Electronic Banking in Bangladesh: Potential and Constraints

Md. Moktar Ali* Rafiuddin Ahmed** Arifur Rahman*** Md. Moshiul Azam****
Abstract: In this age of information technology, electronic communication is the cornerstone of a country for its business, every government agency and economy. Modern banks play a pivotal role in promoting economic advancement of a country. Electronic banking is a modern banking system that delivers the new and traditional banking products and services to the customers electronically. Electronic banking systems allow business parties or individual to pay directly or to debit accounts via telecommunication systems. It provides users, working with a home computer attached by network to their bank, with the ability to authorize payments, reconcile accounts, and access a variety of other banking services with the help of ATM (Automated Teller machine), visa card, master card, Q-cash, E-cash, Ready cash, mobile, internet etc. This paper represents the scenario of electronic banking in Bangladesh how it is up surging, makes our country with more state of the art facilities and also highlights some drawbacks and recommendations of overcoming the drawbacks of electronic banking.

INTRODUCTION
Electronic banking as a segment of electronic business, which, in turn, encompasses all types of business performed through electronic networks. Electronic channels are used for both business to-business and business-tocustomer transactions, such as ordering goods, delivering software or paying for such transactions. E-banking is considered to be a segment of e-business to the extent that banks are involved in the conduct of business transactions via electronic media; other non banking financial products and services (e.g. insurance), not to mention products and services from other sectors of business, may be sold electronically as well (Deutsche Bundes bank Monthly Report, December, 2000) Electronic banking plays a vital role in the economic development of a country .Due to immense advances of information and communication technology
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Assistant Professor, Department of Marketing, University of Dhaka Lecturer, Department of Marketing, University of Dhaka *** Lecturer, Department of Marketing, University of Dhaka **** Assistant Professor, Department of Marketing, BCIC College, Dhaka
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(ICT), it certainly introduced new dimensions for the global E-banking community. It provides some attractive features for the customers than those offered by traditional banking system such as to open an account; it takes less time than traditional system. Other services offered like free fund transfer and free payment cards etc. (http://www.american.edu/initeb/rw9257a/banking.htm) In case of traditional banking system a fund transfer, for instance, used to take several days whereas electronic banking is capable to perform the same operations within few seconds. Customers are getting better services now because of the development of ICT in E-banking and so bank now can perform its function with high speed and accuracy. METHODOLOGY The data for this paper have been collected both from primary and secondary sources of information. Primary data have been collected from the different banks of Dhaka City, Bangladesh through questionnaire and secondary data have been collected from various published materials and Internet resources in 2007. Major findings of the study are represented in the tabular and text format. OBJECTIVES The objective of this paper are as follows: To describe the different types of electronic banking system To highlight the importance of electronic banking To give the status of electronic banking system in Bangladesh To give the idea of different electronic payment system of electronic banking To identify the problem areas of electronic banking in Bangladesh To measure the customer satisfaction of the electronic banking in Bangladesh by talking with industry experts and bank officials. To make the necessary recommendations to solve the problems of electronic banking system. Types of electronic banking The terms PC banking, online banking, Internet banking, Telephone banking or mobile banking refer to a number of ways in which customers can access their banks without having to be physically present at the bank branch.

