Implementation of virtual banking system

Abstract

Over the last few years, e-commerce transactions have seen explosive growth. Already, the e-commerce world has produced undisputed success. Entirely new Internet-focused business to existing business has extended their organization to take advantage of the Internet. Online shopping centers, book sales are examples of a market that’s well over $1 billion per year in combined sales. Realizing the number of people involved in this communication media indicates the scope of capital circulation for many progressive minded organizations. Banks that are actively involved in this circulation of money need to focus on automating and changing existing customer services. A key requirement is the ability to provide basic banking facilities with minimum procedural complexities. Virtual Bank is a key concept to opening up multi-channel access and communication method to allow both the account holders and banks to communicate using the most convenient and easily accessible channel. This concept enables banks to increase profitability, account holder satisfaction and round the clock access to most banking facilities. The current work is an attempt to demonstrate the usefulness and flexibility of its use in the ever-expanding e-commerce market.