Electronic banking
Electronic banking, or e-banking, is the term that describes all transactions that take place among companies, organizations, and individual and their banking institutions. First conceptualized in the mid-1970s, some banks offered customers Electronic banking in 1985. However, the lack f internet users, and costs associated with using online banking, stunted growth. The internet explosion in the late-1990s made people more comfortable with making transactions over the web. Despite the dot-com crash, e-banking grew alongside the Internet.
INTRODUCTION
Electronic banking as a segment of electronic business, which, in turn, encompasses all types of business performed through electronic networks. Electronic channels are used for both business to-business and business-to customer transactions, such as ordering goods, delivering software or paying for such transactions. E-banking is considered to be a segment of e-business to the extent that banks are involved in the conduct of business transactions via electronic media; other non banking financial products and services (e.g. insurance), not to mention products and services from other sectors of business may be sold electronically. In case of traditional banking system a fund transfer, for instance, used to take several days whereas electronic banking is capable to perform the same operations within few seconds. Customers are getting better services now because of the development of ICT in E-banking and so bank now can perform its function with high speed and accuracy.
History
While financial institutions took steps to implement e-banking services in the mid-1990s, many consumers were hesitant to conduct monetary transactions over the web. It took widespread adoption of electronic commerce, based on trailblazing companies such as America Online, Amazon.com and eBay, to make the idea of paying for items online widespread. By 2000, 80 percent of U.S. banks offered e-banking. Customer use grew slowly.
In 2001, Bank of America became the first bank to top 3 million online banking customers, more than 20 percent of its customer base. Online customers proved more loyal and profitable than regular customers. In October 2001, Bank of America customers executed a record 3.1 million electronic bill payments, totaling more than $1 billion. In 2009, a report by Gartner Group estimated that 47 percent of U.S. adults and 30 percent in the United Kingdom bank online.
METHODOLOGY
The data for this paper have been collected both from primary and secondary sources of information. Primary data have been collected from the different banks of Dhaka City, Bangladesh through questionnaire and secondary data have been collected from various published materials and Internet resources in 2007. Major findings of the study are represented in the tabular and text format.
OBJECTIVES
The objectives of this paper are as follows:
• To describe the different types of electronic banking system
• To highlight the importance of electronic banking
• To give the status of electronic banking system in Bangladesh
• To give the idea of different electronic payment system of electronic banking
• To identify the problem areas of electronic banking in Bangladesh
• To measure the customer satisfaction of the electronic banking in Bangladesh by talking with industry experts and bank officials.
• To make the necessary recommendations to solve the problems of electronic banking system.
Types of electronic banking
The terms ‘PC banking’, ‘online banking’, ‘Internet banking’, ‘Telephone banking’ or ‘mobile banking’ refer to a number of ways in which customers can access their banks without having to be physically present at the bank branch.
Tele-banking
Tele-banking service is provided by phone. To access an account it is required to dial a particular telephone number and there are several options of services.
Options included-
• Checking account balance
• Funds transfer between current, savings and credit card accounts
• Bill payments
• Stock exchange transaction
• Receive statement via fax
• Loan payment information
PC Banking
The term ‘PC banking’ is used for banking business transacted from a customer’s PC. Using the PC banking or home banking now customers can use their personal computers at home or at their office to access their accounts for transactions by subscribing to and dialing into the banks’ Intranet proprietary software system using password.
Internet Banking
Internet banking would free both bankers and customers of the need for proprietary software to carry on with their online banking transactions. Customer behavior is changing rapidly. Now the financial service is characterized by individuality, independence of time and place and flexibility. These facts represent huge challenges for the financial service providers. So the Internet is now considered to be a ‘strategic weapon’ for them to satisfy the ever-changing customers’ demand and innovative business needs.
ATM Locations
• Main Office - 132 South Harris Street
• Sandersville Branch Office - 818 South Harris Street
• Statesboro Branch Office- 425 Commerce DR.
DEBIT CARDS
Enjoy convenient purchasing power by using a CBWC Debit Card. With a debit card, you can
• Pay for purchases at places that have agreed to accept VISA debit cards including catalog and telephone purchases
• Withdraw cash from your checking account or savings account.