Electronic Banking in Bangladesh: Potential and Constraints

E-banking may be understood as term that covers all these ways of banking business electronically(Leow, Hock Bee 1999). Tele-banking Tele-banking service is provided by phone. To access an account it is required to dial a particular telephone number and there are several options of services. Options included Checking account balance Funds transfer between current, savings and credit card accounts Bill payments Stock exchange transaction Receive statement via fax Loan payment information (http://www.csboak.com/telebank.htm) PC Banking The increasing awareness of the importance of literacy of computer has resulted in increasing use of personal computers through the entire world. Furthermore, incredible plummet of cost of microprocessor has accelerated the use of computer. The term PC banking is used for banking business transacted from a customers PC. Using the PC banking or home banking now customers can use their personal computers at home or at their office to access their accounts for transactions by subscribing to and dialing into the banks Intranet proprietary software system using password. Types of PC Banking Basically, there are two types of PC banking. The first type is online banking, in which bank transactions are conducted within closed networks. The customer needs specialized software provided by his bank. The second type is Internet banking, which German banks have been offering since the mid-nineties, although the only product they were offering at the time was information. Unlike closed networks, Internet banking permits the customer to conduct transactions from any terminal with access to the Internet. Internet Banking Internet banking would free both bankers and customers of the need for proprietary software to carry on with their online banking transactions. Customer behavior is changing rapidly. Now the financial service is characterized by individuality, independence of time and place and flexibility.
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These facts represent huge challenges for the financial service providers. So the Internet is now considered to be a strategic weapon for them to satisfy the ever-changing customers demand and innovative business needs.

Fig: Types of E-banking Adequate legal framework and maximum security are the two essential factors for Internet banking. The comprehensive security infrastructure includes layers of security from the network to the browser, including sophisticated encryption that protects customers from intrusion when they access the bank over the public network. Actually mobile banking is a variation of Internet banking. Mobile banking is a good example of how the lines between the various forms of e-banking are becoming gradually blurred. Due to the new transmission technologies such as WAP (Wireless Application Protocol), portable terminal like mobile phones, personal digital assistant (PDA) or small hand-held PCs are providing bank customers with access to the Internet and thus paving the way to Internet banking (Islam, Monirul, March 06, 2005). It assures immense flexibility and makes the financial services independent of time and place. However, the use of mobile banking is still in a nascent state. The slower transmission speed of the WAP standard and the limited amount of information available are just two of the factors inhibiting the use of those terminals.
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Status of Computerization and Electronic Banking System in Bangladesh There are a total of 49 scheduled public and private banks in the country. Here there are four state owned commercial banks (Nationalized Commercial BanksNCBs) have 3496 branches, five specialized banks (DFIs) have 1311 branches, 30 local private commercial banks (Private Commercial Banks-PCBs) have branches of the scheduled banks in the country. The banking system of our country, depending on computerization can be classified into three categories: (i.)Completely computerized (ii.) Partially computerized (iii) Not computerized. Standard Chartered Grindlays Bank Ltd., City Bank NA, American Express Bank, HSBC etc are completely computerized banks in our country. All privates and state owned banks are partially computerized and not computerized. The overall picture of computerization in the banking sector of our country presented in the following table (Raihan , 2001). Table-1 Computerized Branches in different types of Commercial Banks Branches with various facilities Availability in Banks NCBs PCBs FCBs Computerized Branches 19% 38% 100% Number of Branches Linked within 3% 1% 76% branches Number of Branches Linked with other 0.86% 22% 76% branches The overall computer density in the banking sector is 1.64. For foreign commercial banks (FCBs) the computer density is 45.34, where as for NCBs the ratio is only 0.41. The specialized bank scenario is almost same as the NCBs, 0.43. On the other hand, private commercial banks have comparatively higher ratio, 4.94. As a whole 81.81 percent bank does not have any local area network (LAN), 30 percent have WAN (Wide Area Network) but for some banks many branches are outside of WAN connectivity. At present, all of the foreign banks of our country are using online banking system, they are invested a lot for their automation banking services. For this reason, they are increasing market share every year. They are the pioneer of implementing electronic banking systems in Bangladesh, but now most of the private banks of our country are using electronic banking systems.

