Skip to main content
SpringerLink
Log in

E-banking Overview: Concepts, Challenges and Solutions

  • Published:
Wireless Personal Communications Aims and scope Submit manuscript

Abstract

The expansion of information technology has led to a new form of banking. Traditional banking, based on the physical presence of the customer, is only a part of banking activities. In the last few years, electronic banking has emerged, adopting a new distribution channels like Internet and mobile services. The main goal was to allow businesses to improve the quality of service delivery and reduce transaction cost, and anytime and anywhere service demand for customers. However, it increased the vulnerability to fraudulent activities like spamming, phishing and credit card frauds. Then, the main challenge that opposes electronic banking is ensuring banking security. In this context, this paper aims to provide an overview of the electronic banking service highlighting various aspects, investigating various challenges and risks, and discussing some proposed solutions.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2

Similar content being viewed by others

References

  1. Kurnia, S., Peng, F., & Liu, Y. R. (2010). Understanding the adoption of electronic banking in China. In 43rd Hawaii International Conference on System Sciences, Honolulu, Hawaii, USA, pp. 1–10.

  2. Vrîncianu, M., & Popa, L. A. (2010). Considerations regarding the security and protection of e-banking services consumers’ interests. The Amfiteatru Economic Journal, 12(28), 388–403.

    Google Scholar 

  3. Peotta, L., Holtz, M. D., David, B. M., Deus, F. G., & Timoteo de Sousa, R. (2011). A formal classification of internet banking attacks and vulnerabilities. International Journal of Computer Science and Information Technology, 3(1), 186–197.

    Article  Google Scholar 

  4. Drig, I., & Isac, C. (2014). E-banking services – Features, challenges and benefits. 10.

  5. Chavan, J. (2013). Internet banking – Benefits and challenges in an emerging economy. International Journal of Research in Business Management, 1(1), 19–26.

    MathSciNet  Google Scholar 

  6. Singhal, D., & Padhmanabhan, V. (2009). A study on customer perception towards internet banking: Identifying major contributing factors. Journal of Nepalese Business Studies, 5(1), 101–111.

    Article  Google Scholar 

  7. Liao, S., Shao, Y. P., Wang, H., & Chen, A. (1999). The adoption of virtual banking: An empirical study. International Journal of Information Management, 19(1), 63–74.

    Article  Google Scholar 

  8. Bahl, D. S. (2012). E-banking: Challenges and policy implications. International Journal of Computing & Business Research, 229–6166.

  9. Zarei, S. (2011). Risk management of internet banking. In 10th WSEAS International conference on Artificial Intelligence, Knowledge Engineering and Data Bases, Cambridge, UK, pp. 134–139.

  10. Hanaek, P., Malinka, K., & Schafer, J. (2008). E-banking security - comparative study. In 42nd Annual IEEE International Carnahan Conference on Security Technology, Prague, Czech Republic, pp. 326–330.

  11. Omariba, Z. B., & Masese, N. B. (2012). Security and privacy of electronic banking. International Journal of Computer Science Issues (IJCSI), 9(4), 432–446.

    Google Scholar 

  12. Park, K. C., Shin, J. W., & Lee, B. G. (2014). Analysis of authentication methods for smartphone banking service using ANP. KSII Transactions on Internet & Information Systems, 8(6).

  13. Brar, T. P. S., Sharma, D., & Khurmi, S. S. (2012). Vulnerabilities in e-banking: A study of various security aspects in e-banking. International Journal of Computing & Business Research.

  14. Yang, Y. J. (1997). The security of electronic. In International Systems Security Conference, pp. 41–52.

  15. Yang, J., Cheng, L., & Luo, X. (2009). A comparative study on e-banking services between China and USA. International Journal of Electronic Finance, 3(3), 235–252.

    Article  Google Scholar 

  16. Zahid, N., Mujtaba, A., & Riaz, A. (2010). Consumer acceptance of online banking. European Journal of Economics, Finance and Administrative Sciences, 27(1).

  17. Geetha, K. T., & Malarvizhi, V. (2011). Acceptance of E-banking among customers: An empirical investigation in India. The Journal of Internet Banking and Commerce, 15(2), 1–17.