Besides, Electronic banking products and services are given below:
Electronic fund transfer
Personal computer banking account
Payment of utility bills
CREDIT CARDS (VISA, VISA GOLD, MASTERCARD, MASTERCARD GOLD)
Merchant card acceptance
Remote deposit
Tax Debits
Status of Computerization and Electronic Banking System in Bangladesh:
There are a total of 49 scheduled public and private banks in the country. Here there are four state owned commercial banks (Nationalized Commercial Banks- NCBs) have 3496 branches, five specialized banks (DFIs) have 1311 branches, 30 local private commercial banks (Private Commercial Banks-PCBs) have branches of the scheduled banks in the country. The banking system of our country, depending on computerization can be classified into three categories:
(i.)Completely computerized
(ii.) Partially computerized
(iii) Not computerized.
Standard Chartered Grind lays Bank Ltd., City Bank NA, American Express Bank, HSBC etc are completely computerized banks in our country. All privates and state owned banks are partially computerized and not computerized.
Scope of Electronic Banking in Bangladesh:
The infrastructure of a country is very important for implementing electronic banking. For electronic banking major cost is to setup backbone network. Fortunately Bangladesh Railway has a high-speed optical fiber network parallel to the railway path owned by Bangladesh Railway. Its total capacity is about 2.5 gigabits per second. This fiber optic network covers almost every important parts of the country. Bangladesh has been connected with the information superhighway on the 20th May, 2006). It is a landmark of ICT sector of Bangladesh. The cable network covering some 786 miles across the country from the Bay of Bengal will provide a fiber-optic link with a data transfer capacity of 10 gigabits per second compared to the 150 megabits per second bandwidth now used by the state owned BTTB and dozens of private Internet Providers. The following figure shows the growth of Internet users of our country. From the figure we see that the Internet users of our country are increasing every year. After connecting with the information superhighway, the total country will be connected by fiber optic backbone; certainly it will be a milestone for infrastructure of implementing electronic banking in Bangladesh. In Bangladesh most of the banking hardware is available. The hardware available for electronic banking is entirely procured from foreign origins with a local distributor. Electronic banking operation hardware includes; servers.
Electronic Banking in Bangladesh:
Workstation, printers, scanner ATM, POS terminals, etc and networking hardware includes switch, Router, V-SAT connectivity etc. All hardware is available in our country. At the head office level 95.45 percent of banks use banking software, 46 types of different types of software are in use in different banks in Bangladesh. Among the banking software used in the banks 51.47 percent have been developed in house, 47.06 percent are off-the-shelf [OTS], only 1.47 percent are using both OTS and in house software. Majority of the software are developed locally both for cost reason and convenience with the local business practice.
Significance
Customers who use e-banking tend to be more profitable, loyal, and willing to refer their bank to friends and family than do traditional banking customers. Online customers also maintain higher balances, require less customer support and have lower attrition rates than offline consumers. Online banking customers who use online bill pay and e-bill services are happier with their bank, which translates into deepened relationships.
Benefits
E-banking offers consumers and organizations many benefits, including 24/7 access to accounts and services. As financial institutions continue to develop online banking, customers are using more services, such as bill payment across industries, money transfer and mobile e-banking using cell phones and hand-held devices.
Constraints of Electronic Banking Bangladesh:
Emergence and growth of electronic banking of a country depends on the following factors
i) Availability and growth of telecommunication infrastructure
ii) ICT penetration in electronic banking sectors
iii) Culture of using electronic banking and
iv) Legal and regulatory framework. Bangladesh is the lowest deledensity country of Asia Pacific region in 1999 (38th among the 40 countries).
This is a major constraint of electronic banking in Bangladesh. In our country, the users of electronic banking are in urban areas but most of the people of our country live in villages and the infrastructure of villages is not suitable for electronic banking. However, the people of villages are illiterate and they are not habitude of using electronic banking.
BRAC Bank limited
With the vision of "Building profitable and socially responsible financial institution focused on Market and Business with Growth potential, thereby assisting BRAC and stakeholders to build a just, enlightened, healthy democratic and poverty free Bangladesh”, BRAC Bank Limited has started its journey in the Banking Sector of Bangladesh.
Now, BRAC Bank Limited is one of the leading private bank in Bangladesh. BRAC Bank has received the commercial banking license from Bangladesh Bank in 2001. Since then it has established its name and branding with its quality of service and products. In a very short time BRAC Bank became one of the successful and fastest growing private bank in Bangladesh.
Currently, BRAC Bank has 100 Branches, 60 SME Service Centers, 3 SME/Krishi Branches, more than 300 ATMs and 424 SME Unit offices across the country. It has disbursed over BDT10, 000 crores of SME loan and has over 500,000 individual customers who access online banking facilities. Its services cuts across all strata of clientele, be it corporate, retail or SME.
