Essay: Emergence of e-commerce in Banking

Sample Essay

Basically when customers can access their bank accounts and carry out their banking transaction without going to bank just through any intelligent device like their personal computer or mobile phone, this trend is referred as banking online (Comptroller of the Currency Administrator of National Banks, 1999). Bank of America also facilitates its customers with online banking options where they can do a number of operations and real time transactions on a single mouse click.

But along with the merits there are always demerits too. With the practice of doing business online, a great many thefts have been observed which resulted in loss of money and precious information. These thefts were due to hacking of information in the middle of transactions. In banking due to this treat, there were so many risks credit risk, interest rate risk, liquidity risk, price risk, transaction risk, foreign exchange risk, compliance risk, strategic risk and above all of them the reputation and credibility risks (Comptroller of the Currency Administrator of National Banks, 1999). Bank of America not only introduced many internet banking features but additionally this corporation helped the humanity in bringing out ways to transfer data in a very safe n secure manner. The employment of new technologies is discussed below in the paper which includes Site Key feature along with Safe Pass and Check scanning. Briefly these were the features which added an extra layer over the other frequently used protocols.

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