Chase.com's Quest for a Global Web Presence Essay

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Chase has more than 5,500 branches and 18,000 ATMs and holds approximately over $2.6 trillion in assets (Get More from Your Banking Relationship, 2014, p.2). JP Morgan Chase is often called the leader of the pack among the “Big Four” banks (King 2015). In recent years the bank has embarked on a major expenditure program to keep up to date with technological advances and consumer change of taste. The trend is digitalization of the banking experience, which enables customers to bank from their smartphone and/or computer. Chase has invested heavily on its smartphone application and online banking platform. In which chase has become the #1 most visited banking portal in the U.S and #1 Mobile banking functionality for 3 consecutive years (Smith 2015). In addition, Chase has expanded the capabilities of its ATM stock. On this new platform, wires can be sent via personal computer, funds

Following the invention of Online Transaction Processing (OLTP), primarily used by the airline, banking, and retail industries during the late 1960s, the introduction of E-Commerce progressed towards a global enterprise design which incorporated commerce for web, mobile and the business-to-customer and business-to-business models. Such designs became more useful as they increased the ability to manage and provide powerful tools to aid potential customers with searching, merchandising, master data management, order management, and web content management. Such designs present a great benefit to companies because the platforms make

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Assisted a PwC team’s effort to develop recommendations to modernize a large US based custody bank’s core banking and payments platforms (i.e., wire transfer, ACH). During this engagement I assessed payment technology options and helped determine the costs and benefits of various investment scenarios. The client is currently leveraging our deliverables and recommendations to perform an in depth review of a subset of modernization options

The statements below are the impacts of the internet on the competitive landscape of corporate banking:

The Competitive Profile Matrix indicates that JPMorgan Chase has the highest weighted score of 2.81 which is an indication that they are leading in the Banking industry over Bank of America with a score of 2.65 and Wells Fargo in third place with a score of 2.51. None of the three banking institutions fell below the average of 2.5 which is considered a weak position. Some of the contributing factors are as follows: On Financial Strength in 2015 JP Morgan Chase had assets of 2.39 trillion dollars, and Bank of America’s assets was at 2.17 trillion dollars, while Wells Fargo trailed with assets of 1.44 trillion dollars. On Technology initiatives, in addition to the large amounts of resources assigned to banking technology, JP Morgan Chase has a technology budget of 500 million dollars for Cyber Security; Bank of America invested 400 million, while Wells Fargo spent 250 million on Cyber Security.

The Technology and World Wide Web (www) has changed human behaviour and interaction to a very large extent. Today Web based businesses, banking and e-shopping are the major examples to point out the trend in this direction. Keeping that view in mind the purpose of this research paper is to explain the network elements of online banking and online shopping, how both types of organizations are using networks to manage their businesses efficiently, what are the critical factors associated with their organizations and how can they overcome those challenges has also been discussed.

Virtual banking services which had been deployed since 1980 by Bank ONE of Columbus, Ohio (Darlin 1997), had a tremendous growth since then to 1,130 banks deploying online banking services by

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Assisted a PwC team’s effort to develop recommendations to modernize a large US based custody bank’s core banking and payments platforms (i.e., wire transfer, ACH). During this engagement I assessed payment technology options and helped determine the costs and benefits of various investment scenarios. The

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Dun & Bradstreet (D&B) has been the leading provider of global business information, tools and insight to provide customers to make critical business decisions and reduce credit risk. In 2000, Dun & Bradstreet separated from the Moody’s Corporation to launch a new business strategy called the “Blueprint for Growth” and announced their aspiration to become a “growth company with an important presence on the Web” (DNB, 2013). The purpose of this essay is to assess how D&B created a digital culture, embraced the opportunities of E-Commerce, improved their data management systems, created a business continuity plan and took extra measures to secure their customers data.

In order for a new entrant to successfully compete, they will need to understand the impact of information systems in the industry they intend to enter. It is stated that the changes of information systems (IT) can have a significant impact on the products or services, the economies of production and geographic distribution among other factors (reference). In many businesses the internet has increased the risk of new entrants to enter the market by reducing the limitations to entry, for example selling the products online and distributing them anywhere in the world (Rainer et.al, 2013). During these modern days, financial companies can now provide online services (money transactions) for their customers globally due to IT erasing the geographic market barrier. On the other hand, online based services can be complex therefore there are systems required in order to manage the transactions effectively which can be very costly.

Technology has been the main driver for globalization of banking operations. Various advancements in technology have not only changed the banking business but also the way customers perform their banking activity. Banking industry is moving from the traditional brick and mortar set up to the virtual channels at a very rapid rate. Technologies like ATM, POS terminals, internet and mobile banking have increasingly influenced the use of e-money over paper money. The purpose of my research paper is to examine how the advancement in technology affects the banking services. I will also examine how technology impacts the financial transaction costs and revenue generation for banks. For the purpose of this research paper I have reviewed academic peer reviewed articles, case studies and internet resources. Since virtual channels can be used to offer standardized banking products, banks can shift their focus on relationship management. On one hand banks are adopting newer technology to reduce cost and provide convenience to customers, but not all technology is easily adopted by customers as they raise some serious security concerns. In order to bridge this gap, banks will have to provide advanced security measures and assure information quality.