BRAC Bank provide all sort of banking service to the mass people of Bangladesh. Among them, BRAC Bank is well known for its SME Banking in Bangladesh.
Services Provided By BRAC Bank:
• SME Banking
• Corporate & Institutional Banking
• Retail Banking
• Banking Services for Non-Resident Bangladeshi (NRB)
BRAC Bank quick overview:
• Fastest growing bank in the country for the last two years
• Leader in SME financing through 350 offices
• Biggest suit of personal banking & SME products
• Large ATMs (Automated Teller Machine) & POS (Point of Sales) network
Retail Banking Products
BRAC Bank has a variety of retail banking products for consumers including Loans, Deposit Schemes, Accounts Service, Cards, Other Services. BRAC bank has recently started e-commerce banking through their e-commerce gateway. BRAC Bank provides VISA local and international credit and debit cards to their consumers.
ATM Network
BRAC Bank has one of the largest ATM network of its own in Bangladesh with more than 300 both. In addition to this BRAC Bank is the lead arranger of OMNIBUS shared ATM network.
Category
Internet Banking, E-Commerce, Payment Gateway, Debit Card, Travel Card, VISA Card, ATM Card
For the first time in Bangladesh BRAC Bank limited has introduced e-commerce program for all VISA cardholders. Electronic Commerce is a convenient and affordable way to buy and sell products or services online.
E-Commerce software and service enables individuals to maintain an online business while performing transactions right from the Web. It is the fastest, convenient and cost effective way of making transaction through web site.
Who can buy?
- BRAC Bank VISA cardholder
- Any VISA cardholder
Cardholder's Benefits
- Search and find what they are looking for instantly
- Choosing from a variety of options such as size and color
- Viewing any or all of product specifications and photographs
- Purchases will be delivered directly to their door
- Order products without leaving their home
- Security knowing every transaction is secure
- Checking how much they have "spent" before committing to a purchase
Debit Card,
Benefit
- Completely interest free
- Limit up to USD 350 as per Hajj Quota (Quota may change as per Government regulation)
- Valid across KSA during Hajj
- Accessible in all VISA accepted ATMs & Shops in KSA
- A nominal issuance fee of BDT 300+15% VAT
- Scope to encash unused balance in BDT
- No endorsement fee or penalty
Travel Card
Highlights of Travel Card:
- Instant issuance - Just pay and pick the card
- Completely interest free
- Limit up to USD 1500 for SAARC and USD 5000 for non SAARC countries, as per Personal Travel Quota (Quota may change as per Government regulation)
- Valid all over the world (except Bangladesh)
- Accessible in all VISA accepted ATMs & Shops globally
- Bank account not required
- A nominal issuance fee of BDT 500+15% VAT
- Scope to refund of unused balance in BDT
- No endorsement fee or penalty
Personal Internet Banking Terms And Conditions
THE CUSTOMER MUST READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THE SERVICES. BY REGISTERING TO USE THE SERVICES THE CUSTOMER SHALL BE DEEMED TO HAVE ACCEPTED AND BE BOUND BY THESE TERMS AND CONDITIONS, AS AMENDED FROM TIME TO TIME.
1. Terms of use for online@hsbc
2. Services
3. Governing Terms and Conditions
4. Use of the Services
5. Username, Password, Secondary Password, Security questions and Security Code
6. Customer's Instructions
7. Fees
8. Customer's Undertakings and Responsibilities
9. Information and Information Providers
10. Liabilities of the Bank
11. Liabilities of the Customer
12. Variation and Termination
13. Amendments
14. Communication
15. Severability
16. Waiver
17. Force Majeure
18. Miscellaneous
19. Governing Law and Jurisdiction
Business Internet Banking Terms And Conditions
The use of any and all services at or under Business internet Banking shall at all times be governed by the following Terms and conditions. By registering to use the Services as also by virtue of your continued usage of the Services, the Customer shall be deemed to have accepted and be bound by all these terms and conditions.
