Virtual Banking

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Term Paper Title	Virtual Banking
# of Words	1700
# of Pages (250 words per page double spaced)	6.8

Virtual Banking

Virtual Banking

        TABLE OF CONTENTS

        01.00............   EXECUTIVE SUMMARY
        02.00............   TRENDS IN RETAIL BANKING
        03.00............   ABOUT THE INTERNET
        04.00............   VIRTUAL BANKING AND APPLICATIONS
        04.01............   SMART CARDS
        05.00............   EXAMPLES
        06.00............   SECURITY ON THE INTERNET
        06.01............   CRYPTOGRAPHY
        06.02............   FIREWALLS
        06.03............   TRUSTED OPERATING SYSTEMS
        07.00.............  REGULATIONS AND PROBLEMS
        08.00............   CONCLUSION .

        09.00……….     REFERENCES

01.00     EXECUTIVE SUMMARY

The Internet is emerging as an efficient delivery channel for financial services.
With Internet banking, customers do not need to have special bank-issued
software. Banks maintain their identity and can differentiate themselves by
customizing the services and information they provide over the Internet.

02.00     TRENDS IN RETAIL BANKING

What does better customer mean? Increasingly, customers  are demanding more
convenient ways to do their banking. An Ernst and Young study (Technology in
Banking Report) concluded that "nothing changes in the banking world if
customers cannot get financial services when and where they wish...this means
anywhere, at any time." Statistics show that ATM's, telephone banking, and home
banking account for over fifty percent of all banking transactions today, and
total non-branch activity is growing at fifteen percent a year. In one survey
(Web-Tech, Inc., May 17, 1995), eighty-two percent of 18- to 34-year olds polled
preferred banks with 24-hour service.

     Customers are also demanding a more sophisticated mix of products
tailored specifically to their financial needs, and non-bank competitors are
better fulfilling these needs. Banks today hold only 20% of household financial
assets, versus 34% twenty years ago; they have 30% of business deposits, versus
42% only seven years ago. Nonbank credit card providers have gained inroads
against banks, holding a 25% market share versus 5% in 1986 (WebTech, Inc., May
17, 1995).

Internet banking offers an attractive solution to this redesigned products and
services. Customers have 24-hour graphical-interface access to their accounts
and appreciate that their bank is doing something to make banking easier for
them.

03.00     ABOUT THE INTERNET

The Internet has exploded in the last two years thanks to the invention of the
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