This project was aimed at making depositing, withdrawing and
other bank activities easier and convenient in the 21st century.
Haven realized the competitiveness and complexity of the environment in this
age of ICT, there is indeed a need for online banking software to overcome the
growing challenges been faced by the banking sector.
Analysis study was first considered to ascertain the cost,
its efficiency level and its merits over the old way of banking. Next is the
flowchart, which preceded the computerized interface design. Design was then computerized, which is the
first step in achieving the purpose of this project. Each error and challenges
were resolved through the use of debug feature of the program used.
The software was
developed using Visual Basic Application (VBA). This language was chosen
because of its way of implementing Microsoft’s event driver programming
language of visual basic 6, and its associated development environment (IDE),
which are built into most Microsoft office application. VBA also enables building user defined
In choosing the database, which is expected to serve as a
backend backup for a project like this, MySQL was therefore considered.
is an ideal solution for relatively datasets that involve collection of online
data. As an online means of data storage, MySQL is well suited for the
collection of data in software such as this.
TABLE OF CONTENT
Title page i
Table of Content vi
Background of the study 1
Statement of problem 3
Scope of the study 4
Aim and objectives 4
Significance of research questions 5
of the study 6
1.7 Methodology 6
2.1 Definition of related terms 9
2.2 The view on electronic banking 11
2.3 Brief profile of fidelity bank plc 12
2.4 The entry of Nigerian banks into electronic
2.5 Threats of cyber-crime on the Nigerian banking
2.6 The regulatory challenges 18
2.7.0 Electronic banking profitability and
2.7.1 Bank customer relationship 21
2.7.2 Operation of financial institution 22
2.8 Major issues 22
2.8.1 The internet as the information superhighway 23
2.8.2 Electronic commerce 24
2.9 Cryptography concepts fore-banking 25
2.9.1 Electronic Encryption 25
2.9.2 Authentication 27
SYSTEM ANALYSIS AND DESIGN
3.2Data flow diagrams 29
design of the system 35
4.1 Software 39
4.2 Programming language used and justification 39
4.3 System description 40
4.3.1 Account information 41
4.3.2 Tools and technologies used 42
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary 45
5.2 Conclusion 45
5.3 Recommendation and future work 46
Background of the Study
The new millennium brought with it new possibilities
in terMY of information access and availability simultaneously, introducing new
challenges in protecting sensitive information from some eyes while making it
available to others. Today’s business environment is extremely dynamic and
experience rapid changes as a result of technological improvement, increased
awareness and demands Banks to serve their customers electronically. Banks have
traditionally been in the forefront of harnessing technology to improve their
products and services.
The Banking industry of the 21st century operates in a
complex and competitive environment characterized by these changing conditions
and highly unpredictable economic climate. Information and Communication
Technology (ICT) is at the centre of this global change curve of Electronic
Banking System in Nigeria today. (Stevens 2002).
Assert that they have over the time, been using
electronic and telecommunication networks for delivering a wide range of value
added products and services, managers in
Banking industry in Nigeria cannot ignore Information
SysteMY because they play a critical impact in current Banking system, they
point out that the entire cash flow of most fortune Banks are linked to Information
Virtually almost all Banks in Nigeria have a web
presence; this form of Banking is referred to as Internet Banking which is
generally part of Electronic Banking.
The Internet allows businesses to use information more
effectively, by allowing customers, suppliers, employees, and partners to get
access to the business information they need, when they need it. These Internet
enabled services all translate to reduced cost: there are less overhead,
greater economies of scale, and increased efficiency. E-Banking’ greatest
promise is timelier, more valuable information accessible to more people, at
reduced cost of information access. With the changes in business operations as
a result of the Internet era, security concerns move from computer labs to the
front page of newspapers.
Application service providers (ASP) and exchanges
offer especially stringent — and sometimes contradictory — requirements of per
user and per customer security, while allowing secure data sharing among
communities of interest. E-Banking depends on providing customers, partners,
and employees with access to information, in a way that is controlled and
secure. Technology must provide security to meet the challenges encountered by
E-Banking. Virtually all software and hardware vendors claim to build secure
products, but what assurance does an E-Banking have of a product’s security?
E-Banking want a clear answer to the conflicting security claiMY they hear from
vendors. How can you be confident about the security built into a product?
Independent security evaluations against internationally-established security
criteria provide assurance of vendors’ security claiMY.
Customer expectation, in terMY of service delivery and
other key factors have increased dramatically in recent years, as a result of
the promise and delivery of the internet. Even after the “dot –com crash” these
raised expectations linger.
The growth in the application and acceptance of
internet-driven technologies means that delivering an enhanced service is more
achievable than ever before, however it is also more complex and fraught with
potential costs and risk. The internet introduces customers to a new perception
of business time as always “on available 24/7, and demanding an urgent and
rapid response. The challenge for managers is to reconcile their business and
their own personal perceptions of time with the perceived reality of internet
time. The internet has decisively shifted the balance of power to the customer.
The internet is revolutionizing sales techniques and
perceptions of leading brands, and the internet is intensifying competition in
all its forMY.
