E-Banking

1648 Words7 Pages
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.
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