the surveyed urban bank customers confirmed subscription to OLB.