How Technology has Affected the Bank Industry
University of Phoenix
COM525: Managerial Communication and Ethics
Edward L. Dempsey
March 14, 2005
Modern technology has set the stage for today’s industries to adopt faster, more effective and efficient tools to improve their business and productivity. A vast majority of organizations within various industries are using new technology to introduce changes to their business operations. Simply stated, these changes are manifested in what they do, with whom they do it, how they do it, and the tools they use to get it done. However, it is worthwhile to note that, while technology can offer beneficial changes to organizations, change usually comes with both positive and negative consequences. In any business, if technology serves as a catalyst for improvement without significant drawbacks, adopting the changes that it brings will be more beneficial than harmful.
Online banking is a technological advancement that has brought about such a change. The banking industry has adopted virtual banking to improve business process, infrastructure, and customer relationships. These changes have had a major impact on the banking business, but more transparently on the customers of online banking. The matrix measures for the improvements added by online banking can be evaluated on comparable levels of service, efficiency and cost satisfaction, for both the provider and consumer of this technology. Throughout this document, we will discuss the advantages and disadvantages of online banking in hopes of formulating a better understanding of why banks of today are moving towards online business. While virtual banking has considerable concerns, the advantages it generates, far outweighs the disadvantages because the value added through this technology benefits both the banks, and the customers.
E-banking has had a considerable impact on today’s banking business, affecting both customers and banks in multiple ways. Banking activities such as; account inquiries, depositing or transferring funds and ordering checks, can now be done remotely, 24 hours a day and seven days a week. From a business organizational point of view, this technology is changing the employee structure of the average bank. The U.S Department of labor noted in 20...
... middle of paper ...
Online Banking Pages. (2005). Retrieved March 7, 2005 from the World Wide Web:
Raghunathan, A. (2003). Security worries keep many from banking online. Retrieved
March 7, 2005 from the World Wide Web:
The virtual threat. (2000, May 18). The Economist. Retrieved February 11, 2005 from the
World Wide Web: http://80-www.economist.com.ezproxy.appollolibrary.com
What is online banking? (2003, March 28). BankRate. Retrieved March 8, 2005 from the
World Wide Web: http:// http://www.bankrate.com
Wolfe, D. (2004, October 13). Why some are placing bets on in-branch online banking.
American Banker. Retrieved March 9, 2005 from the
World Wide Web: http://www.apollolibrary.com
Yip, P. (2000, October 9). Net banking not for all lifestyles, comfort levels key to online
accounts. Sun Sentinel. Retrieved March 9, 2005 from the World Wide Web: http://proquest.umi.com
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- The premise of this paper is to provide three types of sensitive information and the information involved within each situation. Note three types of sensitive information involved with each situation. Subsequently, I will also provide three ways each information item can be misused or harmed. For each of these, I will provide at least one likely finding that can be used to include in a risk analysis report for the organization. Lastly, I have provided answers to the questions at the end of the table.... [tags: Risk management, Risk, Management, Security]
1568 words (4.5 pages)
- 1. INTRODUCTION: Today’s society is totally dependent on automated financial services such as wire and online banking. During the recent years, we are hearing that the fraud has evolved in wire and online banking fraud, many new types of mal-ware being deployed on those banks which have yet to put robust solutions. While online banking fraud has been around for many years, very few cases has been filed .Reports of fraud cases nearly explode and banks are looking for ways to protect their channel in online banking.... [tags: automated financial services]
519 words (1.5 pages)
- A. Presentation of the issue Online banking is a service that many modern banks provide now a day and with the passage of time more and more people are using this service (Anonymous, 2010) due to the commodity and convenience of doing payment transactions (Lanham, 2008) directly from their homes instead of going to an actual bank (Ponemon, 2005). However as the number of credit cards used to make transactions on the internet increases also does the number of people that fall into frauds and phishing scams made to obtain their private information (Unknown, 2010).... [tags: Finance]
975 words (2.8 pages)
- Introduction The Internet of things is a trend where everyday objects have network connectivity, allowing them to send and receive data. It depends on a great deal of data to function as devices are being setup to track and collect data. (Mohn, 2016) E.g. smartphones, online banking, home security systems etc. As these are important to us, we can’t over look how crime will play a vital role and affect lots of people due to its popularity and the fact that it will be a part of lives as we grow technologically.... [tags: Crime, Police, Constable, Criminology]
1169 words (3.3 pages)
- According to the Federal Reserve, 52% of smartphone owners with a bank account use some version of mobile banking. The First Data Corporation states that, “94% of consumers under 35 years old are active users of online banking.” Our team decided to conduct our own surveys with the Texas A&M student body and out of over 100 participants we found that about 85% prefer to use some form of credit over cash and over 90% use mobile banking. We also noticed that 80% of participants claimed to have either lost or misplaced their credit card at some point in time.... [tags: Marketing, Bank, Online banking, Money]
759 words (2.2 pages)
- 2. Mobile Banking The growth of technology communication has useful for the human life activities. The technologists have been trying to access this technology for fulfilling the human life requirement so that users can be able to deal without costly, take time and limited spaces. Among of these growths of technology communications, mobile banking is one of the newest innovations for supporting the user with their financial services requirement via mobile and tablet. The mobile users are simultaneously increasing by cell phone diffusion.... [tags: Bank, Online banking, Mobile phone]
800 words (2.3 pages)
- External Security Risks associated with Internet Banking In recent years, Internet banking, namely, online banking means the transitions of banking activities including checking account information and payment of bills through a website (Chavan ,2013, cited Singhal and Padhmanbhan, 2008; Ahasanul et al, 2009), is popular in the world. According to Abdou (2014), in the UK, the number of online banking users has increased from 63% to 70% between 2011 and 2012. Online banking is beneficial for consumers to monitor their account information (Hettiarachchi, 2014), and saves time to transferring funds (Lichtenstein and Williamson, 2006).... [tags: Bank, Online banking, Computer security]
1160 words (3.3 pages)
- The New Trend of Online Banking Picture what our bank looks like today: the brick building, the drive thru window, large vaults, and the counter full of tellers waiting to service their customers. This is the traditional bank that we have all grown up with, the classic brick-and-mortar business model, a fundamentally sound business model that has been successful for hundreds of years. So what has changed with our banks today. Well, the brick-and-mortar model still exists but there is a new trend that all banks are moving towards, the click-and-brick e-business model.... [tags: Papers]
1165 words (3.3 pages)
- 1. The chief economic characteristics of the online banking industry for those using only Internet banking the leading factors that affect their decision of banking online are security, convenience and rates. With regards to the economic characteristics the main difference with online banking is that the rates tend to be higher for those companies that only offer Internet banking and no branches. Some of the other economic characteristics might be that all the banks are beginning to offer online banking, which makes it easier to conduct different types of transactions such as bill payment; money transfers and keeps track of your accounts individually.... [tags: Economics Online Banking]
932 words (2.7 pages)
- Online Banking: How Technology has Affected the Bank Industry Aluscine Kabia Diana Mickle Jennifer Ross Betty Tekeste University of Phoenix COM525: Managerial Communication and Ethics Edward L. Dempsey March 14, 2005 Modern technology has set the stage for today’s industries to adopt faster, more effective and efficient tools to improve their business and productivity. A vast majority of organizations within various industries are using new technology to introduce changes to their business operations.... [tags: essays research papers]
1978 words (5.7 pages)