Critical Thinking

(Booz to introduce internet banking in 1998. And

(Booz et al, 1997) stated that internet banking has brought
about a new vision in the banking industry. It is a totally different platform
for speed up communication and transactions of financial transactions for the
customers. Internet banking was introduced some 20 years back so that customers
do not have any problems if they can’t come to the bank for a simple
transaction. It was essential to introduce a service like internet banking so
as create awareness in customer’s minds to get the most out of this new
innovation for both the customers and the service providers. Now in 2017,
almost all the banks in Mauritius offer Internet Banking services. Some
examples of internet banking services that banks in Mauritius are offering are
mobile banking, transferring funds to other parties, loan applications and
checking bank account balances at any time of the day.

The Bank of
Mauritius defines internet banking as the products and services offered by
institutions on the internet through access devices, including personal
computers and other intelligent devices. (Bank of Mauritius’ guidelines on
internet banking, 2001). Mauritius Commercial Bank (MCB) ltd was the first bank
in Mauritius to introduce internet banking in 1998. And nowadays it has more
than 145,000 registered users for this service. 
According to a research done by Padachi et al., (2007), during the year 2006 just two main banks in
Mauritius had implemented and were offering online banking facilities to the
market and two additional banks were putting forth Internet banking. But
according to the Annual Report 2007 released in 2008 it is noted that the
adoption trend for internet banking has increased as eight banks were offering
this service by the end of 2007. And nowadays, there are sixteen banks in total
that offer Internet banking services. And they are: The Mauritius Commercial
Bank (MCB), State Bank of Mauritius (SBM), Banque des Mascareignes, Barclays,
and the Hongkong and Shanghai Banking Corporation (HSBC), Bank One, Deutsche
Bank, Bank of Baroda, MauBank, State Bank of India Mauritius Ltd (SBI), ABC
banking corporation, The standard Chartered Bank Mauritius, Habib Bank Ltd,
Standard Bank, AfrAsia Bank Ltd and Investec Bank.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Mauritius
adopts all desirable leading edge technologies in providing banking services to
its customers. According to the Bank of Mauritius Annual Report 2016, the
number of internet banking users increased by 27.8 per cent from 278,541 as at
end-June 2015 to 356,070 as at end-June 2016. Users benefited from a wide range
of online banking services provided by banks. Consequently the number of
internet banking transactions increased by 9.2 per cent from 533,719 as at end
-June 2015 to 582,876 as at end- June 2016, while the average value of internet
banking transactions increased from Rs267.8 billion as at end-June 2015 to
Rs369.8 billion as at end-June 2016, or by 38.1 per cent. (Bank of Mauritius
Annual Report, 2016).

x

Hi!
I'm Simon!

Would you like to get a custom essay? How about receiving a customized one?

Check it out