Online Banking

Consumer Behavior towards online banking: Growth, Status, Use of Internet Banking in India.

Introduction

Globalization is the tendency of firms to augment their sales,ownership,and manufacturing facilities to new markets located abroad. The term globalization refers to a new paradigm in which the world economy is more integrated and interdependent. The world is becoming more homogeneous and the borders, political and geographic are fading out.Therefore, this integration demands new methodology and mechanisms to allow countries to perform their new roles within this emerging framework. The new methodologies are inter related to information technology, composed of the following parameters: computing infrastructure, new communication technology and governmental policies that will make the old technology, a monopoly,obsolote,and a new paradigm will evolve that makes this technology accessible to everyone through a new system that promotes and encourages competition within the private sector.

The world witnesses an information and technology revolution (Siam, 2006). This

Revolution has touched every aspect of people’s life including banking. Singh (2002) opined that technology has introduced new ways of delivering banking services and products to the customers, such as ATMs, and internet banking (IB). Hence banks have found themselves at the forefront of technology adoption for the past three decades. These changes and developments in the banking industry have impacts on services quality, future of the banking activities, and consequently its continually competitive ability in the world markets since going along with technology is one of the most important factors of economic organizations success in general and banks in particular ( Siam, 2006). This motivates banks to spend more on technology and information to achieve maximum returns and attract large number of clients.

Internet banking is a subject receiving great attention in the banking industry and...