Functional requirements of Internet Banking System with non-functional

Functional Requirements

1. User Authentication and Authorization
   • Allow users to create and manage accounts, including logging in and out.
   • Implement multi-factor authentication (MFA) for secure access.
   • Support role-based access controls for different user roles (e.g., personal user, business user, admin).
2. Account Management
   • Provide users with the ability to view and manage their bank accounts, including checking, savings, and credit accounts.
   • Allow users to update personal information, account settings, and security preferences.
3. Transaction Management
   • Enable users to perform various transactions, including fund transfers, bill payments, and direct deposits.
   • Support transaction scheduling, including one-time and recurring payments.
4. Account Statements and History
   • Provide users with access to account statements, transaction history, and activity reports.
   • Allow users to download and print statements in various formats (e.g., PDF, CSV).
5. Fund Transfers
   • Facilitate internal transfers between accounts within the same bank.
   • Support external transfers to accounts at other banks, including international transfers.
   • Implement features for scheduling future transfers and tracking transfer status.
6. Bill Payment
   • Enable users to set up and manage bill payments for utility bills, credit cards, and other services.
   • Provide tools for scheduling payments and setting up recurring payments.
7. Account Alerts and Notifications
   • Send alerts and notifications for various account activities, including transaction confirmations, low balance warnings, and login attempts.
   • Allow users to customize alert preferences and notification settings.
8. Loan and Credit Management
   • Provide tools for managing loans and credit accounts, including viewing loan balances, payment schedules, and interest rates.
   • Allow users to apply for new loans or credit products and track application status.
9. Customer Service and Support
   • Offer support channels for users to contact customer service, including secure messaging, chat, and phone support.
   • Provide a help section with FAQs, guides, and troubleshooting resources.
10. Security Features
    • Implement fraud detection and prevention mechanisms, including monitoring for suspicious activity and unusual transactions.
    • Provide users with security features such as account lock, password reset, and session timeout.
11. User Interface and Experience
    • Design an intuitive and user-friendly interface for accessing account information, managing transactions, and navigating the system.
    • Ensure accessibility features for users with different needs and abilities.
12. Integration with External Systems
    • Integrate with payment gateways, credit bureaus, and other financial institutions for seamless transactions and data exchange.
    • Support integration with third-party financial management tools and applications.
13. Data Management and Privacy
    • Ensure user data privacy and compliance with regulatory requirements (e.g., GDPR, CCPA).
    • Implement data encryption and secure storage practices to protect sensitive information.

Non-Functional Requirements

1. Performance
   • Ensure fast load times for account information, transaction processing, and data retrieval.
   • Handle high volumes of concurrent users and transactions efficiently.
2. Scalability
   • Support the addition of new features, accounts, and users as the system grows.
   • Scale to accommodate increasing transaction volumes and user traffic.
3. Reliability
   • Ensure high system availability with minimal downtime, especially during peak usage periods.
   • Implement backup and recovery procedures to protect data and ensure business continuity.
4. Security
   • Protect user data with encryption, secure access controls, and regular security updates.
   • Implement measures to prevent unauthorized access, data breaches, and financial fraud.
5. Usability
   • Provide an intuitive and user-friendly interface for account management, transaction processing, and support.
   • Ensure ease of navigation, data entry, and information retrieval for users with varying levels of technical expertise.
6. Maintainability
   • Design the system for easy updates, maintenance, and troubleshooting.
   • Provide clear documentation for system administrators, developers, and support personnel.
7. Compatibility
   • Ensure compatibility with various devices (e.g., desktops, tablets, smartphones) and web browsers.
   • Support different operating systems and platforms to ensure a consistent user experience.
8. Data Integrity
   • Ensure accuracy and consistency of financial data, including account balances, transaction records, and user information.
   • Implement validation checks and error-handling mechanisms to maintain data quality.
9. Support and Documentation
   • Provide comprehensive user manuals, help guides, and support resources for troubleshooting and training.
   • Offer technical support for system issues and maintenance.
10. Auditability
    • Maintain logs of system activity, user interactions, and data changes for auditing purposes.
    • Provide audit trails for transaction processing, account management, and security events.