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Recently a number of commercial banks of Bangladesh have become the member of Belgium based Society for Worldwide Interbank Financial Telecommunication (SWIFT). For international payment settlement 33 percent of banks are using now SWIFT. With the activation of the SWIFT system banks enjoy instant, low-cost, speedy and reliable connectivity for L/C transmission, fund transfers, message communication and worldwide financial activities. Earlier only foreign banks of this country were availing this facility (Rahman, A, 2001). In our country different banks are offering electronic banking services in different ways, some are offering ATM (Automatic Teller Machine) services, some are tele-banking and some are electronic fund transfer, debit card, credit card etc. The following table shows the different electronic banking services in our country (Raihan, A, 2001). Table-2 Electronic Banking Services in Bangladesh [% of Banks] Electronic Banking Services 2004 2005 2006 Tele Banking 35 46 54 Online corporate banking ---17 28 Electronic Fund Transfer 27 25 36 ATM 25 34 48 Credit card 10 23 ----Debit card --13 28 Merchant account service to merchant ---13.8 21 Internet Banking --16 22 The above table shows the different electronic banking services are increasing day by day in Bangladesh. Name of Some Electronic Banks in Bangladesh: Actually cent percent online banking is not available in our country. There are some banks that provide online and manual electronic banking services. The names of the some banks, type of services, electronic payment and their web addresses are given in the following table (http://www.bangladesh-bank.org/).

Electronic Banking in Bangladesh: Potential and Constraints

Name of the Banks Agrani Bank Arab Bangladesh Bank Ltd BRAC Bank Ltd. Bank Asia Ltd Dutch-Bangla Bank Ltd. Dhaka Bank Ltd. Eastern Bank Ltd. HSBC Ltd

Type, Services and Payment method. ATM member of E-cash Q-Cash, Member of shared ATM, Visa Electron and visa credit card Internet Banking, ATM Service, member of SWIFT Member of ATM in E-cash, SMS banking etc Internet Banking, ATM & Qcash, Credit card, Debit card etc. Member of E-cash Internet Banking, ATM & Qcash, Debit card etc. Full online transaction, Easy pay, ATM, Credit card, Mobile banking etc Some online Branch, Member of ATM E-cash Debit card, Ready Cash ATM service ATM Service

Web Address Http://www.agranibank.org/ http://www.abbankonline.com/

http://www.bracbank.com/ http://www.bankasia-bd.com/ http://www.dutchbanglabank.co m/ http://www.dhakabank.cm.bd/ http://www.ebl-bd.com/ http://www.bd.hsbc.com/bd/ho me.htm http://www.islamibankbd.com/ http://www.janatabank-bd.com/ http://www.jamunabankbd.com / www.mblbd.com

Islami Bank Bangladesh Ltd. Janata Bank Jamuna Bank Ltd. Mercentile Bank

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Name of the Banks National Bank Ltd. NCC Bank Ltd. Pubali Bank Ltd. Prime Bank Ltd. Rupali Bank Limited Standard Chartered Grindlays Bank Ltd. Sonali Bank SouthEast Bank Limited State Bank of India Social Investment Bank Ltd. Shahjalal Islami Bank Ltd. Commercial Bank of Ceylon Limited.

Type, Services and Payment method. ATM service Syndicate Banking, E-cash Q-Cash service Online for valued client, Master card etc

Web Address http://www.nblbd.com/ http://www.nccbank-bd.com/ http://www.pubalibangla.com/ http://www.prime-bank.com/ http://www.rupali-bank.com/

Fully online transaction, ATM, Credit card, Debit card etc

http://www.standardchartered.c om/bd/

Syndicate banking, ATM member of E-cash Online checking account, Syndicate Banking , ATM member of E-cash Syndicate Banking, ATM member of E-cash Online services, Automated Accounting etc. ATM service

http://www.sonalibank.com.bd/ http://www.southeastbankbangladesh.com/ http://www.statebankofindia.co m/ http://www.siblbd.com/

http://www.shahjalalbank.com. bd/ www.combank.net

Types of Electronic Payment system Electronic payments are services that allow business parties to pay directly or to debit accounts via telecommunication systems. This area is frequently called Electronic Fund Transfer (EFT), but that term is best reserved for credit transfers between banks where funds flow directly from one bank account to another (Jaiswal, S., 2000). Electronic payment system fall into a number of categories: Payment via customer accounts or direct settlement with the provider in closed on line services,
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Electronic direct debit systems, Credit card-based systems and System which utilize virtual memory

