Banking And The Banking System

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ABSTRACT Banking has been developing drastically over the years, whether it’s related to the banking system or way individuals can withdraw or spend money. This has created a great leap in banking crime. However there 's a scare knowledge of the public 's understanding of this. Data was collected through a questionnaire and analysed using a chi-squared analysis. Through student and nonstudent participants sampling approach no significant differences were observed between group understandings of new banking crimes and found that they had identical ranking of responses. Additionally using an approach by Schuman and Scott (1987), half the participants were asked open questions and the other closed questions, this also highlighted the impact of question form on ranking of responses and showed no definate ordering of response choices could be made. Key words: Banking crimes, public understanding, questionnaire, chi-squared analysis 1.Introduction The banking system and ways that people can withdraw and/or spend their money has changed over the years and continues to do so. People originally made payments with physical money which moved onto credit cards, debit cards and contactless cards (Lambert, 2011). From 1971 electronic commerce appeared which brought along digital wallets like Paypal (van Ketel and Nelson, 2005).The banking system, includes commercial, investment and national central banks, has also been changing. Exposed weaknesses have been exploited and created
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