E Commerce And Banks  

E-commerce and banks usually raise a few questions about security, additional services and the traditional way of banking. Along with this, there are some strategic decisions banks delving into this arena will have to take: scope of branch networks, facilities they provide, maintenance for interbank compensation networks and revelation to technical issues.

In response to this opportunity, it seems best for banks to keep their hold on the traditional front while stepping into the world of e-commerce. While doing this, banks will be processing payments to consumers and suppliers as well as autonomously proffering their products in this new electronic market. Banks many services available on-the-line:

  • Internet Portals: Supersite, it is a web portal which can be visited by consumers to know about the range of monetary and non-monetary products various banks provide.
  • Authenticated Identities: To fight against fraud, banks validate the identities of their account owners and act as a mediator through whom its account owners can confirm other banks’ account owner identities.
  • Supporting Small-Business Entrants into E-Commerce: Provision of electronic procurement facilities, mass volume concessions, payment competence to use e-commerce and synergetic websites are some of the ways banks assist SMEs.
  • Electronic Invoicing: Banks are using e-mail as a tool to deliver bills and interbank compensation networks to allow payments electronically.
  • E-Commerce Usage for Business-to-Business: Many banks are making the details of transactions between commercial banks and available on-line and converting physical databases into electronic storehouses.
  • Issuing Electronic currency: With the popularization of “smart cards” banks are seeking a way to load these cards with electronic cash for them to be used on the internet. Electronic adaption of paper checks is on the horizon too.
  • Integrating ATM and Internet: Using the facilities of e-commerce on the bank’s website through ATMs is another accomplishment banks are aiming at.

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