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Impact of ict in banking sector
Assignment on internet banking
Online banking advantages and disadvantages
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Today, Information Technology revolutionized our life almost in every filed. One of among several blessing of information technology is Internet Banking services that brings ease and comfort for our banking activities. Over few years Internet Banking has evolved as convenient, self-serviced technology, cost-reducing and time saving channel. Internet banking is available 24x7 across geographies. In last few years, the number of internet banking users has been increasing rapidly. In present hyper competitive environment internet banking works as a competitive differentiator among banks. Internet banking has become an important revenue builder for banks. Increased competition in the banking sector and customer demand is forcing banks to provide their services online (Southard, P. & Siau, K, 2004). Banks try to gain competitive advantages in technological atmosphere by adopting new technological developments in their area as soon as possible (Ozcan, 2007; Chang 2002). Information technology developments in the banking sector have speed up communication and transactions for clients. It is vital to extend this banking feature to clients for maximizing the advantages for both clients and service providers (Safeena, Abdullah and Hema, 2010, 2011; Qureshi et al, 2008). In the past, internet banking has been adopted by banks mainly to decrease costs and increases revenue by reducing staff and branch networks. Today, banks are visualizing the internet banking as a strategic enabler of customer services and others view internet banking as the key to expansion. Internet banking has gained acceptance throughout the world as a new delivery channel for performing various banking and financial activities. Internet Banking is an internet portal,... ... middle of paper ... ...ility of technology and infrastructure to support the new model of banking. Second, the need for Internet banking itself – Internet Banking or an efficient system of instantaneous banking or convenient banking. Third, an adequate mechanism to tackle the security risk and operational risk aspects (Sharma, 2001). Fourth, a proper legal framework to take care of the rights and obligation of the consumers. While most of these issues have been somewhat addressed, an important issue still remains - what existing and potential consumers feel about Internet banking and on the basis of this how an appropriate banking model can be developed in Indian context. (Sharma B.R., 2001; Gupta P.K., 2008). Perceived Factors behind the Growth in Internet Banking: • Competition • Cost Efficiencies • Geographical Reach • Branding • Relationship building • Customers Demographics
1. Pay Your Bills Online You can use online banking to pay your bills. This will eliminate the need for stamps and protect yourself from the check being lost in the mail. Most banks will have a section in which you set up payees.
In the 20th and 21st centuries the American educational system has witness much transition in response to our changing society. Throughout the world education will vary and have different standards to what each individual person must meet. In the final decades of 20th centuries education system began to change to meet soceityś standards. However, within U.S. educational system problems raised throughout the years in regard to what our school systems should be teaching our children, there have also been many developments. Moreover, in American educational system it is very challenging and have a lot of rules and regulations. On the other hand, throughout the U.S. education system there have been many concerns about racism, brain complexity,
Jalal Hafidi MIS5206.001– HDFC case analysis 1 1. What, if anything, should HDFC do to make existing customers more secure? First of all, all systems can be compromised no matter what, which means it hasn’t been done yet in the IT field. HDFC is still fairly new in the market, with the technology trend, online banking will be the most challenging and vulnerable part of the game. HDFC seems to have pretty strong security system and procedures, however, its models still haven’t matured yet, leading to maybe inconvenience to the customers and/or an opportunity for hackers to test and dust off their hacking skills.
One of the greatest opportunities for Amazon is an Online Payment System. The online system allows the company to reduce transaction fees and increase ease of use for their customers. Internet sales are increasing at a fast pace. This is a product of increased fuel prices, which make driving to a store less likely, and foreign purchases. This development allows foreign purchases to buy clothing as it becomes more popular abroad. Amazon’s biggest competitors can include retail stores that online stores such as Target, Best Buy, and Walmart among others, these can be considered the most dangerous for them since they have strong market share and can be a direct competitor since they attack the same market. Amazon wish to compete in prices, offering
The Internet and international business is an interesting topic- discussing an area of business that will probably be around for many years and possibly centuries to come. Since its earliest days, the Internet has been a means of communication, an essential tool in almost instant communication.
With the machine-led branches becoming more popular banks can now cut extreme costs with the machines. They no longer need many employees, a space to rent or buy, and they can be open 24/7. They also are attracting new customers because the customers can interact fast with a machine than a bank teller. I believe that the bank industry is definitely taking the right initiatives to start with automated banking. For myself I only use electronic banking ever since I set up my bank account. Everyone uses plastic cards or phones now to pay for everything, I believe that banks need to follow the trend and be able to provide new innovative services for the consumers. I suggest that banks have more cyber security measures inline or monitoring so that customers can be assured that their information and bank accounts are secured. I suggest to myself to get more involved with digital banking, because it is going to be more easier and faster with online
Since demonetization took off, digital wallet companies have had lot of opportunities to penetrate into market and make India grow at digital life. The digital wallet company also expanded its merchant network by more than 1, 50,000. The company also added over 5 Million new users since demonetization started on November 8, 2016. This is the time, for Digital Wallet Companies to grow further and be the next way of growth because people are moving towards digital life by accessing internet facility to their life. Internet is dynamic in nature because it helps modernize the environment. The users of internet are increasing in India, so the digital wallet companies take an opportunity of demonetization and increase in internet users to grow
s and to give the organisation a sounder footing should the market become more competitive in the near future. Possible drawbacks with such an online service would be security threats to accounts held by online customers. Also the broader issue of an anti-competitive industry may withhold such an expansion by one of the market leaders. 5. Bibliography 1.
The electronic business service development has possible to provide user to add their value perception and more sophisticated. From the bank sector 's point of view, mobile banking can decrease their cost of handling non-cash withdrawal and deposit procedures by reducing the customer visiting time to the bank branches. But there are the limitations of mobile banking is that it does not handle cash transactions and when customer want to withdraw and deposit money, he/she needs to go to ATM or branches of the traditional bank.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
- What was your most recent customer support, account management or client relations position and what was your favorite part of the job? What was your least favorite piece?
E-commerce (electronic commerce) can be defined as commercial transactions of goods and services over the internet and other computer networks (Chaudhury & Kuilboer, 2002). It consists of online shopping, online banking and e-learning (Tkacz & Kapczynski, 2009). E-commerce is becoming increasingly popular since the spread of the internet. The e-commerce users are businesses, consumers and government departments (Kessler, 2009). E-commerce is controversial but the advantages of it greatly outweigh the disadvantages.
Service quality in the banking sector is not easily identified, according to Lovelock (1996), as it captures the aspects of products and services that the potential customers would like to assess before they choose the product and service, Vanniarajan and Anbazhagan, (2007). The identified variables in the service quality of perception of E-banking are;
As internet use develops, both businesses and consumers are utilizing this opportunity to achieve their goals. Some of these goals include expanding into greater markets for businesses and shopping online for consumers. These online transactions now encompass much more than the traditional online banking. They represent the billions of merchants and consumers whom take part in online transactions twenty-four hours a day. With this, credit cards and online transactions are quickly becoming an important legal issue. The different areas include: types of payment methods and their components, legislation, and online security such as encryption software. All parties must understand this complex scenario to successfully navigate and participate in any online transactions.
The bank has another competency in the banking industry i.e. it has broad branch network throughout the country also more than one branch in high productive cities. The customers are provided services at their nearest possible place to confirm customer satisfied.