E-Banking in Pakistan: Current Scenario

INSTITUTE OF BUSINESS ADMINISTRATION

MIIS FIINAL PROJJECT

E-BANKING IN PAKISTAN: CURRENT SCENARIO

FINAL REPORT

SUBMITTED BY:

ADNAN AHMED

ANZAR FASEEH

KAMRAN MEMON

M NABEEL KHAN

10TH DECEMBER 2004 TH DATED:

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Acknowledgement

First of all we would like to thank ALMIGHTY ALLAH, the most Beneficent and the most Merciful for giving us the courage and capability enabling us to complete this Final Project on E-Banking, Past, Present and Future. .

We would like to thank IT Personal at Union Bank and United Bank Limited for sparing their valuable time from extremely busy schedule.

Last but not the least we would like to our Project Instructor Mrs. Fehmida Hussain for providing us the guidance and ample support in completing this project report.

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TABLE OF CONTENTS

TOPIC PAGE NO

ACKNOWLEDGEMENT 1

ABSTRACT 3

CHAPTER 1 4

Introduction

CHAPTER 2 6

Literature Review

CHAPTER 3 21

Primary Research

CONCLUSION 34

RECOMMENDATION 37

REFERENCES 40

APPENDIX 41

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ABSTRACT

This is a research report and an attempt to look into the issues and concerns in the Banking Sector and tries to analyze the views of the consumers and the banking environment.

We have analyzed the current offerings of E-Banking solutions offered by two major Pakistani banks and the consumers' responses to these efforts. The overall research findings have been presented as objectively as possible and it points to the Security concerns hampering the growth of E-Banking within Pakistan. There is also a dearth of awareness in this mode of implementation.

Although E-Banking is one of the major ways to reduce transaction costs for the consumers, the consumers are vaguely aware of that. Similarly, the Banks also have a lot to gain from this platform but there seems to be not enough of an effort in this regard as the IT Department has been reduced to just a support unit of the organization. In this research report we have highlighted the various consumer responses and products being offered to present a view of the various technologies in use within Pakistan.

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INTRODUCTION

RESEARCH OBJECTIVE:

The purpose of this research is to gauge the current implementation status of E-Banking in Pakistan. We intend to identify major trends and objectives of current E-Banking activities in Pakistan. The basic thrust of the research is that it offers a brief insight