SET: Secure Electronic Transaction (SET) is an emerging standard for secure electronic commerce, developed and approved by a group of companies including VISA, Mastercard , American Express, Netscape and Microsoft. SET uses encryption technology similar to the Secure Sockets Layer (SSL), but also includes the use of digital certificates(http://www.aibn.com) Features of SET Post-paid (Credit card-based) Divisibility not relevant Partially anonymous Less suited small payment due to the complex protocol Smart card can be used anywhere, pure software variant more difficult. Designed for online operation, but also be used offline to some extent. Suitable for spontaneous purchases, provided the credit card is widely used. Relaying only through intermediary International, based on conventional means of payment. E-cash E-cash is the payment transaction protocol of the DigiCash company, under which digital coins are exchanged over the Internet. E-cash is closely related to the CAFE smart card payment system also developed by David Chum. In Germany the E-cash system is offered by the Deutsche Bank. As with electronic purses and stored value cards, the customer receives electronic coins in return for an upfront payment. These coins can then be used on Internet to purse goods. An account is created for the coins with a digital bank, and the customer can withdraw and pay in his electronic coins at this bank. The customer is provided with the software needed to operate E-cash and this he uses to store and spend his money (http:www.bsi.de/literat/ecomerz/ecom_es.pdf)

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Features of E-cash Pre-paid Similar to coin Partially anonymous Specially designed for small cash payments Smart card can be used anywhere, pure software variant more difficult. Designed for online operation, but can also be used offline to some extent. Only suitable for spontaneous purchases if the system is widely used. Purchaser must have loaded sufficient E-cash, seller must be able to process E-cash payments. The system is designed to accommodate relay from customer to customer; however in current implementations the coins must be forwarded via intermediaries. International use is possible, but currently the system is only implemented at national level. CyberCash The generic term CyberCash covers essentially three different electronic payment systems: A credit card-based system, under which the relaying of credit card information is secured through encryption. The SET protocol is used here. A debit card-based payment system, under which the customer issues a written collection authorization to CyberCash GmBH and then make purchases from vendors who have a contractual relationship with CyberCash. CyberCoin pre-paid payment system for small cash payments. CyberCash is offered by various American banks and I Germany by a banking consortium whose members include Dresdner Bank, Sachsen LB, WestLB and Commerzbank. For each of the three systems supported by CyberCash a potential customer must first apply in person at the local branch of a bank to use the system. This entails the customer giving his name, address, and bank account details, which are passed to CyberCash GmbH in the event that authorization is subsequently
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granted. In the case of CyberCoin system and the debit card-based variant, the customer must also sign a collection authorization. Features of CyberCoin Pre-paid Divisible account-based. Not anonymous Suitable for small cash payments. Smart card can be used anywhere, pure software variant more difficult. Designed for usage online Suitable for spontaneous purchases if payment method sufficiently widely used. Relaying only through intermediary. International, but at present national implementations are not compatible with each other. Direct debit variant Under the electronic direct debit(edd) card-based payment system, the customer issues a written collection authorization to CyberCash GmbH and can then make purchases from vendors who have a contractual relationship with CyberCash. When the customer wishes to buy something, the vendors software sends the customer a demand for payment which also contains a collection authorization. After that, the exchange of data is essentially the same as with the CyberCoin system, except that in this case a collection authorization is relayed. Similarly, the payment data is only transmitted in encrypted form. Credit card payments Under CyberCash, credit card payments are secured using the SET protocol, under which encryption and a digital signature are used to protect credit card transactions. Features of Cyber Coin Pre-paid Divisible, account-based. Not anonymous. Suitable for small cash payments. Smart card can be used anywhere, pure software variant more difficult. Designed for usage online.
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Suitable for spontaneous purchases if payment method sufficiently widely used. Relaying only through intermediary International, but at present national implementations are not compatible with each other.

