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Ethical, Legal and Social Issues of Online Banking

Added on - 02 Feb 2020

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ONLINE BANKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3TASK2.............................................................................................................................................5TASK3.............................................................................................................................................6TASK4.............................................................................................................................................8TASK5...........................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONOnline banking is the system where the banking activities can be performed by thecustomers through internet sitting at any corner of the world, it can also be said as the internetbanking or web banking. The process or the method by which the banking transactions can becarried out electronically on the internet. Now a days the banks are providing the services ofonline banking as because it become very helpful for both the firm and the customers (Yee-Loong Chong and et.al., 2010). The people can do their banking transaction at home or any placewith out visiting the respective banks. The idea of online banking has emerged by theprogrammers who use to work upon the banking data base.TASK1Ethical, legal and social issues of online banking.There are positive and negative aspect of every particular thing the online banking is alsoon of the highly executed activity that now a days the banking sectors are performing and thecustomers are also taking keen interest in the innovative ideas of online banking. But there arecertain issues that the customers and the organisation faces while executing the online bankingsystem. The issues that the bankers faces are as follows-Security issues- The biggest problem that the banker faces is the fraudulent act that isbeen carried by many of the hackers. The fear that always exist is of the account gethacked. There are unethical hacker who use to hack the accounts of the people and thenmisuse them and using the money as they want to.Necessity of the internet- The need of the internet is must to carry out the online bankingactivity, the person who wants to do transactions through online banking with out internethe can not do any of the operations related to the banking (Yap and et.al., 2010.).Customer care services- Many a times the customers need help of the people of the bankto carry out the online banking but the proper guidance sometimes the customers does notable to avail.These were the basic issues that the bankers face by online banking there are major issues thatthe system of online banking creates are as follows-1. Ethical issues- Ethical issues are the problems or the situation where the organisationof banking sector has to choose the better option between the right and wrong. Basically it is the
standard or the level where the organisation or an individual has to choose the what is right andwhat is wrong for him or for the operations of the organisation. Ethical issue that get created aretotally based on the nature and the behaviour of the owing authority of the organisation. Theethical issues that are as follows-Privacy breach- The personal data of the customers have to be very carefully keptin the main data base of the organisation (Yaghoubi and Bahmani., 2010). Theethical aspect defines that the banking sectors should always safe guard the dataof the consumers related to the organisation. The wrong minded people sometimes misuse the concept and customers get suffered by them.Accuracy- The banking as well as the customers both have the responsibility inthis aspects because there are situations where the banking operations does notcarried out properly, and the customers misinterpret the situation. Its his duty toconvey the problem to the bank.Security breach- The problem that the consumer faces while using the onlinebanking systems like the personal, confidential and the sensitive data of thepeople are stolen and are used in unethical way. It is not necessary that the higherauthority are aware of the illegal activities are going in the organisation, these aredone by the people with wrong objectives.2. Social Issues- These are the issues that is to be considered in the favour of the society.It is very must that the organisation should avail whatever the society is in the need of, all theresponsibility that the firm has towards the society must be fulfilled. There are chances where thesituation of conflict get arises between the people of the society and the banking organisations.It is very necessary for the organisation to provide the best services related to the onlinebanking. The services must be on the time and also satisfy the customers, when ever theproblems does not get solved of the customers then they some or the other way definitelyaffect the bank's image and the service quality (Yoon., 2010.).The customer's personal details and privacy & security aspects are the most importantfact that the organisation has to focus on. They have the responsibility to keep the datasafe and secure.
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