Analysis of Electronic Banking Services & Its Issues in Pakistan

Abstract

Technology is making a tremendous impact upon financial services sector is no exception. Today, banks take special attention to customers' perspective by providing quality of services. Loyalty is a very important issue for customers and for the sake of organizational benefits, the banks need to obtain customer satisfaction due to competitive market. In the areas of services the concept of service quality plays a central role in understanding customer satisfaction and retention. To improve the efficiency and enhance pace of working information technology is playing a fundamental role in any business. This becoming a critical success factor to gain competitive edge than competitors. Electronic banking includes phone or mobile banking, Internet or online banking and email banking and ATM. banking Sector or industry, bringing up new product called online banking or e-banking. Customer needs and requirements are changing day by day. Customer wants instant response, access, convenience and security. There are several issues in  electronic banking which customer face; including Non availability of sufficient cash in ATM in particular occasion and time, Link down, customer account debited but receiver’s account is not debited, pin generation process and card blocking process and any cash transaction related problems. The Banks now use different mobile applications app, MAC ID system and code generation to double verify the PIN and customer verification tactics in online banking to secure the customers transactions. The technology brings easiness, reliability and competence. The rate of success of these new products will depend on the suitability of the technology selected for the customers in banks. A well-defined security system and audit plan will ensure the long term success of IT plans of banks. Security is the most critical factor for banks now a days.

Keywords: Customer perspective, Service quality, Electronic banking, ATM, MAC ID, Information technology.