Electronic banking is used to transfer money using computers and other electronic devices. It replace the use of checks, exchange of cash and other documents. Electronic banking has accepted all over the world because of its speed and convenience. The individuals can access the bank accounts and do online banking whenever needed. If a person is withdrawing money through ATM or paying the bills through credit/debit cards, the transaction of funds occur via electronic banking.
The concerns associated with electronic banking are discussed below:
1. Operational risk - Operational risk occur when the transaction process is incorrect, disruptions in electronic devices, fraud or unexpected result which stop the delivery of services. There are chance for data base errors, which can occur at any time. If there is any issues in internet process, then it collapse the banking activities.
2. Security risk - The computer network can be hacked by outsider and the bank's system can be accessed by unapproved persons. All the information of the customers are available in online. So the hackers can access, retrieve and can misuse those information. The hackers can also embed virus to the system, which ends up with loss of customer data and can tamper the information. The customers data privacy and confidentiality of customers details need to be compromised.
3. System architecture and design risk - To control the operational and security risk, the bank should have an proper system architecture. If the system selected is not designed or implemented well, then bank has to face risk. That is, if the electronic banking system or money system is not selected properly, then it cannot be used for the requirements. If the system is not updated or upgraded, it will result to an investment loss and the bank has to face an inefficient service.
4. Reputation risk - If the bank is not able to perform a task which is critical or not meeting the customer expectations, then the bank has to face reputation risk. If the bank gets any negative opinion from public it will results in loss of financing or customers. The reputation risk happens when, the system is not working as expected, violation of security by internal or external users and wrong information spread on settlement procedures.
5. Legal risk - As the use of electronic banking has increased, the legal risk is related directly. if there is any breach of law or regulation or the legal responsibility of parties is not settled, then it results to legal risk. As the electronic banking is new, the bank has to face many troubles in laws and rules.
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