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TABLE OF CONTENTS0100 EXECUTIVE SUMMARY0200 TRENDS IN RETAIL BANKING0300 ABOUT THE INTERNET0400 VIRTUAL BANKING AND APPLICATIONS0401 SMART CARDS0500 EXAMPLES0600 SECURITY ON THE INTERNET0601 CRYPTOGRAPHY0602 FIREWALLS0603 TRUSTED OPERATING SYSTEMS0700 REGULATIONS AND PROBLEMS0800 CONCLUSION 0900 REFERENCES0100 EXECUTIVE SUMMARYThe Internet is emerging as an efficient delivery channel for financial servicesWith Internet banking customers do not need to have special bank-issuedsoftware Banks maintain their identity and can differentiate themselvesby customizing the services and information they provide over the Internet0200 TRENDS IN RETAIL BANKINGWhat does better customer mean Increasingly customers are demanding moreconvenient ways to do their banking An Ernst and Young study Technologyin Banking Report concluded that nothing changes in the banking world ifcustomers cannot get financial services when and where they wishthis meansanywhere at any time Statistics show that ATMs telephone banking andhome banking account for over fifty percent of all banking transactions todayand total non-branch activity is growing at fifteen percent a year In onesurvey Web-Tech Inc May 17 1995 eighty-two percent of 18- to 34-yearolds polled preferred banks with 24-hour service Customers are also demanding a more sophisticated mixof products tailored specifically to their financial needs and non-bankcompetitors are better fulfilling these needs Banks today hold only 20of household financial assets versus 34 twenty years ago they have 30of business deposits versus 42 only seven years ago Nonbank credit cardproviders have gained inroads against banks holding a 25 market share versus5 in 1986 WebTech Inc May 17 1995Internet banking offers an attractive solution to this redesigned productsand services Customers have 24-hour graphical-interface access to theiraccounts and appreciate that their bank is doing something to make bankingeasier for them0300 ABOUT THE INTERNETThe Internet has exploded in the last two years thanks to the invention ofthe so-called browser A browser is a point-and-click software programthat allows surfers to navigate around the Internet without knowing anyUNIX commands The first browser was developed by the National Center forSupercomputing Applications a government agency With a browser and accessto the Internet
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