What are the various internet banking services in the UK and effect of online banking system on the society?

1.0 Introduction: Today internet banking has become an essential and popular medium for electronic banking transactions. Transfer of data and transfer of funds are the two most important functions of this system in addition to various other facilities offered by it. In this research work, future implications of internet banking along with its effects on the society will be studied.1.1 Background:Internet banking has increased the convenience and comfort level of the customers and other users of this system. With the advancement of technology, the online banking system is being upgraded on a continuous basis by the banks and other financial institutions, but cases of cyber crimes have proved as a serious threat to this system. Though many anti-cyber crime methods have been adopted and cyber laws have been made stringent, but users are yet to exhaustively safeguarded from the threat of these crimes. Apart from throwing light on the various modes, benefits and effects of the internet banking system this research will also focus on the cybercrime issue and the future of online banking system (Bankofengland.co.uk. 2014).1.2 Research purpose:The purpose of this research is to focus onthe UK banking sector, the importance of internet banking to the banking sector and the society and the future of internet banking.1.3 Research aims and objectives:The aim of this research is to scrutinize the electronic banking transaction system inthe UK andstudy the future implications of internet banking and its effects on the society. Following are the objectives that need to be fulfilled to achieve the stated aim.The objectives of this research are:1. To study the various internet banking services in the UKand effects of online banking system on the society.2. To evaluate the threat of cybercrime on the internet banking.3. To analyse the future of the internet banking and identify areas for improvement for ensuring better societal benefit.1.4 Research questions:1. What are the various internet banking services in the UK and effect of online banking system on the society?2. What are the various forms of cyber crimes?3. What is the future of internet banking in the UK banking sector?1.5 Rationale of the research:Today, internet banking has become almost inevitable in the UK banking industry. Various modes are used to facilitate electronic banking transactions. However, lack of proper knowledge regarding the internet based banking services will prevent the users from deriving full benefits out of online banking system. Also effects of online banking on the society will encourage bankers to come up with a greater number of online banking solutions.In addition,understanding cyber crimes and UK cyber laws will help to resist such crimes. Future implications of internet banking will throw light on the future prospects of this system.

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