First Virtual (FV) First Virtual offered an interesting variant of an electronic payment, which operated entirely without the use of cryptography. Moreover, customers required no special software or hardware in order to be able to use the system. An additional significant feature of First Virtual was the right to return the goods after purchase, which was granted to customers. After considerable initial success, First Virtual was discontinued in July 1998. Customers were recommended to switch to the CyberCash system. Electronic Payment methods of E-Banking in Bangladesh In Bangladesh, the growth of credit card market has been very high for last couple of years. At present, the different electronic banks are using different types of electronic payment methods. The different payment methods are as follows: ATM (Automatic Teller Machine), E-cash, Q-cash, Ready cash, MoneyGram etc. ATM has unveiled the horizon of Electronic Banking of 21st Century. Through ATM, customer can avail non-stop online teller service without going to the specific branch of the member bank. The facilities of ATM card are given below ATM card holders can withdraw cash from ATM at any time. Customers can make transactions from any of the machines with logo E-cash installed at different places in the city. Utility bills like WASA, TITAS, DESA, BTTB, Grameen, AKTEL, and City Cell phone bill etc can be paid through ATM. Now different customer of different banks can deposit their monthly installment of their deposit schemes. The machines are located in convenient places where customers usually deal with money matters. So they can easily avoid risk of cash carrying by using ATM card.
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These services are now offered by eleven member banks of Bangladesh with the help of Electronic Transaction Network (ETN) Ltd .The following table shows the some ATMs booths of different electronic banks of Bangladesh (www.islamibankbd.com/page/atm.htm).

Dhaka City Address Mirpur-10, Mikram Plaza Hossain Tower Section-7 774, Satmaszid Road, Dhanmondi Kakrail, IBBL Central Hospital Hosaf Tower, Malibag, Circle House#2,Road#11,Near chili Restaurant

Area/Location Mipur Uttara Dhanmondi VIP Road Mouchak Dhanmondi

Bank Islami Bank National Bank National Bank Islami Bank Islami Bank South East Bank

Address Area/Location Bank Rapa Plaza, Mirpur Road Dhanmondi South East Bank 73/B, Kamal Ataturk Avenue Banani Dhaka Bank Uttra South, Sector#4 Uttara Dhaka Bank IDB Bahaban, Computer City Sher-e-Bangla Nagar, Dhaka 85, Gulshan Avenue Gulshan National Credit &Commerce Bank 111-112, Motijheel C/A Motijheel Bank Asia 47, Motijheel C/A Motijheel Commercial Bank of Ceylon House#73, Gulshan Avenue Gulshan Commercial Bank of Ceylon National Press Club Topkhana Agrani Bank Road Address Area/Location Bank Rangs Bhaban Bijoy Saranai Bank Asia ICDDRB Mohakhali Agrani Bank Sylhet City Dorga Gate, Chouhatta Amberkhana Bank Asia
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288, Taltola Chittagong City Agrabad C/A Yunusco Centre

