Customer Protection in the Banking Industry

Paper Summary:

This paper presents an overview of the changes in the banking system, since the introduction of the Internet into the industry. The paper begins by describing the needs of customer's since Internet banking and computer know-how became more evident. The paper then compares the old payment systems with the new, more technological systems available today. The writer then discusses why Internet banking benefits the customer and what security measures need to be taken to ensure complete transparency and security.

Contents:
Introduction
New Payment Systems
Existing Payment Systems
Key Issues in Internet Banking
Internet Payment Options
Discussion
Conclusion

From the Paper:

"Banks have been using electronic transfer for large sums of money for approximately fifty years. However, the current system in place hardly meets the needs of the new emerging marketplace. This system is set up for large transactions and is expensive to use. The market place needs to develop a system that will accomplish the same task, only on a scale that makes it feasible for the small customer to utilize it without incurring disproportionate fees. The current system exists as a set of incompatible systems, this clearly cannot work considering the needs of the new emerging marketplace."

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