Abstract This paper is a personal research project about onlinebanking in the United Kingdom. It describes its history, how it works, security issues and its advantages and it introduces onlinebanking facilities. It provides an appendix summarizing the services of each of the main British banks.
Table of Contents
What is onlinebanking?
How onlinebanking works
The security of onlinebanking The advantages of onlinebanking The disadvantages of onlinebanking Prediction of the prospects of onlinebanking.
From the Paper "The online banking will be a step to a new stage in the future. By that time, the banks will definitely offering more attractive services online and the competition of online banking will be complicated because more banks will have online banking services. Another progression is the development of wireless banking such as Digital TV and Mobile banking or so called WAP (Wireless Application Protocol). Nowadays, mobile phones are used everywhere, and many leading telecom companies and software companies have joined the WAP forum. Such as Nokia, Ericsson and Motorola."
Abstract In this paper the author looks at the huge potential of onlinebanking as a result of the Y2K scare.He focuses on how there will be a tremendous shift in the economic ramifications of this industry within the space of a very short span of time .Finally the paper concludes with the tremendous growth of the onlinebanking industry and how it is also helping, not hindering, employment.
From the Paper "Keep in mind these are just a few of the bare minimum rules and regulations banking and other financial institutions are pledged to uphold. Before entering into any online banking relationship with any bank you choose be absolutely certain you study and completely understand all the fine print of any contractual agreement entered into. If one is uncertain of the language legal help should be sought, outside the banking institution so that you do understand."
Tags: financial, account, cash, flow, bank, computer, privacy
Abstract The literature presented in this paper shows that the onlinebanking service is vulnerable to attacks from Internet-savvy hackers and thieves. The paper argues that it is not totally safe to perform onlinebanking and bases this opinion on the facts as presented in the body of literature available. It explains that the most important thing a customer can do - and banks can do - is stay informed and utilize cutting edge security systems, including virus scans and virus removers. Another important thing a customer should do is make sure that he or she is protected against financial loss, in particular if the bank is responsible for the breach in security. It concludes that if a bank refuses to offer written contractual assurance against Internet theft as a result of flaws in its server or other technologies, a customer would be wise to change banks.
Security on the Web - What are the Key Issues for Major Banks?
Abstract
Introduction
The Internet's History
OnlineBanking: The Problems, the Concerns, and the Possible Solutions
Cyber Corruption
Conclusion
From the Paper "The age of digital technology - email, Web-driven high-speed communication and information, online commerce, and more - has been in place now for several years, and has been touted as a "revolutionary" technological breakthrough, and for good reason: This technology presents enormous new business opportunities. For example, by moving the key element of marketing and sales from local and regional strategies onto the global stage, and by providing dramatically improved customer convenience, the Web offers medium, small and large companies - including banks - unlimited growth potential."
Abstract This paper describes the privacy issues inherent in onlinebanking, as well as practices in live banking. The paper describes the problems of online privacy and explains how certain practices, such as fingerprinting, have cut both bank fraud and more serious crimes. The author contends that because there are inherent risks to customer privacy, it is essential that there be a single standard for bank security and reporting to federal agencies.
From the Paper "So indeed, why should bankers be turned into federal snoops? The proposal is supposed to attack money-laundering techniques employed by drug traffickers and other criminals who hide illegal profits. Such methods include wire transfers, bank drafts and "smurfing," the practice of cutting transactions into lesser amounts that don't have to be reported as suspicious under the $10,000 bank-reporting laws established under President Reagan. (Maier, 1999)"
Abstract This paper examines three onlinebanking sites--Bank of America, Citibank, and Wells Fargo--and discusses the legal and confidentiality issues that they must face.
From the Paper "As Americans improve their computer skills and grow more comfortable with banking over the Internet the hackers phishers and other fraudsters are honing their nefarious skills as well ..."