Taltola Agrabad GEC Circle

Islami Bank Commercial Bank of Ceylon National Credit & Commerce Bank

Customer Satisfaction of Electronic Banking According to J Power, online banking is the preferred transaction method among banking customers. One reason is that online banking is faster than visiting a bank and standing in line to see a bank teller. Before 5 years the banking services were based on branch. People were served from the bank where they have accounts. They had not the option to draw money wherever they like. But at present most of the banks are under the network and anyone can draw money wherever he likes. Suppose if anyone opens an account in Dhaka bank in any branch then he is ordained to withdraw the cash even from belkuchi, Sirajgonj branch or anywhere from any branch of Dhaka bank. The balance of clients account is kept on line and within a fraction of second he may debit or credit it from anywhere of the country. So it is a great opportunity for him. We need not carry the money with us if we even travel to remote areas. Just deposit the money in our account and withdraw it wherever we need. People are enjoying these facilities recently. Now they need not to be worry for their cash handling with taking great risk like snatching or highjacking. On the other hand people can withdraw their money through ATM card and wherever they need. It depends on the availability of the ATM booths. Earlier people had the opportunity to withdraw cash during the transaction period of the respective branch where they have account. But now you are entitled the opportunity to withdraw cash at any time like evening, night or even at midnight. The banks call it any time banking. People may draw money at their convenient booth while wandering in the busy town. The inaugural study focuses on performance among the nations largest banks via Customer satisfaction. We know- Customer satisfaction= When products performances matches with the customers expectation level. Whenever the banks advertise or promise that people may be able to get these services, then the expectation level of the customer rises sharply and wants to
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get that benefit from the banks. If the banks fail to mitigate the requirement of the customer then dissatisfaction occurs. The services are E-payment E-cash facilities 24/7 day services Bills paying ATM facilities SMS banking -(Access financial information at fingertips) Access the account information any time from anywhere Request for check book and account statement Make cheque status enquiry Place stop- cheque instruction Make utility bill payment Internet banking E statement: Easy of access Multiple mailing ( Mailing to more than one mail address) The Real Phenomena in Our Country In our country people are satisfied with their banks ATM, Internet, SMS banking facilities. Now people free less tension to transfer their money from Dhaka to Chittagong or even where the banks are on lined. They need not carry the money whenever go for shopping. They can use Visa Card, Master Card and they are able to draw money from the nearest booth of market through ATM Card. The cards are like Plastic Money as the bankers say it. There are Some Discrepancies Also In many cases people have some complaints also. Sometimes it is common thatATMs fall short of money Slow bandwidth of internet may delay the transfer rate. (radio link and cable are used for internet) Bankers make delay to provide PIN number whenever client lose his Credit or Debit card Charges are higher for the card. Measuring all the factors we may tell it in a nut shell that people should be satisfied cause their problem have been lessened and now they need not wait in
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a queue to deposit or withdraw the money. They even pay their mobile phones bills and all utility bills through SMS. The average online transaction takes less than three minutes to complete, compared to over seven minutes of combined wait and transaction time with a branch teller. Products once offering only via brick and mortar banks are now offered through their online services, such as free checking and above mentioned facilities. Scope of Electronic Banking in Bangladesh: The infrastructure of a country is very important for implementing electronic banking. For electronic banking major cost is to setup backbone network. Fortunately Bangladesh Railway has a high-speed optical fiber network parallel to the railway path owned by Bangladesh Railway. Its total capacity is about 2.5 gigabits per second. This fiber optic network covers almost every important parts of the country (Islam, Monirul, March 06, 2005). Bangladesh has been connected with the information superhighway on the 20th May, 2006). It is a landmark of ICT sector of Bangladesh. The cable network covering some 786 miles across the country from the Bay of Bengal will provide a fiber-optic link with a data transfer capacity of 10 gigabits per second compared to the 150 megabits per second bandwidth now used by the stateowned BTTB and dozens of private Internet Providers. The following figure shows the growth of Internet users of our country (Awal, Mohammad, 2004).

