How Internet Has Revolutionized The Way Companies Manage Their Communication Essay

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

This Research will examine the future of retail banking and the increased popularity of electronic banking among adults in the United States. This research utilizes data from census.gov and pewresearch.org, ABA and federalreserve.org. The data set examined is over a twelve year period with data at three year intervals.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Irene Siaw The Open University of Hong Kong, Hong Kong AlecYu Cisco Systems (HK) Ltd, Hong Kong The emergence of the Intemet has created both threats and opportunities for banking executives. Those who are able to leverage competitive benefits from the Intemet are confronted with significant business potential. The Internet has fundamentally changed traditional relationships and services within the banking industry. It shifts the overall competitive landscape, the technical and standards infrastructure, and the requirements of individuals and business

Some decades ago, business financial activities were far different from they are now. Transactions were made using cash or bank notes, which were given directly from hand to hand or sent via mails. It could take a week for a transaction to be complete due to distance. Orders given to brokers on financial markets were made through phone or face-to-face communication. Nowadays, those activities are totally transformed thanks to Information Technology.

For a bank to have the highest market share among other banks rendering identical services, there is a need for such bank to combine and blend the main factors (bank objectives, banks environmental (or non controllable) variables, the controllable (or management) variables, and bank’s organization and control variables) together into an overall strategy the customers.

In order to build relationships with its customers FIR needs to step away from the mind set that the use of the internet is no longer dominated by males and the women and older generations are moving towards the use of computers and handheld devices to conduct business. Fir needs to focus on internet security and protecting the interests of its clients and that the market is more competitive, “brick and mortar” banks have become more competitive in the use of internet banking along with the provided customer service.

Global internet access was over 100 million people in December 2005, presenting innovative advertises for internet-based services like internet banking. Since the new millennium, internet banking has knowledge of volatile expansion in various countries and has changed traditional banking practice. Introducing internet banking services, traditional financial organizations search for lesser operational outlay, develop consumer banking services, keep customers and enlarge share of client. Current proof propose that an internet-based consumer banking tactic might be efficient, among reports of more beneficial, faithful and devoted consumers compared among traditional banking customers. Therefore, recent banks currently look upon the internet channel similarly significant to traditional channels of branches, automated teller machines (ATM), telephone banking and call centres. In the innovative banking atmosphere, internet banking is gradually more handled as an operational action and a significant part of a multi-channel tactic.

“Bank fees. Few words evoke consumer vitriol faster. Dissatisfaction with escalating checking and ancillary fees for banking services is making competition for customer loyalty in retail banking especially high. Research shows that great service can play a key role in customer retention throughout these changes in fee structures” (Logan, 2012). The financial industry is an integral part of the country’s financial system. Banking centers provides consumers with the resources to be able to secure, save, and manage their balances. The bottom line is that banks provide products that are analogous to its competitors; however, the differentiation that denotes the industry leaders and lags in this industry is method used for the service is being rendered to consumers. Therefore, we will discuss and evaluate the operations management at Commerce Bank. We will start by discussing the reasons why Commerce may no longer be fulfilling its operational potential for finding innovative means for surpassing organization objectives. The paper will outline the common constraints and common goals to improve the business model. Furthermore, the problems and issues within the customer relationship initiative and prospective solutions to these issues will be reviewed. We will identify the existing problems through data and propose recommendations.

The positive impacts of the evolution of IT on the management of international finance include greater efficiency, increased transaction volume and improved customer convenience. The internet is an example of technology that has brought about increased transaction volume. According to the research that was conducted, 42 percent of the organisations that participated strongly agree, while 18 percent agree and 40 percent are indifferent that increased transaction volume was a result of the internet. Greater

Moreover, bank would able to enhance the usage of internet banking by adding more services as customers required. Other actors concerns, among banks, their customers will be delighted by improving their services to their own customers. Then, actors like supermarket, shopping complex also able to gain from the internet bank usage of customers since it reduce the cost of transaction, unnecessary rush in the counters and it will help them to provide better service to the

I would like to express my special thanks of gratitude to my supervisor, Dr. Domician Mate, as well as the entire school who gave me the golden opportunity to do this wonderful project on the topic (E-banking services) which also helped me in doing Research and I came to know about so many new things. I am really thankful to them.

The movement towards technology driven banking might marginalize the customers who do not have internet access or who are not technologically sound (Khalil, Ahmed & Khan).

Online banking is an important example of efforts that grow banking industry. In US, online banking was introduced widely when four of the city 's major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) started to offer home banking services, using the videotex system. “When the clicks-and-bricks euphoria hit in the late 1990s, many banks began to view Web-based banking as a strategic imperative. The attraction of banks to online banking are fairly obvious: diminished transaction costs, easier integration of services, interactive marketing capabilities, and other benefits that boost customer lists and profit margins. Additionally, Web banking services allow institutions to bundle more services into single packages, thereby luring customers and minimizing overhead.”

Today banks operate in an extremely globalized, liberalized, privatized and a competitive environment. Indian banking industry has witnessed an incredible growths due to extensive changes that are taking place in the information technology. The development and the increasing progress that is being experienced in the Information and Communication Technology have brought lot of changes in almost all facets of life. In the Banking Industry, it has been in the form of online or e-banking, which is now replacing the traditional banking practice. The e-banking constitutes an electronic alternative network of payments and benefit of services. E-banking has the potential to transform the banking business as it significantly lowers transaction and delivery costs. Today e-banking has experienced phenomenal growth and has become one of the main avenues for banks to deliver their products and services. Online banking has a lot of benefits which add value to customers’ satisfaction in terms of better quality of service offerings and at the same time enable banks gain more competitive advantage over other competitors. There are some associated challenges identified in the study that seem to hinder the success of e-banking services and thus constitute major concern to both financial institutions and customers. This