Tags:onlinebanking, privacy, security, Citibank, Bank of America, Wells Fargo
Abstract This paper is written on onlinebanking considering advantages and disadvantages. The advent of the Internet has been revolutionary, and has affected an array of human activities ranging from shopping, banking, and booking holidays, to data collection, information distribution and communication.
Abstract This paper examines the extra risk involved in onlinebanking over the traditional brick-and-mortar channel. The paper presents several examples of breaches of security concerning on-line banking. The paper contends that ultimately banks will have to determine if the benefits outweigh the negatives and will have to continue to innovate security measures to make onlinebanking safer.
From the Paper "Security is one of the major concerns of online banking and has not been completely addressed. Growth in complaints about electronic funds transfer fraud has already doubled since 2002 even as banks have gotten more security savvy (Sullivan, 2005). The risk for banks is great, stemming from investments in a banking channel that could see negative growth as fraud proliferates and the possibility of increased liability, not just for their own security breaches, but for issues of their customers as well depending on the outcome of recently filed lawsuits."
Abstract This paper states that technology is noted for increasing the overall efficiency of any business and banking is no exception. The paper focuses on more recent technological advances in banking-- digitization, on-line banking and systems integration for one-to-one marketing. The paper contends that these applications have dramatically altered the overall cost structure of banks and have completely transformed the way they now conduct business.
From the Paper "Up until the late 1990s, institutions focused their technology strategies on the front end of the business. Data access in the back office continued to be mired in a myriad of costly manual business processes (Walker, 2005). Increasingly, digitization is being used to facilitate end-to-end process automation. Digitization formalizes, through technology, the business processes, content and associated metadata required for efficient business operations. It leverages a services-oriented architecture to create a more nimble business infrastructure that provides critical linkages, among the customer, the back office and emerging technologies. Gartner Dataquest forecasts double-digit licensing growth over the next four years for digitization tools such as content and document management and collaboration software because financial institutions are beginning to recognize the need to bring better cost control standardization, consistency and measurement to their business processes."
Abstract With the advent of the Internet and global connectivity, net banking is becoming increasingly popular all over the world. This paper discusses the nitty-gritty of net banking, the evolution, the merits and advantages of onlinebanking, and also the disadvantages and limitations of this 20th century development.
From the Paper "Banks see their online banking services as a means of customer retention and cost saving. From a customer perspective, online banking is convenient and provides savings in both time and costs. This is due to banking being accessible 24/7 from the home or office, the need for visits to the physical branch is reduced and banks passing their reduced costs to the customer in the form of lower fees and higher interest rates. However, Online banks must provide a service that is user-friendly and should instill trust in customers that the level of security provided will protect their transactions and personal information. Online banks face the challenges of ensuring that their security and privacy measures keep up with the rapid developments in technology. Also, it is important that banks integrate their online services as an extension of the existing services through their brick-and-mortar branches."
An outline of how bank management can manage change, streamline costs, integrate information systems, and improve performance relative to the entry of non-bank institutions such as Walmart, UPS, and ING.
1,575 words (approx. 6.3 pages), 6 sources, 2006, $ 62.95
Abstract This paper describes an integrated process of project management, operations management, and information management to plan and execute an onlinebanking overhaul for a (fictional) Sun Valley Bank. Each type of business management is outlined step-by-step, and suggestions are made for how each ties into the other in order to improve company performance.
From the Paper "With the proliferation of today's consumer and business financial needs, coupled with available technology solutions, easing of regulatory constraints, and willingness of new players to enter the marketplace, banks face more competition than ever from financial product providers that traditionally were not significant players in the banking industry (Bitler, Robb, and Wolken, 2001, p. 184)."
Abstract This paper discusses the increasing trend of onlinebanking. The paper contends that there is little doubt that the innovation of e-banking and the growth of technology have combined to increase the risks faced by financial institutions. The paper asserts that these risks need not be seen as detrimental, but rather as an opportunity to establish services of high quality for customers who will provide value for the institution. The paper states that no venture is risk free; the aim should be to reduce risk through effective strategic management.
