SRS Documantation : Online Banking System.(BCS-051 | MCS-213)

Develop SRS for a ‘‘Online Banking System.’’ Make necessary assumptions.

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• MCS-022 : Previous Year Paper Solutions(2021)

• MCS-022 : Previous Year Paper Solutions(2022)

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Software Requirements Specification (SRS) for Online Banking System

1. Introduction

The Online Banking System is a web-based application that enables users to access and manage their bank accounts securely over the internet. It provides a range of banking services, including account management, funds transfer, bill payments, and transaction history. This document outlines the functional and non-functional requirements of the Online Banking System.

2. Assumptions

• The Online Banking System will be developed as a web-based application accessible through standard web browsers and mobile devices.
• The target users of the system include individual customers and businesses with valid bank accounts.
• The system will interact with the bank's existing core banking system and integrate with external payment gateways for transactions.
• The system will comply with industry-standard security protocols to ensure the confidentiality and integrity of user data.

3. Functional Requirements

3.1 User Registration and Authentication

• The system shall provide a user registration process allowing customers to create new accounts by providing necessary personal and contact information.
• The system shall implement a secure authentication mechanism to verify user identities during login, using methods such as usernames, passwords, and multi-factor authentication.
• The system shall enforce password complexity rules and support password reset functionality.

3.2 Account Management

• The system shall allow users to view account details, including balances, transaction history, and interest rates.
• Users shall be able to create and manage multiple bank accounts, such as savings accounts, checking accounts, and credit card accounts.
• The system shall provide options to update account information, such as contact details and email preferences.
• Users shall have the ability to link external accounts for funds transfer and integration with financial management tools.

3.3 Funds Transfer

• The system shall enable users to transfer funds between their own accounts or to other bank accounts, including both internal and external accounts.
• Users shall be able to schedule one-time or recurring transfers with options for immediate or future execution.
• The system shall support transfer validation, including verifying account balances, transaction limits, and beneficiary details.
• Users shall receive notifications or email confirmations for successful fund transfers.

Bill Payments

• The system shall allow users to pay bills online, including utilities, credit card bills, loans, and other services.
• Users shall be able to add and manage payees, specifying their account details, billing information, and payment amounts.
• The system shall support scheduling one-time or recurring bill payments and provide reminders for upcoming due dates.
• Users shall receive confirmation notifications for successful bill payments.

3.5 Account Statements and Notifications

• The system shall provide electronic account statements, allowing users to view and download transaction history for a specified period.
• Users shall be able to customize their notification preferences, receiving alerts for specific account activities, such as balance thresholds, transaction notifications, and account updates.
• The system shall send notifications via email, SMS, or in-app notifications based on user preferences.

3.6 Customer Support

• The system shall provide a customer support feature, allowing users to submit inquiries, complaints, or requests for assistance.
• The system shall assign unique reference numbers to support tickets and track their status.
• The system shall notify users of ticket updates and provide a history of interactions with the support team.

4. Non-Functional Requirements

4.1 Security

• The system shall implement secure transmission and storage of sensitive user data, including encryption and secure socket layer (SSL) protocols.
• User authentication and session management shall adhere to industry best practices, protecting against unauthorized access.
• The system shall have mechanisms to detect and prevent fraudulent activities, such as account hacking or identity theft.

4.2 Performance

• The system shall handle a high volume of concurrent users without significant performance degradation.
• The response time for essential tasks such as login, balance inquiry, and fund transfers shall be within acceptable limits (e.g., less than 2 seconds).

4.3 Usability

• The system shall have a user-friendly interface with intuitive navigation and clear instructions for different banking operations.
• The design shall be responsive, providing a consistent experience across different devices and screen sizes.
• The system shall support accessibility standards, ensuring usability for users with disabilities.

4.4 Availability and Reliability

• The system shall have high availability, minimizing downtime for maintenance and ensuring 24/7 access to banking services.
• The system shall implement backup and recovery mechanisms to protect against data loss and system failures.

4.5 Compatibility

The system shall be compatible with major web browsers and mobile operating systems to accommodate a wide range of users.

5. Constraints

• The Online Banking System shall comply with relevant banking regulations and security standards.
• The project should be completed within the allocated budget and timeline.

This Software Requirements Specification (SRS) provides an overview of the features and functionalities expected from the Online Banking System. It serves as a foundation for the development team to design, implement, and test the system, ensuring a secure and user-friendly online banking experience for customers.