1. INTRODUCTION
2. THE SERVICE
3. REGISTRATION PROCEDURE
4. CUSTOMER INSTRUCTIONS
5. SERVICE INTERRUPTION
6. TRANSACTIONS WITH OTHER INSTITUTIONS
7. CONFIDENTIALITY
8. SECURITY PROVISIONS
9. ACCURACY OF INFORMATION
10. SECURITY DEVICE
11. FEES, SUPPLEMENTARY TERMS, CHANGES TO AND TERMINATION OF THE AGREEMENT AND SITE
12. OUR LIABILITY TO YOU
13. BUSINESS INTERNET BANKING PASSWORD SET UP
14. BUSINESS INTERNET BANKING PASSWORD RESET
15. AUTHORITY AND INDEMNITY
16. ELECTRONIC ADVERTISING
17. ENCRYPTION AND VIRUSES
18. TERMINATION
19. FORCE MAJEURE
20. MISCELLANEOUS
21. LAW AND PROCEEDINGS
Conclusion and Recommendations
In this age of information technology and competitive world, banking sectors should be modernized. In order to keep pace with the changing world we have to replace our traditional banking systems by electronic banking systems. It has been found that local private and state-owned banks are not doing well as compared to foreign banks. Foreign banks are using new technology and they are earning more. The banking sectors of our country should use electronic banking system so that they can provide more services to their customers and earn s sustainable amount of money to support the national economy. The Bangladesh Association of Software and Information Services opined that banking sector could play a vital role in developing local software markets to the tune of USD170 million if the banking sector was computerized. The earlier discussion confirms the idea that electronic banking system could make immense contribution to the economic development of our country. For achieving the best possible results from the electronic banking system we can offer some recommendations. These are as flows:
• The whole country should be connected under fiber optic backbone for electronic banking infrastructure as soon as possible.
• Electronic banking sector depends on telecommunication and Internet services. So government should implement the National ICT policy 2002 as quickly as possible.
• Government should provide legal framework for electronic commerce, so that domestic and international trade is allowed to expand their horizon and basic rights such as privacy, intellectual property, prevention of fund and customer protection can be taken care of.
• We should develop in house software for our banking system. So it will be cost effective.
• BTTB should utilize their extensive network so that the corporate users can connect their banks and major business institutions. The corporate lines provided by the BTTB are suitable for e banking and e-business, in the sense of reliable data transfer and suitable price.
• Every transaction should have some desirable properties like Authenticity, confidentially, Unforgivable, Integrity and not reusable.
Electronic banking, or e-banking, is the term that describes all transactions that take place among companies, organizations, and individual and their banking institutions. First conceptualized in the mid-1970s, some banks offered customers Electronic banking in 1985. However, the lack f internet users, and costs associated with using online banking, stunted growth. The internet explosion in the late-1990s made people more comfortable with making transactions over the web. Despite the dot-com crash, e-banking grew alongside the Internet.
INTRODUCTION
Electronic banking as a segment of electronic business, which, in turn, encompasses all types of business performed through electronic networks. Electronic channels are used for both business to-business and business-to customer transactions, such as ordering goods, delivering software or paying for such transactions. E-banking is considered to be a segment of e-business to the extent that banks are involved in the conduct of business transactions via electronic media; other non banking financial products and services (e.g. insurance), not to mention products and services from other sectors of business may be sold electronically. In case of traditional banking system a fund transfer, for instance, used to take several days whereas electronic banking is capable to perform the same operations within few seconds. Customers are getting better services now because of the development of ICT in E-banking and so bank now can perform its function with high speed and accuracy.
History
While financial institutions took steps to implement e-banking services in the mid-1990s, many consumers were hesitant to conduct monetary transactions over the web. It took widespread adoption of electronic commerce, based on trailblazing companies such as America Online, Amazon.com and eBay, to make the idea of paying for items online widespread. By 2000, 80 percent of U.S. banks offered e-banking. Customer use grew slowly.
In 2001, Bank of America became the first bank to top 3 million online banking customers, more than 20 percent of its customer base. Online customers proved more loyal and profitable than regular customers. In October 2001, Bank of America customers executed a record 3.1 million electronic bill payments, totaling more than $1 billion. In 2009, a report by Gartner Group estimated that 47 percent of U.S. adults and 30 percent in the United Kingdom bank online.
METHODOLOGY
The data for this paper have been collected both from primary and secondary sources of information. Primary data have been collected from the different banks of Dhaka City, Bangladesh through questionnaire and secondary data have been collected from various published materials and Internet resources in 2007. Major findings of the study are represented in the tabular and text format.
