Said Infosys marketing manager Puneet Kukreja: "We are looking forward to creating acceptability of internet culture, building the infrastructure for networking and adopting a web-mindset. Our main aim is to introduce internet technologies and imparting technical skills and participation in technical forums... we have provided technology to ICICI Bank, Global Trust Bank and UTI bank.

``We are also looking forward to IDBI Bank and discussions are in an advanced stage," Mr Kukreja said. The Infosys' banking business unit has over a decade of experience in banking technology.

Regarding the challenges and opportunities in internet banking, Mr Kukreja observed that most banks in the country were embracing the internet. Advanced on-line banking initiatives on bill presentation, B2B services and on-line trading are now available at many a bank.

According to Mr Kukreja, the cost of branch operations is increasing vis-a-vis the cost of internet banking. Technology can be used to deliver all banking services and e-business has to be a strategic imperative in any progressive bank.

To implement internet banking, various strategies need to be adopted such as infrastructure improvements, a new organisation structure and preparing the bank personnel for the Net age.

There are two development options: one being in-house development and the other that of deploying a ready product. The latter can be more easily implemented.

Issues in internet banking includes creating acceptability, generating returns form internet banking, and security. The main challenge lies in customer attraction, retention, and publicity is required to promote higher levels of usage. To generate returns, banks need to function in many areas ofbanking.

"... but the most important thing is to build a robust security architecture. Banks need to understand the risk and threat involved and deploy intrusion detection tools and audits regularly", Mr Kukreja said.

The e-commerce platform of Infosys is `BankAway' that empowers banks to harness the tremendous potential of internet technologies. `BankAway' has been chosen by five out of nine banks looking at offering internet-banking.

It provides a platform to offer and integrate a remote financial services portal to customers - one-click access to routine banking products and services like retail banking, bill payment, corporate banking, WAP and SMS banking.