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How institutions of internet banking are
set up
A few internet banking institutions are
set-up by large firms while the others
are set-up by small companies. Though
you may not want to set up an online
banking operation, it is interesting to
know the process of setting it up. In
order to organise an internet banking
firms, the first step is to assemble at
least a five member group. These
assembled people will be included as
board of directors. One member will be
elected as the CEO. These members will
intensely be involved in forming the
work processes of the online bank.
Once the members are brought together,
the next step is to select a name for
their online banking firm. This name
should not only be easy to remember but
also needs to be catchy. The one factor
that needs to be considered while naming
a company it that the selected named has
to be original. Selecting a name that
doubles up as the domain name is
preferred. Moreover, the chosen name
should satisfy certain guidelines and if
the chosen name is similar to another
firm for online banking institution, the
founders cannot go ahead and trademark
this name.
The US Patent and Trademark office has
to be visited to get a selected name
trademarked. Only one application form
needs to be filled. After this is done,
the form is submitted and a fee is paid.
After this, the members need to wait for
the name to be approved. A case for
trademarked name can be made through
e-mails. If everything is fine then the
selected name will be trademarked.
The founders of the bank can now move
forward toward web-hosting services.
Also, a website can be set up which can
be publicly accessed. Professionals can
be called for in order to make the
firm’s website. The website will be
regarded as the backbone of the online
banking business by the customers.
Professional website designers should
maintain highest level of security while
designing an online banking site. The
security should include features such as
adequate firewalls, secured socket
layering and 128-bit encryption.
Keeping in mind the preferences of a
customers, there are other factors that
need to be taken into consideration
while designing an inline banking
website. More customers can be brought
in if the website is eye-catching.
Moreover, navigating around the website
should be easy. Copyright infringement
should be kept in mind so that no things
are directly copied onto the site.
After this, a charter must be formed by
the group. The group needs to acquire an
online banking charter from OCC or the
Office of Comptroller of Currency. This
process is a lengthy one with the
involvement for a lot of information and
paper work. The board of directors will
be advised about the best way to submit
the charter application by the OCC. The
OCC will then evaluate all the details
put together by the online banking
partners about their proposed policies
and their current financial situation.
If the charter is granted by OCC, the
bank can go ahead and open its doors to
the customers.
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