INTRODUCTION
Severe competition and constant changes in technology and lifestyles nowadays have changed the face of banking. Nowadays banks are differentiating between their varied services. Customers do not want to wait in queues or wait on the phone for basic services.
They expect a facility of anywhere anytime banking which is fulfilled through internet banking. Internet Banking refers to a system of allowing customers to perform banking activities at off banking sites such as home, office, and other locations via internet based secure networks. The internet has revolutionized the way we live nowadays be it entertainment, shopping and interaction. Internet banking started in late 1990s in India. ICICI bank was the first bank to introduce internet banking in India in 1996. With lower internet costs and increased awareness about electronic media, online banking as established in 1999.
Internet banking changed both the banking industry as well as banks’ services to its customers. ‘Anywhere banking’ came to be recognized as an opportunity also for differentiated and competitive services. Online services like checking account status, fund transfer, ordering demand drafts, loan applications, credit card verifications, shopping portals etc. as well as not requiring a visit to the branch during office hours were viewed as high-value offerings and increasingly started to become a necessity rather than a service.
Once banking institutions recognized the low processing cost per transaction via
The internet, they began viewing online banking as an extension of the bank rather than as an add-on service. The motivation to introduce online banking now also
Included new business potential, additional funds from new and existing customers,
Exp...
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...timesaving - transactions can be made 24 hours a day, without requiring the physical I interaction with the bank.
• Quick and continuous access to information- Customers will have easier access to information as, they can
• Check on multiple accounts at the click of a button.
• Better cash management- E-banking facilities speed up cash cycle and increases efficiency of business
.
• Convenience- All the banking transactions can be performed from the comfort of the home or office or from the place a customer wants to.
Speed - The response of the medium is very fast; therefore customers can actually wait till the last minute before concluding a fund transfer.
• Funds management- Customers can download their history of different accounts and do a “what-if” analysis on their own PC before affecting any transaction on the web. This will lead to better funds managemen
The customer support and customer service functions are more than departments; they are part of an essential strategy for growing your business. In the modern business climate, customers expect answers to their questions immediately. When the right information is available anytime, from anywhere in the world, customers are more likely to have a positive experience, thus customer loyalty will be increased. It is a known fact that the cost to obtain a customer is ten times higher than to maintain and keep existing customers. (Gouran, Dennis, W.E. Wiethoff, & J.A. Doelger. (1994). Mastering communication. 2nd ed. Boston: Allyn and Bacon.) Not in Reference Pg.
Banking online or by phone allows you to make banking transactions such as transferring money, paying a bill, checking your balance or setting up a regular payment on your bank or building society's secure website. Online banking is accessible via a computer/tablet or a mobile phone. Also known as internet banking. Traditional banks were THE original banks, the financial depository institutions first to offer checkable deposits. Traditional banks invariably have the word "bank" in their names and are charted by either the Comptroller of the Currency or one of the fifty state corporation
Benefit for the customer to remain involved at all stages and for their voice to be heard.
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
It’s an undeniable fact that the Impact of ATMs on Maybank today is very large. Prior to the invention of ATMs, It was common for people to form long cues in the banks during transactions. However, today we rarely see this happening. Maybank bank has been able to provide its customers with the ‘Auto Teller Machine’ services, increasing the rate of transactions done all around Malaysia. Customers are provided with the ATM cards enabling them to do cash withdrawals, account inquiry, funds transfers, payment services, e-access ID application and even e-receipt. This has enabled Maybank to save costs as they will no longer need to pay their workers for the ‘Teller’ services, meanwhile, the performance for the transactions is increased. Now, they are able to provide services for a large number of customers within the shortest period of time. The ATM service is available for 24hours. This type of transaction has become beneficial to both the customers and the bank.
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.
For example, mobile banking is a benefit and very convenient to customers who don’t have the time to go to a bank or ATM. You can now take a picture of your check through your phone and deposit it through the app! We also always make 100.00 dollars of any check available immediately instead of the entire check being on hold. Another convenient service that we provide is having a debit card machine on hand. Reprints of debit cards are also free, and there is no wait!
The industry is composed by a continuum of banks which produce a homogenous product — banking service. Domestic as well as foreign competition is violent. Not to forget the fact that ICBC has not been the first bank to embrace internet banking. So, it is all the more reason which places the bank in the most precarious position to continuously shield it self from the volleying competition.
Thus, customers can get and receive information from each other instead of communicating to the corporations or the companies and as result they can easily spread information about company products as well as information about new arrivals
receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
The Banking industry has no doubt has witnessed advancement technology just like any other sector; adoption of e-banking that affects banking operations entirely. The continuous advance in technology characterize by a complex and competitive environment. Growth in electronic payments surpassed not only general economic growth but also growth in financial sectors. Using cards for transactions provide a chance to consumers for satisfying their buying desires.
Information and communications technology has played a big role in banking for many years now. ICT also made the banking industry more competitive than ever. ICT enables banks to offer better customer service through the spread and use of ATMs, Internet banking, phone banking, 24/7 services, plus the ability to offer an expanded portfolio of products and services. ICT offered the use of ATMs to banks which gave their consumers a greater access to their cash, consumers now longer have to queue up in banks to get their money invest in banks, and they obtain their cash at cash machines with 24 hours day availability seven days a week. With the presents of
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)
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