Fig: Internet user growth in Bangladesh

From the figure we see that the Internet users of our country are increasing every year. After connecting with the information superhighway, the total country will be connected by fiber optic backbone, certainly it will be a milestone for infrastructure of implementing electronic banking in Bangladesh. In Bangladesh most of the banking hardware are available. The hardware available for electronic banking is entirely procured from foreign origins with a local distributor. Electronic banking operation hardware includes; servers,
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workstation, printers, scanner ATM, POS terminals, etc and networking hardware includes switch, Router, V-SAT connectivity etc. All hardware is available in our country. At the head office level 95.45 percent of banks use banking software, 46 types of different types of software are in use in different banks in Bangladesh. Among the banking software used in the banks 51.47 percent have been developed in house, 47.06 percent are off-the-shelf [OTS], only 1.47 percent are using both OTS and in house software (Rahman, 2001). Majority of the software are developed locally both for cost reason and convenience with the local business practice. Constraints of Electronic Banking Bangladesh Emergence and growth of electronic banking of a country depends on the following factors i)Availability and growth of telecommunication infrastructure ii) ICT penetration in electronic banking sectors iii) Culture of using electronic banking and iv) legal and regulatory framework. Bangladesh is the lowest deledensity country of Asia Pacific region in 1999 (38th among the 40 countries) (Khan A.S. 2001). This is a major constraint of electronic banking in Bangladesh. In our country, the users of electronic banking are in urban areas but most of the people of our country live in villages and the infrastructure of villages is not suitable for electronic banking. However, the people of villages are illiterate and they are not habitude of using electronic banking. Conclusion and Recommendations In this age of information technology and competitive world, banking sectors should be modernized. In order to keep pace with the changing world we have to replace our traditional banking systems by electronic banking systems. It has been found that local private and state-owned banks are not doing well as compared to foreign banks. Foreign banks are using new technology and they are earning more. The banking sectors of our country should use electronic banking system so that they can provide more services to their customers and earn s sustainable amount of money to support the national economy. The Bangladesh Association of Software and Information Services opined that banking sector could play a vital role in developing local software markets to the tune of USD170 million if the banking sector was computerized. The earlier discussion confirms the idea that electronic banking system could make immense contribution to the economic development of our country. For achieving the best possible results from the electronic banking system we can offer some recommendations. These are as flows:
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The whole country should be connected under fiber optic backbone for electronic banking infrastructure as soon as possible. Electronic banking sector depends on telecommunication and Internet services. So government should implement the National ICT policy 2002 as quickly as possible. Government should provide legal framework for electronic commerce, so that domestic and international trade is allowed to expand their horizon and basic rights such as privacy, intellectual property, prevention of fund and customer protection can be taken care of. We should develop in house software for our banking system. So it will be cost effective. BTTB should utilize their extensive network so that the corporate users can connect their banks and major business institutions. The corporate lines provided by the BTTB are suitable for e banking and e-business, in the sense of reliable data transfer and suitable price. Every transaction should have some desirable properties like Authenticity, confidentially, Unforgivable, Integrity and not reusable.

REFERENCES Electronic banking from a prudential supervisory December). Deutsche Bundesbank Monthly Report. perspective.(2000,

E-banking, URL: (http://www.american.edu/initeb/rw9257a/banking.htm) Leow, Hock Bee (1999). New Distribution Channels in banking Services. Bankers Journal Malaysia, No. 110 Web site: http://www.csboak.com/telebank.htm Islam, Monirul,( March 06, 2005) Proposed ICT infrastructure for E-banking in Bangladesh. Published in web site: http://www.dsv.su.se/research/seclab/pages/pdf-files/2005-x-254.pdf Raihan A. 2001. Computerization and IT in the Banking Sector of
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Bangladesh: Hindrances and Remedies. A paper presented in the National Seminar organized by BIBM, June 09, 2001. Rahman, Ananya, (October,2001) The State of E-Finance in Developing Countries: Bangladesh Perspective A Paper presented in Expert Group Meeting on Improving Competitiveness of SMEs in Developing Countries: Role of Finance, including E-finance to Enhance Enterprise Development Web site: http://www.bangladesh-bank.org/(S.Jaiswal, 2000). E-commerce Electronic communication for business Galgotia Publications Pvt. Ltd p14 Web site : (http://www.aibn.com/help/Advisories/set.html) Web site: http://www.bsi.de/literat/ecomerz/ecom_es.pdf Awal, Mohammad (2004), A Framework of Business Generation for BTTB* Using Existing Infrastructure, P-4.

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