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Busines Context

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Submitted By AkilaGuru
Words 433
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Currently in Sri Lanka banks encourage their customers to do online banking as it is very easy and very convenient for the customers. It also reduces the congestion at a branch and saves more time of the customer. Also it requires less bank staff.

There are many facilities and functionalities provided in the online banking system. They are as follows ,

* View balances of account * Statements of accounts(view or display) * Funds transfers * Between accounts * To other bank accounts or credit cards * Schedule payments (standing orders) * Status of issued and deposited cheques * Facility to stop payments of issued cheques * Request cheque books * View credit card statements * Settlement of credit card payments * Utility bill payments

In Sri Lanka most of the customers fear and hesitate to do online banking as ICT and Computer literacy of customers are very poor. Also most of the customers do not trust the system and they insist on doing it the old fashion banking.

However with the current technology and protected websites it is more secure doing online transactions. Banks has to be carefully when providing online banking facilities as the customer would move their funds into another banking institution if the system is not user friendly and if it cannot be accessed easily. With the high rate of development in the county most of the company’s request banks to promote online banking. In order to promote online banking bank should educate the customers by holding free seminars. First of all banks should aware their customers about their online banking system and how much easiness it added to their life styles than the traditional banking. Customers can be trust on the online banking system & it should be 100% online for transactions. Banks can promote their online banking by displaying

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