Abstract
A Study on the Efficiency of Online Banking Services During the COVID-19 Pandemic – Banking sector in India has played and been playing a major and a crucial role in socio-economic progress and this is evident since the period of independence. Banking sector is the heart as well as soul of an economy for any country. It is the most vital pillar for any financial sector and plays a major role in the economic development of the country In order to eradicate COVID-19 Pandemic, Indian Government announced complete lockdown in the country starting on March, 2020 and the same was extended to May, 2020 in the second phase. The Banking and Non-banking finance companies (NBFCs) which are the backbone of India’s economy are not exception to the above though the lockdown was necessary and inevitable so as to prevent the rapid spread of Novel Corona virus and to save lives of people of the country; it is going to affect the various sectors of our economy in a larger sense.. People can protect themselves by this pandemic by the way of maintaining social distance. But the basic needs like food and medicine are vital for leading their life and in it the transfer of cash plays an inevitable role.
Internet banking can make the transaction through an electronic basis without the exchange of any physical commodity with maintaining social distance. This research is an attempt to assess the contribution and impact created by online banking due to lockdown which has resulted in closure of all commercial, educational, public and private institutions and suspension of all means of transportation, etc. The conclusion is based on the views expressed by various groups including economists, financial institutions like International Monetary Fund, World Bank and consulting firms. Our project seeks to analyse the effectiveness of online banking sector in India during and post pandemic – Covid-19. This was done with the help of convenience sampling methods and their responses were summarized using graphs for the purpose of better understanding.
Need for the Study
Traditional Banking Habits
Despite the benefits of online banking, 49 percent of adults do not participate in it at all. This will happen mainly due to traditional banking many people are used to and it also can take time for them to break such habits. So, online banking marketers have to focus on ways to convince the traditional banking users to start the utilization of online banking services.
Security
Security is one of the significant challenges for online banking. This is because, in the past, if a robber was going to steal a person’s bank savings would have to break into the bank vault, and make a daring escape with the money. This was an extremely difficult prospect and involved lot of danger and risk. With online banking the cyber criminals is simply need to ascertain a certain personal information to break into a person’s account and steal their money. It can be done anonymously and involves less physical danger than in the past.
Transaction Difficulty
It can significantly be more difficult and time consuming for deposit or withdraw money from an online banking. Not only online banks often have fewer ATM’s than their traditional counterparts, but it can also simply take long amounts of time for the deposits to be processed and reflect in a bank account.
Technical Issues
Because of those online banks rely on the online platforms, this means that they can also generate substantial losses if their systems crash or if there are bugs in their code. A single technical issue which causes a bank to be down for a day could have cost the bank millions in losses.
Small Budgets
Many startups have to operate on minimized budgets before they have grown in to a larger size. Obviously this can be a major challenge. If the marketing budget is very small, then you need to have focus on the priority expenses.
Scope of the Study
In the present scenario majority of the economical and technical changes are taking place in industrial and financial revolution by the process of new information processing technology. Especially in finance sector changes has a significant role for the overall development. After identifying the research area and referring the relevant literatures, it has been found that in most of the literature, the information technologies have a wide application area. However in the finance sector majority changes have been taken place. Due to these major changes we have chosen to do the study on effectiveness of online banking during pandemic. After completing step by step procedure, now it is required to take the review of the system.
The people used information and technological tools to manage and to process the information. The automation process is used in the financial sector for transaction system. Automation type of working methodology is used in the financial Institute since many years. The bank sector is mostly related to all classes of people like businessmen, industry, agriculture, labor, small entrepreneurs, workers etc. It has been changing the complete culture and the working methodology. Hence it has a wider scope to study the prevailing modern transaction system in the financial sector especially in online banking system. In the literature survey it has been found that the technology has monopoly for the development of software product and it is observed that such technology is not used for study purpose in any other different field.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : Finance Final Year Project
Delivery Time : Within 2 hours.
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