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How does the western model of Internet Banking apply to Russia?
Finance & Accounting
Pages 10 (2510 words)
HOW THE WESTERN MODEL OF INTERNET BANKING APPLY TO RUSSIA By Name Course Tutor’s Name Institution Date How the western model of Internet Banking apply to Russia The advent of internet and its increased application in various economic sectors has revolutionized the banking sector.
Recently many banks have adopted online banking. With its boom in the United States and the United Kingdom, online baking has subsequently spread to other areas, Russia included. Victor (2008, p. 724) asserts that although this is the era of internet boom in many regions of the world and that more developed countries are increasingly using the internet for various ways, the reality is that most of the developing countries are yet to fully adopt the internet and embrace it as a way of doing business. The online banking, commonly referred to as the internet banking is one of the newest forms of banking adopted by banks in the developed countries. According to Arnaboldi (2009, p. 1), “a few pioneering banks started to offer products via the internet in the mid-nineties.” This shows long the service has been on going in the European-banking sector. However, Russia and other Eastern Europe countries are yet to realize the dream of conducting most of their banking operations with convenience of their mobile phones and computers. Hopes of these people transforming their banking services and fully going digital are still alive, if the current changes and improvements in the banking sector are anything to go by. More and more, banks in the Russian region have embraced the need to go online, with many customers already subscribing to internet banking. ...
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