(Booz et al, 1997) stated that internet banking has broughtabout a new vision in the banking industry.
It is a totally different platformfor speed up communication and transactions of financial transactions for thecustomers. Internet banking was introduced some 20 years back so that customersdo not have any problems if they can’t come to the bank for a simpletransaction. It was essential to introduce a service like internet banking soas create awareness in customer’s minds to get the most out of this newinnovation for both the customers and the service providers. Now in 2017,almost all the banks in Mauritius offer Internet Banking services. Someexamples of internet banking services that banks in Mauritius are offering aremobile banking, transferring funds to other parties, loan applications andchecking bank account balances at any time of the day.The Bank ofMauritius defines internet banking as the products and services offered byinstitutions on the internet through access devices, including personalcomputers and other intelligent devices.
(Bank of Mauritius’ guidelines oninternet banking, 2001). Mauritius Commercial Bank (MCB) ltd was the first bankin Mauritius to introduce internet banking in 1998. And nowadays it has morethan 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 inMauritius had implemented and were offering online banking facilities to themarket and two additional banks were putting forth Internet banking. Butaccording to the Annual Report 2007 released in 2008 it is noted that theadoption trend for internet banking has increased as eight banks were offeringthis service by the end of 2007. And nowadays, there are sixteen banks in totalthat offer Internet banking services.
And they are: The Mauritius CommercialBank (MCB), State Bank of Mauritius (SBM), Banque des Mascareignes, Barclays,and the Hongkong and Shanghai Banking Corporation (HSBC), Bank One, DeutscheBank, Bank of Baroda, MauBank, State Bank of India Mauritius Ltd (SBI), ABCbanking corporation, The standard Chartered Bank Mauritius, Habib Bank Ltd,Standard Bank, AfrAsia Bank Ltd and Investec Bank.Mauritiusadopts all desirable leading edge technologies in providing banking services toits customers. According to the Bank of Mauritius Annual Report 2016, thenumber of internet banking users increased by 27.
8 per cent from 278,541 as atend-June 2015 to 356,070 as at end-June 2016. Users benefited from a wide rangeof online banking services provided by banks. Consequently the number ofinternet 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 internetbanking transactions increased from Rs267.8 billion as at end-June 2015 toRs369.8 billion as at end-June 2016, or by 38.1 per cent.
(Bank of MauritiusAnnual Report, 2016).