OBJECTIVES
The objectives of this paper are as follows:
• To describe the different types of electronic banking system
• To highlight the importance of electronic banking
• To give the status of electronic banking system in Bangladesh
• To give the idea of different electronic payment system of electronic banking
• To identify the problem areas of electronic banking in Bangladesh
• To measure the customer satisfaction of the electronic banking in Bangladesh by talking with industry experts and bank officials.
• To make the necessary recommendations to solve the problems of electronic banking system.
Types of electronic banking
The terms ‘PC banking’, ‘online banking’, ‘Internet banking’, ‘Telephone banking’ or ‘mobile banking’ refer to a number of ways in which customers can access their banks without having to be physically present at the bank branch.
Tele-banking
Tele-banking service is provided by phone. To access an account it is required to dial a particular telephone number and there are several options of services.
Options included-
• Checking account balance
• Funds transfer between current, savings and credit card accounts
• Bill payments
• Stock exchange transaction
• Receive statement via fax
• Loan payment information
PC Banking
The term ‘PC banking’ is used for banking business transacted from a customer’s PC. Using the PC banking or home banking now customers can use their personal computers at home or at their office to access their accounts for transactions by subscribing to and dialing into the banks’ Intranet proprietary software system using password.
Internet Banking
Internet banking would free both bankers and customers of the need for proprietary software to carry on with their online banking transactions. Customer behavior is changing rapidly. Now the financial service is characterized by individuality, independence of time and place and flexibility. These facts represent huge challenges for the financial service providers. So the Internet is now considered to be a ‘strategic weapon’ for them to satisfy the ever-changing customers’ demand and innovative business needs.
ATM Locations
• Main Office - 132 South Harris Street
• Sandersville Branch Office - 818 South Harris Street
• Statesboro Branch Office- 425 Commerce DR.
DEBIT CARDS
Enjoy convenient purchasing power by using a CBWC Debit Card. With a debit card, you can
• Pay for purchases at places that have agreed to accept VISA debit cards including catalog and telephone purchases
• Withdraw cash from your checking account or savings account.
Besides, Electronic banking products and services are given below:
Electronic fund transfer
Personal computer banking account
Payment of utility bills
CREDIT CARDS (VISA, VISA GOLD, MASTERCARD, MASTERCARD GOLD)
Merchant card acceptance
Remote deposit
Tax Debits
Status of Computerization and Electronic Banking System in Bangladesh:
There are a total of 49 scheduled public and private banks in the country. Here there are four state owned commercial banks (Nationalized Commercial Banks- NCBs) have 3496 branches, five specialized banks (DFIs) have 1311 branches, 30 local private commercial banks (Private Commercial Banks-PCBs) have branches of the scheduled banks in the country. The banking system of our country, depending on computerization can be classified into three categories:
(i.)Completely computerized
(ii.) Partially computerized
(iii) Not computerized.
Standard Chartered Grind lays Bank Ltd., City Bank NA, American Express Bank, HSBC etc are completely computerized banks in our country. All privates and state owned banks are partially computerized and not computerized.
Scope of Electronic Banking in Bangladesh:
The infrastructure of a country is very important for implementing electronic banking. For electronic banking major cost is to setup backbone network. Fortunately Bangladesh Railway has a high-speed optical fiber network parallel to the railway path owned by Bangladesh Railway. Its total capacity is about 2.5 gigabits per second. This fiber optic network covers almost every important parts of the country. Bangladesh has been connected with the information superhighway on the 20th May, 2006). It is a landmark of ICT sector of Bangladesh. The cable network covering some 786 miles across the country from the Bay of Bengal will provide a fiber-optic link with a data transfer capacity of 10 gigabits per second compared to the 150 megabits per second bandwidth now used by the state owned BTTB and dozens of private Internet Providers. The following figure shows the growth of Internet users of our country. From the figure we see that the Internet users of our country are increasing every year. After connecting with the information superhighway, the total country will be connected by fiber optic backbone; certainly it will be a milestone for infrastructure of implementing electronic banking in Bangladesh. In Bangladesh most of the banking hardware is available. The hardware available for electronic banking is entirely procured from foreign origins with a local distributor. Electronic banking operation hardware includes; servers.
Electronic Banking in Bangladesh:
Workstation, printers, scanner ATM, POS terminals, etc and networking hardware includes switch, Router, V-SAT connectivity etc. All hardware is available in our country. At the head office level 95.45 percent of banks use banking software, 46 types of different types of software are in use in different banks in Bangladesh. Among the banking software used in the banks 51.47 percent have been developed in house, 47.06 percent are off-the-shelf [OTS], only 1.47 percent are using both OTS and in house software. Majority of the software are developed locally both for cost reason and convenience with the local business practice.
