Organizations of different business sectors had gained massive opportunities, along with threats too, generated by the rapid growth and popularity of the internet and technologies, to endorse and deliver their products and services through electronic distribution channels (Chau & Lai, 2003). The significance of the Internet for financial services had been emphasised by researchers more than any other industry (Mukherjee & Nath, 2003; Tan & Teo, 2000). In addition to opportunities of e-channels, banks and financial institutions all over the world are facing new challenges to the ways they operate, deliver their services and compete with one another in the financial sector. Considering those challenges, banks and financial institutions have …show more content…
From the customer’s perspective, round the clock accessibility of Online banking throughout the year, without physically visiting a bank’s branch, facilitates a convenient and effective approach to manage personal finances, no matter where the location is (Rotchanakitumunai & Speece, …show more content…
Furthermore, Online banking has formed huge competition among banks, products and services specifically for users in countries where Online banking is most developed, for instance, Sweden. Such competition and/or consumer demand, had droved banks to introduce and maintain several services, including those non-profitable ones. The statistical relationship between profitability and services offered will possibly varies with smaller banks (having assets less than US$100 million) than bigger banks (assets over US$100) as expressed by researchers (Frust et al.,
The company pays attention to its customers and try’s to appeal to their wants and needs through advertisements. “The primary objective of marketing is to influence the consumer behavior in favor of the company engaging in the marketing activities” (Krishna-Agrawal, 2010). Bank of America now gains insights from the “Bank of America Trends in Consumer Mobility Report”. The Bank of America Trends in Consumer Mobility Report is an annual study exploring broad mobile trends and banking behaviors among adult U.S. consumers. Bank of America is continuously focused on providing customers ease and convenience in mobile banking. Bank of America’s mobile banking platform remains a key source of increased customer engagement as well as consumer
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.
In today's competing world, many organizations are rethinking their strategies in terms of the online business and its capabilities and culture. Organizations are taking advantage of the widespread web to buy and sell goods from other companies and recently from individual customers. Exploiting these opportunities of convenience, availability and widespread reach of the web or Internet, many companies such as Amazon have benefited from the use of web successfully.
The information and communication technology is playing a very important role in progress and advancement in all walk of life , The opening up of the banking sector and they way a bank function has changed in the current decade ,Information and communication technology has provided a very important role in delivering the best services to the bank customers. The introduction of electronic banking has changed the way the customer are moving away from the traditional branch banking system to the convenient and comfortable virtual banking system. These electronic banking channels has enhance the way a customer is availing banking services. This has reflected in increase in numbers of ATM across world and more importantly in India.
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.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. 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. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
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;
In simple words, Banking can be defined as the business activity of accepting and protection money owned by other individuals and entities, and then giving out this money in order to earn a profit. However, with the channel of time, the activities covered by banking business have widened and now various other services are also offered by banks. The banking services these days include issuance of debit and credit cards, providing safe custody of valuable items, lockers, ATM services and online transfer of funds across the country / world .In Lebanon there is two types of bank ,local bank and foreign bank. One of the best local bank in Lebanon is "Blom Bank" and on the other hand ,"HSBC" BANK is the most popular foreign bank in Lebanon
Mobile banking provides many advantages to banks such as improving service quality, improving customer retention, extending their customers reach, enhancing operational efficiency, requires little or no infrastructure and reducing costs (Shaikh, 2013; Khraim et al., 2011), and it also provides many advantages to customers such as instant connectivity, reducing the risk of carrying cash, access to banking services anytime and anywhere without temporal and spatial constraints , doing banking operations in an appropriate manner remotely (Darsow & Listwan, 2012).
E-banking is the name that signifies and encompasses the entire sphere of technology initiatives that have taken place in the banking industry. E-banking is a propriotory term making use of electronic channels through mobile phones,elephone, internet etc. for delivery of banking services and products. The concept and scope of e-banking is still in the transitional and progressive stage. It increases efficiency in the sphere of effective payment and accounting system thereby enhancing and improving the pace of delivery of banking services substantially and considerably. It allows customers to access banking services electronically through different mediums such as to pay bills, transfer funds, view accounts or to obtain any banking information and advice. E-banking also facilitates and avillieates new relationships with customers, regulatory authorities, suppliers and banking partners with digital-age tools. For example, customers and bank relationships will become more personalized and effective, resulting in new modes of transact...
Online banking is fairly established practice in our saturated world. Many people are making use of the unique and convenient options that online banking services provide.
Poon, W.C.(2008) Providing a specific focus to User’s adoption of e-banking services: the Malaysian perspective The result of this study shows that perceived usefulness, perceived ease of use, consumer awareness and perceived risk are the important determinants of online banking adoption. Study concluded that usefulness, ease of use of the system awareness about online banking and risks related to it are the main perusing factors to accept online banking system.
Depositors use bank performance and profitability as indicators of security for their deposits in the banks. Finally, business community and general public are concerned about their banks’ performance to the extent that their economic prosperity is linked to the success or failure of their banks. Bank profitability has always attracted the interest of academics, economists, and policymakers. With increasing regulation during the global financial crisis, however is gives an understanding of what drives bank profits is increasingly crucial. Literature that has examined bank profitability in many countries in the l... ...
This paradigm shift in banking operations is well-known as modern banking. For the past two decades, the banking sector has chosen a new service channel based on the progress of information technology-electronic devices to respond to the changes in customer preferences and needs, increasing competition from non-banks, changes in demographic and social trends, and government deregulations of the financial service sector (Byers and Lederer, 2001). This new way of performing banking activities is called modern
This is followed in section 5 by an analysis of the recent changes in the banking industry. With the development of the financial system, declining entry barriers and the deregulation of the banking industry make banks no longer the monopoly suppliers of banking services and reduce their comparative advantages which they usually hold in the past. Whether the reasons give rise to the existence of banks are still powerful will be examined here, while section 6 offers a way of considering whether banks are declining by looking at the value added by the banks. When the value added by banks is examined, banks are not a financial intermediation, which not only conduct the traditional services but also provide more diversified