Electronic Banking: Security Issues
E-Banking:
Security Issues
Presentation of the Case I. Point of View The Philippine National Bank (PNB), the country’s first universal bank, is the fifth largest private local commercial bank in terms of assets as of December 31, 2009. Through the years, PNB has led the banking industry with its pioneering efforts in the Remittance Business for Overseas Filipino Workers (OFWs) as well as the introduction of many innovations such as the Bank on Wheels, computerized banking, ATM banking, mobile money changing, Domestic Travelers’ Checks, and on-line electronic data processing. PNB has the biggest number of overseas offices and one of the largest domestic branch networks among local banks. PNB Internet Banking is one of the electronic channels being offered to PNB account holders. It allows you to do your routine banking transactions like paying your bills, transferring funds and inquiring about your account balance securely through the Internet. It is a facility wherein clients can securely and effectively take control of their corporate finances through the Internet. It also allows the user/s to manage multiple employee access to accounts in accordance with internal policies. The implementation of a successful e-banking strategy is far from being straight forward, as there are numerous inherent difficulties/barriers. The Internet as a channel for services delivery is fundamentally different from other channels such as branch networks or telephone banking. Therefore, it brings up its own unique challenges that require innovative solutions. Thus, a logical step for the management of banking related organizations may be to fully understand the organizational barriers inherent in e-banking. The Internet has not only created previously non-existent opportunities for cost effective, all time available financial services, it has also increased the significance of a number of risks which did not exist or were not significant in the
Security Issues
Presentation of the Case I. Point of View The Philippine National Bank (PNB), the country’s first universal bank, is the fifth largest private local commercial bank in terms of assets as of December 31, 2009. Through the years, PNB has led the banking industry with its pioneering efforts in the Remittance Business for Overseas Filipino Workers (OFWs) as well as the introduction of many innovations such as the Bank on Wheels, computerized banking, ATM banking, mobile money changing, Domestic Travelers’ Checks, and on-line electronic data processing. PNB has the biggest number of overseas offices and one of the largest domestic branch networks among local banks. PNB Internet Banking is one of the electronic channels being offered to PNB account holders. It allows you to do your routine banking transactions like paying your bills, transferring funds and inquiring about your account balance securely through the Internet. It is a facility wherein clients can securely and effectively take control of their corporate finances through the Internet. It also allows the user/s to manage multiple employee access to accounts in accordance with internal policies. The implementation of a successful e-banking strategy is far from being straight forward, as there are numerous inherent difficulties/barriers. The Internet as a channel for services delivery is fundamentally different from other channels such as branch networks or telephone banking. Therefore, it brings up its own unique challenges that require innovative solutions. Thus, a logical step for the management of banking related organizations may be to fully understand the organizational barriers inherent in e-banking. The Internet has not only created previously non-existent opportunities for cost effective, all time available financial services, it has also increased the significance of a number of risks which did not exist or were not significant in the
Bibliography: http://www.linkedin.com/company/philippine-national-bank http://www.pnb.com.ph/index.php?option=com_content&view=article&id=173&Itemid=103 http://www.slideshare.net/TDonofrio54/critical-security-and-compliance-issues-in-internet-banking-presentation http://www.articlesbase.com/college-and-university-articles/security-concerns-in-online-banking-4544020.html OVERVIEW Philippine National Bank is a Philippines-based universal bank. The bank provides a full range of banking and financial services to large corporate, middle-market, small-medium enterprises (SMEs), and retail customers, including overseas Filipino workers (OFWs), as well as to t