Online Banking

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

Change is rarely, if ever, an easy process, especially within an organization. The term “technology” has been used by economists, managers, consultants, and business analysts to describe machinery and equipment

Similarly, banking products such as insurance, property and financial investments, which till a decade or so ago required cumbersome processes and paperwork are now conveniently possible with a few clicks on your mobile phones. Cash withdrawals have shifted from the branches to the popular cash machines (ATMs) with their ubiquitous presence all over the country and in most places around the World. This has resulted in shutting down of several bank branches and corresponding cost reduction. The remaining branches are being retooled for branding and merchandising in high streets as well as meeting places for retail customers dealing with more complex products such as financial investments and mortgages. Whereas footfalls at bank branches started falling in the 1990s with the spread of ATMs this trend was further augmented with the Phone Banking service introduced around the same time which allowed customers to talk to a bank representative 24/7 all days of the year for a range of services. This service became popular for speedy and convenient service delivery, however, over the last few years is reported to being seen in a decline as new technologies are taking over.

Around mid-1990’s, banks started to offer Internet banking mainly to increase cost-effectiveness and customer reach (Jaleshgari, 1999). Electronic banking platforms act as efficient channels throughout which transactions could be carried out with little effort (Popa & Vrancianu, 2010). Though, as these web-centred, platforms of “online banking” have turn out to be widespread amongst e-businesses and citizens that employ them increasingly in their day-to-day actions; “Online Banking Fraud” augmented as

Over the past few years technology has caused significant changes in the way enterprises conduct business.

Over the years, technology has become a major part for a business and for an individual as well. Technology has become so advance that it has made a major effect for the staff as well as for the customers. New technology has helped in many areas such as data and information storage, advertising, transportation and communication.

Online banking is an internet based account management service that allows to view our account balances and transaction transfer funds between authorized accounts, initiate loan payments, request stop payments on checks, order personal checks, download transaction information into your computer communicate with the bank using e-mail, and can include bill payment services bill payment services.

Other technology is poised to affect the distribution of retail banking services. For instance, growing broadband internet penetration and wider use of low-cost, high quality webcam will allow banks to use Web 2.0 or other collaborative tools to reach customers at their homes offices, in branches and at ATM. This capability is providing banks with fresh alternatives for customer interaction such as video conferencing or co-browsing to support dynamic consultations at convenient locations. One Australian bank has a VoIP (Voice over Internet Protocol) network with enough bandwidth to handle video streams so that remote relationship managers, loan officers and insurance professionals can advise and serve clients at a distance. Additionally, the growing use of instant messaging as a business tool, the expanded use of social networking sites, and increasing consumer acceptance of self-service kiosks are likely to influence consumer preferences for banking delivery channels going forward.

Technology has always played a major role in business growth and development. Its application has risen at an unimaginable rate among enterprises. The resultant effect is that organizations continuously experience innovation resulting from technological advances. The assimilation of technology promotes modifications in organizational processes, tasks, and the nature of work. The technology-driven changes bring about an increase in the number of people using technological devices such as computers to perform tasks. Technological advancements tremendously affect employee 's morale, nature of tasks, and impacts interactions among co-workers. The managers of technological changes need to play both the roles of implementers and technical developers. The introduction of technology to an organization comes with a vast array of challenges to the management.

Technology today has tremendously changed the way businesses perform. It is apparent that effective and the right technology can help companies create competitive advantages within the industry, over competition. The technologies that will be discussed and

With the innovative changes in everyday life since the creation of the internet, the banking sector is no exception. The creation of value-added services through the internet such as online transactions and online banking, the traditional landscape of banking has been transformed to new lengths. Day to day banking and similar financial transactions through the digital medium have positively affected the live of many due to the derived benefits such convenience to complete financial transactions at their leisure.

When individuals all over the world are facing money related complications, consumers are looking for those products and institutions that can simplify our lives. With the evolution of technology, it is important to create platforms that are customer friendly and easy to access. Online marketing has proved to be an excellent tool in trying to solve this menace. It, therefore, needs to be implemented by all sectors including the retail banking industry (Ryan, Jones 2009).

In the recent years, technology has gone through marvelous changes. The developments and innovation in technology and a hard line blend of these with the information technology have resulted in a significant paradigm shift in the banking sector from traditional online banking system. Technological developments have resulted in the creation of a global world which is also one of the motivating forces behind development of internet banking. Internet banking is simply considered as a system by which individuals, businesses or customers have access to their accounts, transact or transfer money, pay bills, obtain information regarding bank accounts and avail other banking related services through internet. The development in internet banking started in the

Change is never an easy concept. Organizational change can be particularly difficult to deal with due to the countless diverse factors that go into the change itself. One has to be able to adapt fairly swiftly in order to keep up with the change as well as maintain productivity. The entire organization has to be on board and see eye-to-eye in order for the change to be successful. All positives and negatives of the change need to be addressed and need to be evaluated before the definite change takes place. This type of implementation has to be well thought out and planned very well. All possibilities should be examined in order to account for any and everything that could go wrong so that a contingency plan can be put into place on how to deal with such issues should they arise. Management has to make sure that production will run smoothly and it will be business as usual. When introducing new technology to the workplace all systems have to be working properly because a system glitch could be damaging to everyday processes. In most organizations today, the major change taking place is technology implementation and in this essay I will address a major technology shift that took place in my place of employment.

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.”