Virtual banking allows customers to conduct banking transactions remotely through online and mobile channels without having to visit a physical bank branch. It offers conveniences like 24/7 access to accounts, faster transactions, and greater portability. However, it also poses security risks as customer information is transmitted online and accounts can be vulnerable to hacking. Banks are taking measures like following OWASP guidelines to address vulnerabilities and ensure customer information and transactions are protected on virtual banking platforms.

1. “My father walked for 30 minutes to Save 30 rs..
I spent 100 rs to save 30 minutes ..”
- Gen Y

2. Virtual Banking
By
Avinash Heston
Sana Nizam
V.Shriram
Mandava Raghavendra Rao
HareRam

3. Introduction
 One of the major innovations in the field of
banking.
Information Revolution
Internet
E-Commerce
E-Banking

4. History
 It Dates Back to 1980’s
 Wells Fargo launched its personal computer
banking service in 1989 and was the first bank
to offer Internet banking services
throughwellsfargo.com in May 1995.
 ICICI was the first bank to initiate the Internet
banking revolution in India as early as 1997
under the brand name 'Infinity'.The Reserve
Bank of India constituted a working group on
Internet Banking.

5. What is Virtual Banking ?
 Traditional Banking would mean a 9-5 job for
the employee, going there and standing in
the queue for the customer.
 Banking is basically a service which will
obviously look at ensuring customer
satisfaction.
 Internet was growing , and there was a scope
forThe banks to bask under the popularity of
internet.

6. Average Customer in
traditional banking
Once there was E banking

7. •The Customer might not see the bank , but all the
banking operations can be carried out successfully by
the customer being at his/her place.
•Today’s banks are offering various delivery channels
to provide product &services to the customers.
•The IT has helped bank in improving their products
and services and also in marketing them..

8. Major Channels :-
 ATM.
 Online banking.
 Tele Banking.
 Smart cards.
 Mobile banking.

9. Usage Classification
mobile Banking
Online Banking
Tele Banking

12. Where is it Useful ?
 Online fund transfers.
 Bill payments.
 Credit card.
 Insurance.
 Shopping .
 Other Services like booking cab, movie ,
hotel etc.

13. Advantages
 Round the clock Banking.
 User friendly.
 Portability and speed of banking is the
biggest asset.
 Efficiency.
 Quality.
 Ubiuity.

14. Shortcomings..
 Initial setup cost.
 Training and maintenance.
 Legal Issues.
 Security issues.

15. Security Risks.
 Increasing number of fraudulent websites.
 Fake emails which appear to have been from
the bank.
 Mails which say we have won so many dollars
as lottery.
 Use ofTrojan horse to capture User ids and
passwords.

16. Any Respite from Security
Threats ?
 OWASP – an organization dedicated for web
applications security , they have listed top ten
vulnerabilities for any web application which
needs to be security checked to ensure that
there is safety .
 https://www.owasp.org/index.php/Top_10_20
13-Top_10
 Virtual banking would mean customers using
the browsers which is exposed to threats
listed above.

17. •In which case while building a protection is very
important against it…
“BANKING IS NO LONGER SOMEWHEREYOU
GO , BUT SOMETHINGYOU DO..”
“ALWAYS BANKING AND NEVER ATA BANK”.

18. THANK YOU.