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Online banking is not restricted to Web banking but also includes ATMs, Tele-phone banking, Mobile banking, and TV banking. It involves 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings
accounts. But online banking involves many different types of transactions, rights, responsibilities. The role of technology in supporting the online banking function has become increasingly complex. IT operations which are stored in a computer data center with user connections through terminals have become more dynamic and include distributed environments, integrated applications, telecommunication options, Internet connectivity, and an array of computer operating platforms. As the complexity of technology is grown, banks have increased their reliance on vendors, partners, and other third parties for variety of technology solution and services.
Disaster might occur anytime, so we must be prepared. Depending on the size and nature of the Online Banking service, we design a plan to minimize the disruption of disaster and make sure that our Online Banking services remain competitive. Online Banking services completely involves Information Technology (IT), and with its emergence in e-business, many services can’t even survive without operating 24 hours per day and 7 days a week. A single downtime might means disaster to the complete business. Therefore the traditional Disaster Recovery Plan (DRP), which focuses on restoring the centralized data center, might not be sufficient. A more comprehensive and rigorous Business Continuity Plan (BCP) is needed to achieve a state of business continuity where critical systems and networks are continuously available. Though there are high number of advantages of Online Banking but we must also accept that computerized operations involving Interne services are one such area where BCP is most critical and and any failures will have consequences and impact all over the organization. This is the fundamental reason of having BCP in Online Banking services. BCP will involve certain pre-event costs (planning), certain during event costs and certain post event costs. The cost to be incurred and what efforts need to be made will wholly depend on what functions need to be targeted. The main feature of any business is to get maximum output in minimum input so budgeting strategies for the costs and BCP strategies will go together.