THE ROLE OF INTERNET BANKING IN SOCIETY
Abstract
Online banking is known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. The Internet Banking is changing the banking industry and is having the major effects on banking relationships. Internet Banking involves delivery of banking products and services. At present many of the banks around the world have web presence in form of ATMs, Internet Banking, Support services etc. In the world of banking, the development in information technology has an enormous effect on development of more flexible payment methods and more- user friendly banking services. Electronic Banking services are new and the development and diffusion of these technologies by financial institutions is expected to result in more efficient banking system. Therefore, a questionnaire survey was conducted to identify the role of internet banking and society among the people in Jeddah city, Saudi Arabia. The obtained result outlined that majority people in Saudi are acquainted with the role of internet banking and society.
