Online Banking in Pakistan

Technology is the force that is bringing enormous changes for businesses in Pakistan today. It is technology that is making possible new products, services and marketing opportunities, more information and online oriented businesses and process.

The role of internet as an information medium with so much to offer related to information services has been developed extensively over time. There are services like Electronic mails, File transferring and the Worldwide Web. Everyone knows that internet has no single owner operating and managing the whole system. Different universities, organizations and other small businesses are contributing to keep the system alive. The time is near when almost everyone will start to buy goods and services on the internet from all over the world and with no risk.

The development of E-commerce sector which mostly refers to as business to business (B2B) and business to consumer (B2C) is giving boost to online buying and services. The advancement in E-Commerce is not only in use for commercial purpose but also making its way in non commercial use such as entertainment, communication, paying bills, managing different data, and information seeking. E-Commerce is the reason businesses are adapting to exchange information online.

Banking is one of those sectors which requires intensive information and is the sole reason of E-Commerce development in pretty much every part of the world. Internet Banking allows remote access to your personal account for various banking services. Online banking enabled the commercial banks to achieve high efficiency, giving control to the consumer. As online banking evolved, new technologies gave the banking sector a challenge to implement new strategies to meet the increasing demands of the customer. Online banking on the other hand helped the banking sector to reduce the cost of physical branches and gave them a perfect alternative for customer relationship.

In Pakistan, the trend of online banking is evolving for different online transactions to save time and perform transactions efficiently. It has been forecasted that the market of online banking will grow in the next few years, reducing the risks involved in it. It was also evident that the banks who did not adopt the online banking facility would likely lose more than 10% of their customers.

Since this technology is evolving in Pakistan, the banking sectors are setting up online website presence to give information about their products and services with basic account accessing facility. Some of the banks in Pakistan are offering advanced level services which include accessing of account, Funds transfer, and buying financial products or services online.

Another most important aspect of online banking is the website. Online banking website should be able to convey the right information for existing customer and also new customers. If by any mean the website fails to achieve this goal than online banking is not fulfilling its task of communication.

The online shopping trend will increase the usage of online banking in Pakistan as more and more businesses are offering their services online. We agree to the fact that there are security risks in accessing banking information online but sooner or later the system will be more safer.


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