From the Paper "The rapid increase of technology from the second half of the 20th century has touched nearly every area of life. Education, entertainment and other leisure activities have all benefited from technological advances, which mainly focuses on Internet and communication technology. Banking is no exception to this paradigm. The Internet has made a variety of banking activities possible from the comfort of one's home or workplace. Transactions can for example include payments, shopping and other account management possibilities. This however has opened up an opportunity for fraudulent practices by for example hackers, which would not before have been possible. This is only one of the risks associated with electronic banking, or e-banking. From the point of view of financial institutions then, e-banking has substantially increased the risks of banking in a variety of ways."
Abstract This paper describes the challenges facing the U.S. banking industry in the next five years. This includes lower margins, mergers, and an older population as well as onlinebanking.
From the Paper "According to George Hanc in an article published in FDIC Banking Review, the future of the banking industry in the United States is one that is best characterized as rapidly changing. The future of banking will be shaped by the environment in which it operates and by changes in customer requirements. The predicted economic climate of moderate economic growth as measured by GDP without severe or long-lasting recessions would be conducive to the strong growth and profitability of the banking industry."
Tags: The future of banking, mergers, acquisitions, steady economy, forecast, risk, change, challenges
Abstract The paper evaluates the online websites of USAA, ING and Scottrade. The paper discusses the three tenets of online marketing: commerce, community and content. The paper relates that while some areas needed further refinement, these sites were generally both informative and gratifying to navigate. The paper arrives at the conclusion that the necessity of physically traveling to a bank or financial services representative is rapidly becoming a relic of the not so distant past.
Outline:
Abstract
Overview
USAA Website
ING Website
Scottrade Website
Conclusion
From the Paper "E-businesses, by necessity, rely almost solely on the effectiveness, accuracy, and security of their websites. Failure to adhere to sound marketing and technology principles in building a website can lead to disaster for a company that relies on its website to bring in revenues. The three principles of website marketing: commerce, community, and content, are even more important when considered in relation to the banking and financial services industries, which are increasingly shifting their business models to an online format. (Proctor,...)"
Abstract The paper presents a research proposal to test the hypothesis that that those factors that tend to contribute to the success of onlinebanking in Hong Kong today can be identified through secondary research consisting of a critical review of the relevant peer-reviewed, scholarly and organizational literature together with primary research using a questionnaire instrument designed to elicit preferred electronic banking functions. The paper uses this approach to confirm or refute the hypothesis stated above and uses the following question as a guideline: "What are the most important factors that contribute to an onlinebank's success in Hong Kong today"? The paper then describes the questionnaire, the sampling approach, and the design and analysis to be used by the study. The paper includes a copy of the questionnaire.
Outline:
Introduction
Hypothesis and Research Questions
Questionnaire
Sampling
Design and Analysis
From the Paper "Indeed, convenience to the banking consumer has emerged one of the primary advantages of Internet banks today (Raskinis and Bartkute 2007:121). Convenience and accessibility, though, are just part of the larger picture of which factors contribute to the success of electronic banking today. For instance, Calabrese and Remshard note that electronic banks require a viable functioning organizational structure and some ways of providing feedback to consumers in as efficient manner as possible. While all banks will have their own agenda concerning their respective goals when establishing a virtual extension of their brick-and-mortar outlets, there are some commonalities they all share."
Tags: convenience, questionnaire, influential, demographic, variables, in, depth, investigations
Abstract In today's environment of increasing globalization electronic banking, otherwise known as commerce or EFT, has become a daily life activity in our computer savvy society. Notions of banking and finance have changed over the last few decades particularly at the personal level with the increasing use of personal computers and online services. Strengthened Internet protocol and user friendly software have allowed for an increase in virtual banking and a decrease of paper records, files and documents against a backdrop of consumer concerns about compromised safety. Given this current environment of global electronic banking, this paper considers whether today's electronic banking is sufficiently secure enough to deal with large cash flows for people and companies.
