PIN required for use of Internet Banking facility and to treat such as strictly confidential. To accept full responsibility for all transactions processed from the use of the Internet Banking facility. That the Bank has the authority to revoke the account holders right to give instructions to the Bank using Internet Banking facility, at any time, without prior notice.
Ethiopian banking system is one of the most underdeveloped compared to the rest of the world. In Ethiopia cash is still the most dominant medium of exchange and electronic-banking is not well known, let alone used for transacting banking business.
All banks in Ethiopia except Dashen Bank are too late to move with technological advancement and they should clearly chart out the time schedule for their integration and technological advancement.
Due to a pervasive and steadily growth of information and communication technology, the world banking industry is entering into new phenomena of unprecedented form of competition supported by modern information and communication infrastructure.
E-commerce has become a buzzword for companies over a couple of years with increased awareness about the use of computers and internet.
The Internet is the driving force for the growth of e-commerce. Statistics show that Africa is lagging behind in the adoption of E-commerce. However, according to Jensenthere is some e-commerce activity in Africa, with South Africa, Egypt, Morocco, and Tunisia taking the lead. Most rural areas in Africa, where the majority of small and medium businesses are concentrated, have no Internet facilities and thus are unable to engage in e-commerce activities.
According to Jensenmost countries in Africa, except South Africa, have Internet infrastructure only in their major cities. Recently, several African countries have already made progress in their e-commerce links to integrate them selves with the global connectivity roadmap Magembe, B A S and Shemi A P Existing trading relationships and service provision within the financial sector are undergoing rapid change with the development of new financial soft ware applications.
The rapidly growing information and communication technology is knocking the frontdoor of every organization in the world, where Ethiopian banks would never be exceptional.
Electronic Banking has been widely used in developed countries and is rapidly expanding in developing countries. In Ethiopia, however, cash is still the most dominant medium of exchange, and electronic payment systems are at an embryonic stage.
Thus this study is conducted with the following objectives. Independence refers to the ability of e-commerce methods to operate without installing specialized software. Interoperability and portability refers to the ability of forms of e-commerce to interlink with other enterprise applications and systems.
Security is an important consideration that encompasses the safety of the transfer and the chance of the transfer being intercepted. E-cards offer a number of benefits to the issuing banks and customers of the bank including: Despite a rapid increase in the number of financial institutions since financial liberalization, the Ethiopian banking system is still underdeveloped compared to the rest of the world.
Cash is still the most dominant medium of exchange. The use of checks is mostly limited to government institutions, NGOs and some private business.
Commercial banks in Ethiopia provide the same services with the same operational style that they used to offer before decades. The common banking functions provided by public and private banks in Ethiopia are deposit mobilization, credit allocation, money transfer and safe custody.
Banks in Ethiopia are unable to improve customer service, design flexible and customized products, and differentiate themselves in a market where product features are easily cloned. Ethiopian banking is unable to come from long way of being sleepy to a high proactive and dynamic entity.
The customers of Ethiopian commercial banks have missed to enjoy with the technological advancement in banking sector which has been entertained elsewhere in Africa and the rest of the world. E-banking which refers to the use of modern technology that allows customers to access banking services electronically whether it is to withdraw cash, transfer funds, to pay bills, or to obtain commercial information and advices are not known in Ethiopia.
In Ethiopia it is impossible to withdraw money with out presenting the pass book and money transfer as commercial banking service is allowed only in between branches of the same bank. However, from the public and the economy there is a strong need for strengthening linkages among banks in order to allow healthy flow of financial resources among financial institutions and optimize the contributions of the entire financial system to the development processes as whole.
The Ethiopian banking industry as a whole has a net work of branches at the end of the fiscal period ended in Junewhich is the lowest compared to the size of the country 1.
With such highly scattered branch network and disintegrated working system it is hard to ensure efficient flow of financial resources and optimize the contributions of the entire financial system to the development processes. All banks in Ethiopia are too late to move with technological advancement and they should clearly chart out the time schedule for their integration and technological advancement.
Some of the banks even today do not have information websites which can help them to provide at least the information on financial services offered by them. Every bank customer is highly dissatisfied by the disappointing status of financial development in Ethiopia. Even the time wasted in traveling for search of bank branches and the long waiting time to access the account is really disappointing.Commercial Bank, the only Sri Lankan Bank among the top Banks worldwide is known as the benchmark private sector bank in Sri Lanka.
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