Electronic Banking

Paper Summary:

This paper explains that, while there are some consumers who remain loyal to checks for security reasons and the comfort of seeing things in print, more and more customers are enjoying electronic payments; therefore, electronic transactions are transforming the banking industry. The author points out that, in addition to electronic payments being convenient, they are less expensive for the consumer, particularly through the use of online bill payment, and offer opportunities for rewards for using credit and debit cards. The paper states that, in other countries, banks have been able to make checks all but obsolete by charging considerably more for check transactions than for other forms of payment. The paper includes several long quotations.

Table of Contents
Introduction
Electronic Payments vs. Traditional Checks
The Advantages of Electronic Transactions for Banks
Conclusion

From the Paper:

"Although the Banking System is moving toward becoming paperless, American's still write more checks per person than any other industrialized nation. An article entitled "Why do we Use so many checks" asserts that in the year 2000 49.6 billion checks were written and were valued at $47.7 trillion. The author explains that unlike other countries the United States experienced an increase in check writing during the 1990's which has contributed to the continued use of checks. As was previously mentioned in this discussion, the number of checks that are now being used has begun to decrease, but it is still a significant amount. "

Sample of Sources Used:

• "Automation is the Answer at T Bank", 2005. Community Banker
• Bowman. M. A. Exploring Domestic Mail RatesMekel's & Stamps Magazine
• Bruno, M. 2002. Banks Bent on Plastic over Paper. U.S BAnker
• Chakravorti, S., & Mchugh, T. (2002). Why Do We Use So Many Checks?. Economic Perspectives, 26(3), 44+.
• Electronic Payments Trump Paper. (2004). ABA Banking Journal, 96(2), 17.

More papers on Electronic Banking:

• Essay # 90570 : "Electronic Banking"
• Research Proposal # 112909 : "On Line Banking"
• Research Paper # 25315 : "Internet Banking"

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