1. Online Banking AS Applied ICT D Royall

2. Features offered

3. What customers have to do Log on with a user id and password Security questions, such as mothers maiden name or place of birth Choice of accounts and services will feature Account details will be available – but not the PIN number or passwords

4. Security issues

5. Advantages to banks Fewer expensive buildings Fewer staff needed from automation Higher rates of interest to savers – i.e. pass on the savings. Makes a bank more competitive Banks less likely to be robbed Less security staff needed

6. Advantages to Customers Less travel needed to banks Disabled people enjoy easier access 24/7 banking Easier and less embarrassing to ask for a loan Interest rates on savings are often higher Less need to rely on ‘snail mail’ Money is more secure and void of violence

7. Disadvantages to banks Less personal touch Harder to press sales Fraud and hacking a new style problem Website security and maintenance can be costly Start up costs of hardware and software are high Retraining staff is stressful and costly

8. Disadvantages to banks Loose social contact with friends who stay home Customers need a computer, internet access and some basic ICT skills Loss of personal touch from the bank Customers may mismanage their accounts and make errors as they are not helped as much Phone bills could escalate Cash transactions may become difficult if there are fewer bank locations Customers are prone to phishing

9. Topic questions to answer