    Google Scholar 

  18. Deb, M., & Lomo-David, E. (2014). An empirical examination of customers’ adoption of m-banking in India. Marketing Intelligence & Planning, 32(4), 475–494.

    Article  Google Scholar 

  19. Lee, J. H., Lim, W. G., & Lim, J. I. (2013). A study of the security of Internet banking and financial private information in South Korea. Mathematical and Computer Modelling, 58(1–2), 117–131.

    Article  Google Scholar 

  20. Moga, L., Nor, K., Neculita, M., & Khani, N. (2012). Trust and security in e-banking adoption in Romania. Communications of the IBIMA, 1–10.

  21. Komb, F., Korau, M., Belás, J., & Korauš, A. (2016). Electronic banking security and customer satisfaction in commercial banks. Journal of Security and Sustainability Issues, 5(3), 411–422.

    Article  Google Scholar 

  22. Ranaweera, H. (2019). Risk of electronic payments of the banking sector in Sri Lanka: Case of Colombo district. 4(1).

  23. Rajaratnam, A. (2019). The factors influencing on internet banking adoption in Trincomalee District, Sri Lanka, Sri Lanka. International Research Journal of Advanced Engineering and Science, 4(1), 160–164.

    Google Scholar 

  24. Hasan, A. S., Baten, M. A., Kamil, A. A., & Parveen, S. (2010). Adoption of e-banking in Bangladesh: An exploratory study. African Journal of Business Management, 4(13), 2718–2727.

    Google Scholar 

  25. Jalal, A., Marzooq, J., & Nabi, H. A. (2011). Evaluating the impacts of online banking factors on motivating the process of e-banking. Journal of Management and Sustainability, 1(1).

  26. Abukhzam, M., & Lee, A. (2010). Factors affecting bank staff attitude towards E-banking adoption in Libya. The Electronic Journal of Information Systems in Developing Countries, 42(1), 1–15.

    Article  Google Scholar 

  27. Abdellatif, T., Jinene, C., & Khazmi, N. (2014). Une cartographie de la résistance à l’adoption du M-Banking en Tunisie [Mapping of resistance to the adoption of M-Banking in Tunisia]. 8(1).

  28. Halime, Z. F., & Kirmi, B. Etude de la résistance à l’adoption et l’utilisation de la banque mobile. Management Research.

  29. Floh, A., & Treiblmaier, H. (2006). What keeps the e-banking customer loyal? A multigroup analysis of the moderating role of consumer characteristics on e-loyalty in the financial service industry. SSRN Electronic Journal.

  30. Gunson, N., Marshall, D., Morton, H., & Jack, M. (2011). User perceptions of security and usability of single-factor and two-factor authentication in automated telephone banking. Computers & Security, 30(4), 208–220.

    Article  Google Scholar 

  31. Weir, C. S., Douglas, G., Richardson, T., & Jack, M. (2010). Usable security: User preferences for authentication methods in eBanking and the effects of experience. Interacting with Computers, 22(3), 153–164.

    Article  Google Scholar 

  32. Ahmad, D. T., & Hariri, M. (2012). User acceptance of biometrics in e-banking to improve security.

  33. Tassabehji, R., & Kamala, M. A. (2009). Improving e-banking security with biometrics: Modelling user attitudes and acceptance. In 3rd International Conference on New Technologies, Mobility and Security, Cairo, Egypt, pp. 1–6.

  34. Moeckel, C. Human-computer interaction for security research: The case of EU e-banking systems.

  35. Rifà-Pous, H. (2009). A secure mobile-based authentication system for e-banking. In On the Move to Meaningful Internet Systems: OTM, 5871, 848–860.

    Google Scholar 

  36. Hamidi, N. A., Mahdi Rahimi, G. K., Nafarieh, A., Hamidi, A., & Robertson, B. (2013). Personalized security approaches in e-banking employing flask architecture over cloud environment. Procedia Computer Science, 21, 18–24.

    Article  Google Scholar 

  37. Alsaiari, H., Papadaki, M., Dowland, P. S., & Furnell, S. M. (2014). Alternative graphical authentication for online banking environments.

  38. Elkhodr, M., Shahrestani, S., & Kourouche, K. (2012). A proposal to improve the security of mobile banking applications. 2012 Tenth International Conference on ICT and Knowledge Engineering (pp. 260–265). IEEE: Bangkok, Thailand.

