ONLINE BANKING SYSTEM
(Arsalan Ashar Alvi, Karachi)
A new trend has been started in
banking system of Pakistan and that is use of internet in conducting banking
system called online banking. Customers are more willing for money transaction
and other banking services through online banking. As competition among banks is
increasing that’s why banks are more prone to bring such online services which
are attractive and suitable for the customers.
Online banking is very easy and time saving for the customers who have the
internet access. In this system people can use their computer system to access
the sites of banks and then registered themselves by filling online account form
and then demand, deposits and transfer there their money by facing servicing or
transaction cost. Development of information technology in Pakistan creates new
avenues to conduct the banking system just as mobile banking. Many software
engineering firms also offer professional software’s for online banking
activities. Customers are very happy with security of this system because banks
who are conducting online banking also have their physical possession in
Pakistan mean they are not totally virtual banks. From the fiscal year of 2013
the trend of electronic payments has been increasing. According to the report of
state bank of Pakistan volume and value of E-payments transaction in Pakistan
was increased by 15% to 74.86 million and 5% to 6.5 trillion rupeesas compared
during first quarter of 2012-2013 as compared to same quarter previous year
2012. And there is a consistent growth in the development of online
banking.According to technology times R.s 84 billion were transferred through
online banking in FY 2010.
Banks provide different online services to the customers, like online utility
bills payments, funds transferring, and payment of education institutions fees,
international trading, online shopping and much more. One of the biggest
advantages for the public is, it is time saving system, now people do not wait
for long queues for bills and go physically to banks for funds transaction. They
can do it at home. Online banking also helps to protect bank from overstaffing
and paper cost.
So we can say that online banking is a good step in the banking system of
Pakistan, that’s why Now 9,412 branches out of 10,111 bank’s branches offer Real
time services across the Pakistan. The volume and value of real time banking
servicers transactions also increased by 21 present and 4 present respectively
as compared to transactions in the first quarter of the previous fiscal year
2012.