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Development in system development life cycle
Development in system development life cycle
Development in system development life cycle
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Would E-Banking really be the right route to take in achieving success in the future? This report lays out concrete facts and unique opinions that will help you understand and determine what the right decision for your business is. This report covers the development of internet banking in the UK, the importance of System Development and Analysis, a report on the current student banking market, discussing the fundamentals of present laws and legislations and finally the value of protecting yourself, but most importantly, your customers with relevant security issues.
Both external and internal factors assist the swift development of E-Banking. As more people have come to accept the convienience and
Comfort of using the internet for banking, the modern bank or building society has to react and supply the new demand. As customers can now change banks through the internet in minutes, it is important to understand this growing way of life.
1. Development of E-Banking:
The Bank of Scotland started internet banking in the late 1980's but not until recently did it really start to progress. The main attractions to E-Banking in my view are the 24hour availability of account information, the convienience of making transactions in the comfort of your own home and the growing trust in the security of the internet. This is creating huge growth for E-Banking in the past decade.
o 2005 was estimated at 12.1 Million users
o E-Banking will continue with increased spending into this area by 17.5% to around £705million in 2009.
o In 2003, 10 million online money accounts were active in the UK (this was the highest figure for any European Country).
1.1 So what does the future hold for internet Banking? for the modern person time is becoming more and more valuable, they are less enthusiastic about wasting their time, in events like long queues in Banks, poor customer service or being restricted to business hours. Now, over the internet using E-Banking you can accomplish most of the simple banking procedures in minutes and at any time.
If we put all these factors in context, we can see a growing acceptance of the internet's security, a growing need for convienience and time saving options and therefore creating a steady development and bright future for E-Banking.
2. System Development and Analysis.
Deciding on new technology to boost a business has many different aspects that have to be taken into account.
After several new product failures, the company began using customer input to help develop new products. In 1989, the fishing electronics industry is experiencing a downturn, and the company's sales and profits are slipping. The company, which has one product line (depth sounders) and a strong brand (Hummingbird), has conducted substantial market research on three new products. These products are project 901, hummingbird VHF Radio, Locator/ GPS navigator. Of these, project 901 is an extension of the depth sounder product, while the other two would be new product lines for the company. Top management is deciding which one or more of the three new products it should proceed with. In this paper, I will discuss the positive and negative aspects of each product ideas and my recommendations to Techsonic management
The ability to capture values along the Technology Adoption Lifecycle determines not just how successful a firm will be, but whether it will create competitive advantage through technology. Businesses with large fixed costs, capital-intensive business plans, and specialized asset bases will face the challenge to maintain its strategic continuity because it is generally prohibitively expensive to change direction to response to any conceivable structural change.
Once the new products are identified for your business (Milestone One), how has the use of technology helped or hindered this organization in determining which new products to
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
To stay competitive in this industry this report has given us some key factors for companies to follow and meet to be successful in this com...
One of the benefits and one of the major concerns is cost. To implement the solution would result in a cost reduction; however, there is an upfront cost of implementation, to implement a new solution, train the users on the new product and the support and maintenance of the product can increase the cost of the overall implementation and year over year cost of the product. To lower the cost of the solution, the organization must perform a feasibility study to access the overall cost of the products, this will help in identifying the total cost of ownership of the product. Then this can be compared to the cost savings of implementing the applications, this will then validate that the application will be cost effective to IAL.
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.
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.
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.
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 ... ...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
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;
Improving employee productivity through the usage of technology can be a double-edged sword. When considering making an investment into a new technology, it’s important to find the right balance between functions and features that best benefits your business and increases employee
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 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)