Because customer satisfaction has gained much significance in all industry segments, and banking being a retail industry where rush of customers for their daily banking needs is huge, benefits of e-banking to the customers are being provided with extra vigour by the banking industry to attract more and more customers as banking market is very competitive. For banks, internet banking offers the strategic possibility of cutting costs, better customer service; attract more customers and add-on with the cross-selling opportunities. Banks view electronic banking a very positive feature of their services. E-banking has its own challenges and opportunities, challenges emerging from the serious ramifications of global e-banking. In the global context, it is stated that the transaction costs have reduced drastically making it feasible to realise cross-border banking transactions electronically. Such an opportunity provides to the banks the potential of economies of scale. Such electronic cross-border transactions need to be cleared by banks by taking additional safety measures (Nitsure, 2004). Benefits of e-banking to Banks Cost-effective According to Orr (1999) electronic banking cuts the cost of each transaction at once. ...
It cuts down the cost of the bill if it is served to the customer electronically in comparison to when it is physically delivered in hard paper via post. Irvine (1999) remarks that banks leverage cost by saving 40% than in hard copy. Both the customers of the bank and the bank itself get the benefit from reduced cost without affecting the provision of effective and comprehensive services. Loyal Customers According to a research organised by Forrester Research, 61% of the participants were of the view that if banks come forward to deliver the services as desired by them they would gladly remain customers with such banks (Dixon, 1999). Knowing well what their customers want, banks are offering a “hub” of related services such as bill presentment and payment, financial planning, property planning, insurance, loans and brokerage services. The internet has facilitated this convergence of financial services, which was not possible otherwise from a centralised system. Banking web sites providing convergence of services to the customers deliver a more comprehensive experience to such customers who randomly visit the bank website to use the offered services. The objective of the banks behind such convergence of offered services is to hook the customers by creating loyalty, providing the opportunity of bundling of services, which can be realised in increased earning from such customers, using various services of the banks under the umbrella. Additional Services Banks are offering financial portal services to their customers wherein various financial services and products like stocks and mortgages are presented to the customers, which have opened up another earning stream for the banks. It has become possible because of Internet integration.
Topic: Discuss the view that electronic banking has more benefits for the bank than for the bank’s customers Introduction With the arrival of e-commerce in banking sector, performance expectations have increased multi-fold both for the efficient and effective management of banking processes by the bank management and for the provision of heightened comfort level to the customers from e-banking…
Fazlollahi (2002: 94) identifies three main reasons why clients of banks would rather opt for e-banking rather than the traditional methods. These reasons are Affect-based Trust, Cognition-based Trust and Satisfaction.
This essay discussed the requirement of retaining customers in case of the banking industry and the ways which the banks plan out for retaining these customers. In order to show the readers the implications of the literature review, the author has started a discussion, so as to streamline the purpose of the research study and the literature review.
Barclays Bank in India Management Report Name of the Writer Name of the Institution Barclays Bank in India I. Introduction No modern business today can exist in a vacuum. It has to face the internal and external forces that abound in the business environment.
Fazlollahi (2002: 94) identifies three main reasons why clients of banks would rather opt for e-banking rather than the traditional methods. These reasons are Affect-based Trust, Cognition-based Trust and Satisfaction. Trust is developed over cumulative processes of interaction and and after the amassing of immense knowledge between the parties involved in the transactions (Ford, 1981).
In some parts of the world, users are ridiculed and shunned, while in other parts they feel vindicated in their use of the drug, demonstrating a sense of comfort and a lack of guilt because it forms part of their societal fabric. In this paper I will employ the theories of cultural relativism and ethical subjectivism to discuss the issue of legalizing marijuana.
For several decades, corporate strategy practitioners and academic researchers have drawn widespread attention to the importance of formulating comprehensive, sound, forward-looking corporate strategies (Hall et al, 2000). The connection between formal strategic planning systems and firm performance has been studied and re-studied with little consensus regarding a correlation between the two.
As information is so essential in banks, banks were the pioneers of the use of information technology. The first use of information technology in banks was started in 1950s when some of the banks in America installed automated bookkeeping machines. (Frguson, 2000).Many banks are now spending huge amounts of money in technology .This money is being spent not only to update and maintain their IT infrastructure but also to keep ahead of the competition by being the first to provide the latest technologies.
Likert Scales (1-7) provide the evaluation mechanism for the various attributes which are being quantified through this questionnaire. This scale quantifies the importance of the various qualities which are being quantified through this questionnaire, with 1 being the least important and 7 being the most important.
According to the report to the HR manager pertains the task of recruiting, training and deploying qualified manpower to run these activities efficiently and must prepare them to be ready to absorb all knowledge required by changes in technology and business systems and by the forward leaps of innovations that complicate the banking system.
mic scholars and economists.” (Bhakhsh, 2010) Islamic Banking is emerged as a result of the limitations that are set by the religion on normal banking practices. The first and foremost system that the Islam prohibits is collection and payment of interest which is the primary
12 pages (3000 words)Essay
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