EMPIRICAL STUDY ON SECURITY IN ONLINE BANKING IN SAUDI ARABIA

Abstract

Since the emergence of technological transformations that have reshaped almost all aspects of human activities ranging from social affairs to economic affairs, the conservative ways of transacting businesses and commercial transactions have changed. The growth of internet technologies and the rapidly expanding cellular phones have changed the way people handle money, pay for services or make orders for certain goods or services. One of the areas that have experienced considerable changes in the financial transactions are the global banking systems that have seen the need to develop new and advanced channels of enhancing banking services and global distribution of financial services through the e-banking phenomenon. Although the e-banking phenomenon has gained extreme popularity and registered considerable success, online distribution of financials has attracted mixed reactions from economic experts, customers and bankers themselves. This research paper projects e-banking and the major perceptions of the consumers, economists, and the bankers, including its advantages and disadvantages. From the findings, although using e-banking methods of transacting poses various risks to the consumers and the bankers alike and the most secure way to conduct E-banking has yet been developed as well as more secure authentication methods, its potential in transforming governments into cashless economy that deems safe and more convenient in personal and business development is noteworthy.

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