Functional requirements of Online Banking System with non-functional

Functional Requirements

1. User Management
   • Account Registration and Login: Allow users to register for online banking accounts, log in securely, and manage their credentials.
   • Password Management: Enable users to reset passwords and manage security questions.
   • Role-Based Access: Define roles with specific permissions, such as account holders, bank employees, and administrators.
2. Account Management
   • Account Overview: Provide a dashboard displaying account balances, recent transactions, and account details.
   • Account Statements: Allow users to view and download account statements for specified periods.
   • Account Settings: Enable users to update personal information, communication preferences, and account settings.
3. Transactions
   • Fund Transfers: Facilitate transfers between accounts within the same bank, to other banks, or internationally.
   • Bill Payments: Allow users to pay utility bills, credit card bills, and other recurring payments.
   • Deposit and Withdrawal Requests: Enable users to request deposits and withdrawals, either digitally or through linked accounts.
4. Payment Services
   • Scheduled Payments: Allow users to set up and manage scheduled payments for recurring expenses.
   • Peer-to-Peer Payments: Enable users to send money to other individuals or businesses using email or mobile numbers.
5. Loan and Credit Management
   • Loan Applications: Provide functionality for users to apply for loans and view loan details.
   • Credit Card Management: Allow users to view credit card balances, make payments, and manage credit limits.
6. Security and Authentication
   • Multi-Factor Authentication (MFA): Implement MFA for secure login and transaction verification.
   • Fraud Detection: Monitor transactions for suspicious activities and alert users of potential fraud.
7. Customer Support
   • Contact Channels: Provide support through chat, email, and phone.
   • Help Center: Offer FAQs, guides, and troubleshooting resources.
8. Alerts and Notifications
   • Transaction Alerts: Notify users of account activities, such as deposits, withdrawals, and transfers.
   • Security Alerts: Inform users of potential security issues or unauthorized access attempts.
9. Reporting and Analytics
   • Transaction History: Provide detailed reports on transaction history and account activities.
   • Financial Insights: Offer tools for analyzing spending patterns, budgeting, and financial planning.
10. Integration
    • External Systems: Integrate with payment gateways, credit bureaus, and other financial institutions.
    • Mobile and Web Integration: Ensure synchronization between mobile apps and web platforms.

Non-Functional Requirements

1. Performance
   • Response Time: Ensure fast response times for user interactions, such as login, transactions, and data retrieval.
   • Scalability: Design the system to handle increasing numbers of users and transactions without performance degradation.
2. Reliability
   • Uptime: Aim for high availability with minimal downtime (e.g., 99.9% uptime).
   • Error Handling: Implement robust error detection and handling mechanisms to maintain system stability.
3. Security
   • Data Protection: Use encryption for data in transit and at rest to protect sensitive financial information.
   • Access Control: Implement strong access controls to prevent unauthorized access to user accounts and system functions.
   • Compliance: Adhere to regulatory standards such as PCI-DSS for payment security and GDPR or CCPA for data protection.
4. Usability
   • User Interface: Design an intuitive and user-friendly interface for ease of navigation by customers and bank employees.
   • Accessibility: Ensure the system is accessible to users with disabilities, adhering to standards such as WCAG (Web Content Accessibility Guidelines).
5. Compatibility
   • Device Compatibility: Ensure the system is compatible with various devices, including desktops, tablets, and smartphones.
   • Browser Compatibility: Support major web browsers to accommodate different user preferences.
6. Maintainability
   • Code Quality: Develop clean, well-documented code to facilitate future maintenance and updates.
   • Modular Design: Use a modular architecture to simplify enhancements and modifications.
7. Backup and Recovery
   • Data Backup: Implement regular automated backups to prevent data loss and ensure data integrity.
   • Disaster Recovery: Develop and test a disaster recovery plan to restore system functionality in case of major failures.
8. Compliance
   • Regulatory Compliance: Ensure the system complies with financial regulations and standards relevant to online banking.
   • Privacy Policy: Develop and adhere to a privacy policy outlining the collection, use, and protection of user data.
9. Scalability
   • System Growth: Design the system to accommodate future expansion, including additional users, features, and integrations.
   • Load Handling: Ensure the system can handle varying loads and peak times without performance issues.