Banking institutions play a crucial role in economies, serving as vital components that drive and facilitate economic growth. They are closely intertwined with the economy's overall health and are often considered to be engines for promoting economic growth. In order to adapt to a dynamic and fiercely competitive environment, banks recognize the necessity of innovation as a key factor in providing effective services. Embracing this understanding, banks have readily embarked on a path of innovation without hesitation.
In recent times, there has been an emphasis on technological advancement. Banks have embraced this by providing various financial products and services through e-banking. Enhancing products, customer satisfaction, and efficiency through technology has always been important for banks. According to the Basle Committee on Banking Supervision, e-banking includes retail and small value banking activities conducted electronically, such as deposit taking, lending, account
...management, financial advice, electronic bill payment, and electronic money products and services.
In this book, the main focus is on consumer electronic banking, specifically in Malaysia. The country has experienced various stages of e-banking and is currently in the Internet banking phase. According to Bank Negara Malaysia (BNM), Internet banking refers to providing banking products and services through devices such as personal computers and intelligent devices.
In Malaysia, banking products encompass savings and current accounts, fixed deposits, loans, fixed income products, trade finance, and, more recently, equities and insurance (available through universal banking). On the other hand, 'intelligent devices' include interactive television, palm computers, and mobile telephones (such as WAP, GPRS, and 3G technology). However, point of sale terminals (EFTPOS), ATMs, telephones, and smart cards are also electronic banking access devices and are not considered as part of th
'intelligent devices' category (Salomon Smith Barney, 2000).
The Monetary Authority of Singapore (MAS) defines Internet banking as the provision of banking services and products through electronic networks and delivery channels based on Internet technologies, including web-based applications and wireless networks. The introduction of new technology and products has presented both opportunities and challenges. Regulators recognize that each bank has a unique risk profile and requires a customized approach to mitigate these risks. The suitability of managing e-banking risk in a standardized manner may vary depending on the size of their operations, the significance of the risks involved, and the institution's willingness and ability to manage them (Rajashekar, 2001).
Regulators have responded actively, often taking proactive measures after assessing the environment.
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