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The immense progress made
in the electronic technologies, especially in
the past few years, is paving way for
innumerable opportunities in terms of expansion
of markets by the traditional financial
services. However, it also poses a challenge to
the financial institutions in terms of providing
the same quality of service across all delivery
channels including the Internet.
New
electronic innovations strengthen competitive
position, improve efficacy and reduce the cost
of retail transactions both in the national
market as well as the international market.
Security considerations are paramount to
managing the operational risk of offering
products and services over public networks. The
primary catalyst for broad market interest and
demand for public key encryption technology has
been fueled by the desire to use the Internet
for commercial purposes. Both internal and
external attacks on systems or products are an
increasing threat for financial institutions due
to which they are actively pursuing enhanced and
trustworthy Internet
security. |
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Security concerns have
ceaselessly been a hurdle in the growth of
Internet banking and other financial services
offerings. E-commerce and home banking
applications, such as paying bills on-line,
transfer of funds between accounts or making
trades of stocks and bonds, require positive
identification, enhanced security, and
verification of both parties in the transaction.
Internet security solutions include those that
provide identification, entitlements,
verification, privacy, and security
management.
As a financial institution’s
online business continues to grow, the
transaction value increases, and highly
sensitive information is shared online, posing
new challenges to the Internet. Basic security
is no longer suitable for the higher level of
transactions and sensitive information. Here
comes a requirement for Banks to adopt various
solutions for security. |