Significance
Customers who use e-banking tend to be more profitable, loyal, and willing to refer their bank to friends and family than do traditional banking customers. Online customers also maintain higher balances, require less customer support and have lower attrition rates than offline consumers. Online banking customers who use online bill pay and e-bill services are happier with their bank, which translates into deepened relationships.
Benefits
E-banking offers consumers and organizations many benefits, including 24/7 access to accounts and services. As financial institutions continue to develop online banking, customers are using more services, such as bill payment across industries, money transfer and mobile e-banking using cell phones and hand-held devices.
Constraints of Electronic Banking Bangladesh:
Emergence and growth of electronic banking of a country depends on the following factors
i) Availability and growth of telecommunication infrastructure
ii) ICT penetration in electronic banking sectors
iii) Culture of using electronic banking and
iv) Legal and regulatory framework. Bangladesh is the lowest deledensity country of Asia Pacific region in 1999 (38th among the 40 countries).
This is a major constraint of electronic banking in Bangladesh. In our country, the users of electronic banking are in urban areas but most of the people of our country live in villages and the infrastructure of villages is not suitable for electronic banking. However, the people of villages are illiterate and they are not habitude of using electronic banking.
BRAC Bank limited
With the vision of "Building profitable and socially responsible financial institution focused on Market and Business with Growth potential, thereby assisting BRAC and stakeholders to build a just, enlightened, healthy democratic and poverty free Bangladesh”, BRAC Bank Limited has started its journey in the Banking Sector of Bangladesh.
Now, BRAC Bank Limited is one of the leading private bank in Bangladesh. BRAC Bank has received the commercial banking license from Bangladesh Bank in 2001. Since then it has established its name and branding with its quality of service and products. In a very short time BRAC Bank became one of the successful and fastest growing private bank in Bangladesh.
Currently, BRAC Bank has 100 Branches, 60 SME Service Centers, 3 SME/Krishi Branches, more than 300 ATMs and 424 SME Unit offices across the country. It has disbursed over BDT10, 000 crores of SME loan and has over 500,000 individual customers who access online banking facilities. Its services cuts across all strata of clientele, be it corporate, retail or SME.
BRAC Bank provide all sort of banking service to the mass people of Bangladesh. Among them, BRAC Bank is well known for its SME Banking in Bangladesh.
Services Provided By BRAC Bank:
• SME Banking
• Corporate & Institutional Banking
• Retail Banking
• Banking Services for Non-Resident Bangladeshi (NRB)
BRAC Bank quick overview:
• Fastest growing bank in the country for the last two years
• Leader in SME financing through 350 offices
• Biggest suit of personal banking & SME products
• Large ATMs (Automated Teller Machine) & POS (Point of Sales) network
Retail Banking Products
BRAC Bank has a variety of retail banking products for consumers including Loans, Deposit Schemes, Accounts Service, Cards, Other Services. BRAC bank has recently started e-commerce banking through their e-commerce gateway. BRAC Bank provides VISA local and international credit and debit cards to their consumers.
ATM Network
BRAC Bank has one of the largest ATM network of its own in Bangladesh with more than 300 both. In addition to this BRAC Bank is the lead arranger of OMNIBUS shared ATM network.
Category
Internet Banking, E-Commerce, Payment Gateway, Debit Card, Travel Card, VISA Card, ATM Card
For the first time in Bangladesh BRAC Bank limited has introduced e-commerce program for all VISA cardholders. Electronic Commerce is a convenient and affordable way to buy and sell products or services online.
E-Commerce software and service enables individuals to maintain an online business while performing transactions right from the Web. It is the fastest, convenient and cost effective way of making transaction through web site.
Who can buy?
