Functional requirements of Online Banking System with non-functional
Functional Requirements
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Customer Support
- Contact Channels: Provide support through chat, email, and phone.
- Help Center: Offer FAQs, guides, and troubleshooting resources.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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).
- 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.
- 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.
- 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.
- 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.
- 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.