Banking are continuing to use the internet to add
value for their customers; but in order for this to work effectively -
maximizing opportunities, reducing risks and overcoming probleMY, an E-Banking
strategy is required as an impact.
The growth of the Web and Internet as new channels,
the growth in their use by customers, the growth in their use by customers, and
the floor of companies entering the market, presents a series of key challenges
to companies. It is easy and cheap to put up a website. But to create an
environment delivering effective service on the Web to a significant proportion
of your customer base requires an E-Banking strategy.
Electronic Banking offers different online services
like balance enquiry, request for cheque books, recording stop payment
instructions, balance transfer instructions, account opening and other form of
transitional Banking services.
STATEMENT OF THE PROBLEM
Part of the daily operations of financial
institutions, with banks in particular, entails interacting hugely, on a
physical basis with humans – who are their customers. These transactions are
widely varied. This has, primordially, created a lot of chaotic situations in
the banking halls. In a lot of these cases, customers have had to abandon their
primary purpose of visiting the bank out of frustration. This dejection has led
to customer’s turn- over rate at banks hitting a geometrically high rate.
Hence, the introduction of electronic or
wireless payment to banking industry which has posed a lot of security
concerns. Though these devices have their internal security set ups there is
still need to improve on the security arrangements in order to secure customers
fund and other vital information.
The existing securities are basically built on
two aspect of information/fund protection components i.e.
you have (Card)
you know (PIN/Code)
The third component, what you are (Biometrics)
has not been exploited to further to serve as additional security. The reason for this may not be farfetched,
because the concept of wireless transactions is to make it available to all
customers at affordable cost and convenience.
1.3 SCOPE OF
This study covers the processes, procedures,
and application of Internet and Mobile Banking (Online Banking), with underlying security
consideration. Specifically given the defined time space of completion of this work, this study
tends to have as a major scope and achievements the following:
1. The design and development of a database to
serve as an repository of data required for necessary transactions and
reporting in the system.
2. The design of appropriate forMY, both for
input of requisite data and output of necessary information.
3. Generation of various forMY of reports, as
would be deemed necessary for different cadre of management.
4. Addition security features/checks to ensure
and authenticate the veracity of whoever is making use of the system, thus
providing the necessary audit trail.
5. Ensuring that all the above listed are both
deployed over the internet, as well as, through mobile telephones
The aiMY and objectives of this project work
is to design and develop a more secured Internet/Mobile network system that
will be able to realize some of the steps and processes involved in the
procedures that will reduce or eliminate fraudulent activities via electronic
payment system. This additional security will be demonstrated through effective checks
(1) Customer’s online and mobile information update.
(2) Transfer of funds through internet and mobile
means between customers that use the same bank.
(3) Provision of a facility that will enable customers
to check their account balance over the internet, also, through their mobile
(4) Placing a new cheque book order over the
Internet or mobile phones.
(5) Checking for information relating to loans
With the tasks/functions, stated above, being
an integral part of the operations and processing capacity of banks, errors may
be minimized, or in its utmost completeness, eradicated
The human, as well as, material resources
physically present will be adequately channeled to meet some other needs.
Customers, also, will be afforded some control and close to real-time response
to their enquiries and demands for certain transaction with the bank.
1.5. STATEMENT OF RESEARCH QUESTIONS
Since the release by CBN, August 2003 and the
subsequent policy on the guideline of
Electronic Banking system in Nigeria,
One of the questions that currently being addressed is
the impact of electronic Banking on the traditional banking players; there are
two views that are prevalent in the Market. The controversies that the internet
is a revolution that will sweep away the old order, argument in are as follow:
transactions are much cheaper than branch transactions. Banks are easy to set
up with lots of new entrants. ‘Old world’ systeMY, cultures and structures will
not encumber these new entrants; instead they will be adaptable and responsive.
Electronic Banking gives consumers much more choice and consumers will be less
inclined to remain loyal.
Deposits will go
elsewhere because these banks will have to fight to regain their customer base.
There would be increase in their cost of funds, making their businesses less
are likely to attract the most significant share of banking profits.
will find it difficult to evolve; they will be unable to obtain additional capital
from stock market.
1.6. LIMITATION OF THE STUDY
In view of the technicalities involved, it would be
unrealistic to assume that all necessary facts have been gathered in the
process of the study. Information gathered is limited to those accesses and
made available by the respondents and also those gathered from end users.
However, the impacts of this limitation will be reduced to the barest minimum.
Often times, new computer systeMY
replace existing manual systeMY, and the new systeMY may be replace after
sometime. The process through which this
change is effected happens in series of stages and the whole process is called
the “System Life Cycle”.
A new system life cycle normally triggers
some results such as the perception of a business need, failure or limitations
of system causing dissatisfaction or heightened awareness of modern
development. Whatever reason, it is the
management who will initiate the selection of a project for preliminary study
The stages involved in system life
Investigation and fact recording
Maintenance and Review
These stages will be
examined in later chapters.
Methodology is simply the process through
which structured system analysis is carried out i.e. the different methods
involved in system design.
Providing a recommended series of task to
be carried out so that the Methods fit together as a whole.
Leading theMYelves to some degree of
automation and the corresponding controls that go with providing a number of
well-defined and complementary in which to represent information about
importance of the system aspect.
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