    Chapter  Google Scholar 

  39. Islam Khan, B. U., Olanrewaju, R. F., Anwar, F., & Yaacob, M. (2018). Offline OTP based solution for secure internet banking access. In 2018 IEEE Conference on e-Learning, e-Management and e-Services (IC3e), Langkawi Island, Malaysia, pp. 167–172.

  40. Brodi, D., & Jankovi, R. (2016). Usability analysis of the specific captcha types. In International Scientific Conference, pp. 272–277.

  41. Hoonakker, P., Bornoe, N., & Carayon, P. (2009). Password authentication from a human factors perspective: Results of a survey among end-users. Human Factors and Ergonomics Society Annual Meeting Proceedings, 53(6), 459–463.

    Article  Google Scholar 

  42. Mridha, F., Nur, K., Kumar, A., & Akhtaruzzaman, M. (2017). A new approach to enhance internet banking security. International Journal of Computer Applications, 160(8), 35–39.

    Article  Google Scholar 

  43. Chandanshive, A., Sureka, A., Gongiwala, V., & Nalawade, A. (2018). Access control using 3 level authentications for e-banking. International Journal on Recent and Innovation Trends in Computing and Communication, 6(4).

  44. Shen, L., Zheng, N., Zheng, S., & Li, W. (2010). Secure mobile services by face and speech based personal authentication. In 2010 IEEE International Conference on Intelligent Computing and Intelligent Systems, Xiamen, China, pp. 97–100.

  45. Onyesolu, M. O., Odoh, M., Akanwa, A. O., & Nwasor, V. C. (2010). Robust authentication model for ATM: A biometric strategy measure for enhancing e-banking security in Nigeria. International Journal of Advanced Research in Computer Science.

  46. Bhosale, S. T. (2012). Security in e-banking via card less biometric. International Journal of Advanced Technology & Engineering Research, 2(4), 457–462 2(2250).

    MathSciNet  Google Scholar 

  47. Plateaux, A., Lacharme, P., Jøsang, A., & Rosenberger, C. (2014). One-time biometrics for online banking and electronic payment authentication. Availability, Reliability, and Security in Information Systems, 8708, 179–193.

    Article  Google Scholar 

  48. Darwish, S. M., & Hassan, A. M. (2012). A model to authenticate requests for online banking transactions. Alexandria Engineering Journal, 51(3), 185–191.

    Article  Google Scholar 

  49. Kumbhar, S., & Sahu, S. (2007). A new framework for online transaction using visual cryptography and steganography. International Journal of Innovative Research in Computer and Communication Engineering, 3(11), 11418–11422.

    Google Scholar 

  50. Yaseen Khudhur, D., Saad Hameed, S., & Al-Barzinji, S. M. (2018). Enhancing e-banking security: Using whirlpool hash function for card number encryption. International Journal of Engineering & Technology, 7(2.13).

  51. Thompson, L. (2003). Smart card authentication: Added security for systems and network access.

  52. Karia, A., Patankar, D. A. B., & Tawde, P. (2014). SMS-based one time password vulnerabilities and safeguarding OTP over network. International Journal of Engineering Research, 3(5).

  53. Al-Fairuz, M., & Renaud, K. (2010). Multi-channel, multi-level authentication for more secure eBanking.

  54. Alarifi, A., Alsaleh, M., & Alomar, N. (2017). A model for evaluating the security and usability of e-banking platforms. Computing, 99(5), 519–535.

    Article  MathSciNet  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. STIC Laboratory, Chouaib Doukkali University, El Jadida, Morocco

    Belbergui Chaimaa, Elkamoun Najib & Hilal Rachid

Authors
  1. Belbergui Chaimaa
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Elkamoun Najib
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Hilal Rachid
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Belbergui Chaimaa.

Additional information

Publisher’s Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Chaimaa, B., Najib, E. & Rachid, H. E-banking Overview: Concepts, Challenges and Solutions. Wireless Pers Commun 117, 1059–1078 (2021). https://doi.org/10.1007/s11277-020-07911-0

Download citation

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11277-020-07911-0

Keywords

Search

Navigation