- BRAC Bank VISA cardholder
- Any VISA cardholder
Cardholder's Benefits
- Search and find what they are looking for instantly
- Choosing from a variety of options such as size and color
- Viewing any or all of product specifications and photographs
- Purchases will be delivered directly to their door
- Order products without leaving their home
- Security knowing every transaction is secure
- Checking how much they have "spent" before committing to a purchase
Debit Card,
Benefit
- Completely interest free
- Limit up to USD 350 as per Hajj Quota (Quota may change as per Government regulation)
- Valid across KSA during Hajj
- Accessible in all VISA accepted ATMs & Shops in KSA
- A nominal issuance fee of BDT 300+15% VAT
- Scope to encash unused balance in BDT
- No endorsement fee or penalty
Travel Card
Highlights of Travel Card:
- Instant issuance - Just pay and pick the card
- Completely interest free
- Limit up to USD 1500 for SAARC and USD 5000 for non SAARC countries, as per Personal Travel Quota (Quota may change as per Government regulation)
- Valid all over the world (except Bangladesh)
- Accessible in all VISA accepted ATMs & Shops globally
- Bank account not required
- A nominal issuance fee of BDT 500+15% VAT
- Scope to refund of unused balance in BDT
- No endorsement fee or penalty
Personal Internet Banking Terms And Conditions
THE CUSTOMER MUST READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THE SERVICES. BY REGISTERING TO USE THE SERVICES THE CUSTOMER SHALL BE DEEMED TO HAVE ACCEPTED AND BE BOUND BY THESE TERMS AND CONDITIONS, AS AMENDED FROM TIME TO TIME.
1. Terms of use for online@hsbc
2. Services
3. Governing Terms and Conditions
4. Use of the Services
5. Username, Password, Secondary Password, Security questions and Security Code
6. Customer's Instructions
7. Fees
8. Customer's Undertakings and Responsibilities
9. Information and Information Providers
10. Liabilities of the Bank
11. Liabilities of the Customer
12. Variation and Termination
13. Amendments
14. Communication
15. Severability
16. Waiver
17. Force Majeure
18. Miscellaneous
19. Governing Law and Jurisdiction
Business Internet Banking Terms And Conditions
The use of any and all services at or under Business internet Banking shall at all times be governed by the following Terms and conditions. By registering to use the Services as also by virtue of your continued usage of the Services, the Customer shall be deemed to have accepted and be bound by all these terms and conditions.
1. INTRODUCTION
2. THE SERVICE
3. REGISTRATION PROCEDURE
4. CUSTOMER INSTRUCTIONS
5. SERVICE INTERRUPTION
6. TRANSACTIONS WITH OTHER INSTITUTIONS
7. CONFIDENTIALITY
8. SECURITY PROVISIONS
9. ACCURACY OF INFORMATION
10. SECURITY DEVICE
11. FEES, SUPPLEMENTARY TERMS, CHANGES TO AND TERMINATION OF THE AGREEMENT AND SITE
12. OUR LIABILITY TO YOU
13. BUSINESS INTERNET BANKING PASSWORD SET UP
14. BUSINESS INTERNET BANKING PASSWORD RESET
15. AUTHORITY AND INDEMNITY
16. ELECTRONIC ADVERTISING
17. ENCRYPTION AND VIRUSES
18. TERMINATION
19. FORCE MAJEURE
20. MISCELLANEOUS
21. LAW AND PROCEEDINGS
Conclusion and Recommendations
In this age of information technology and competitive world, banking sectors should be modernized. In order to keep pace with the changing world we have to replace our traditional banking systems by electronic banking systems. It has been found that local private and state-owned banks are not doing well as compared to foreign banks. Foreign banks are using new technology and they are earning more. The banking sectors of our country should use electronic banking system so that they can provide more services to their customers and earn s sustainable amount of money to support the national economy. The Bangladesh Association of Software and Information Services opined that banking sector could play a vital role in developing local software markets to the tune of USD170 million if the banking sector was computerized. The earlier discussion confirms the idea that electronic banking system could make immense contribution to the economic development of our country. For achieving the best possible results from the electronic banking system we can offer some recommendations. These are as flows:
• The whole country should be connected under fiber optic backbone for electronic banking infrastructure as soon as possible.
• Electronic banking sector depends on telecommunication and Internet services. So government should implement the National ICT policy 2002 as quickly as possible.
• Government should provide legal framework for electronic commerce, so that domestic and international trade is allowed to expand their horizon and basic rights such as privacy, intellectual property, prevention of fund and customer protection can be taken care of.
• We should develop in house software for our banking system. So it will be cost effective.
• BTTB should utilize their extensive network so that the corporate users can connect their banks and major business institutions. The corporate lines provided by the BTTB are suitable for e banking and e-business, in the sense of reliable data transfer and suitable price.
• Every transaction should have some desirable properties like Authenticity, confidentially, Unforgivable, Integrity and not reusable.
