Impact of Ict on the Banking Industry a Case Study on First Capital Plus

3. What are the consequences of Capital One’s IT strategy for expansion into different segments of the credit card industry, and into other industry’s?

This research paper will describe Capital One’s general environment, technology and political and legal segments, forces of competition, Predicting and addressing forces, strengths, weakness, opportunities and threats (SWOT) as well as resource capabilities.

The company has recently made moves to build its retail banking business and its credit card business. In 2012, Capital One completed the purchase of ING Direct USA, a deal that added $80 billion in deposits to the company's balance sheet. It then added HSBC's US credit card business. This move added $28 billion worth of credit card assets to the company's portfolio. These acquisitions were substantial in nature - $9 billion for ING and $31.3 billion for HSBC (No author, 2012). They indicate that the primary focus for growth at Capital One is to build on its core businesses. Such expansion of its two largest businesses indicates that Capital One is more interested in focus there than in expanding

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

Banks that offer financial products and services through the Internet must be able to meet their customers’ expectations. Banks must also ensure they have the right product mix and capacity to deliver accurate, timely, and reliable services to develop a high level of confidence in the customers. Customers who do business over the Internet are likely to have little tolerance for errors or omissions from financial institutions that do not have sophisticated internal controls to manage their Internet banking business. Likewise, customers will expect continuous availability of the product and Web pages that are easy to navigate.

When determining the bank’s future over the next five years, one must analyze what the bank needs to focus on in order to achieve the individual goals. The bank’s mission is to work towards offering its customers the one-stop financial shop concept delivered with an unexpected, unsurpassed level of customer service. In order to achieve this mission, FirstBank must be able to continue to strive to be better and never settle.

Citibank developed two different strategies for each market segments, some of the strategies for MNCs are secure platforms to access services, local and global which can offer fast and worldwide capabilities. Also provide fraud and identity theft protection, showing the advantages of online real time banking

With the aid of relevant sources and appropriate research methodology, the researcher wishes to answer the question, “How adoption of IT did solved an existing banking problem of the Royal

Technology 's impact on society has changed in many areas of our lives. Technology has changed travel, you can now book your own plane ticket without going to a traveler’s agency, schooling you can take classes online, and have access to doctors and medicine without having to leave your home. I chose to write about the topic of banking. With the help of technology banks are able to reach out to more customers and provide better services to them. How has technology affected the world of banking? What choices do we have when it comes to our banking needs?

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

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

Having worked for over ten years in the financial services industry, specifically banking, I have come to understand how greatly technology is important to the success of a bank, the realization stem from my experience in banking operations, product development and strategy. Currently as the deputy manager performance management and strategy group responsible for business strategy, product innovation and performance measurement within the bank, hence, my understanding of technology has made it possible for me to meet and surpass my job responsibilities and have place the bank as one of the leading e-banks in the industry and country. As a graduate of, and chartered accountant, I have come to grasp with the fact that business and accounting

More than the precedent quarter-century a theatrical consolidation occurs among banks. For instance, in the US there are about 7,600 commercial banks these days, down from around 13,000 in 1980. on the other hand, simultaneously, the tall pace of bringing in modernizations8, the rising intricacy of dangers, quick amendments in economic transportation like electronic networks, the budding function of institutional depositors, and robust and further multifaceted links among banks and capital markets, guide to budding qualms about the long-standing productivity of numerous of the prevailing banking models and fundamental tactic. For instance, banks' customary informational benefits prolong to be corroded (Oliver, 2007). There are countless urgent questions regarding the future of this hub purpose of banks making credit accessible to households and businesses, counting the share of pure rapport lending in banks' tactic. an additional illustration of doubt adjacent the design of tactics for the future apprehension the function of e-banking. Just some years back, bank tactics alert on the apparently

The last time that technology had a major impact in helping banks service their customers was with the introduction of the Internet banking. Internet Banking helped give the customer's anytime access to their banks. Customer's could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like China and

The problem here is that since theOne would think that the main purpose for a bank besides managing one 's money would be giving good customer service. Excellence in customer service is the most important tool for sustained business growth. Customer complaints are part of the business life of any corporate entity. This is more so for banks because banks are service organizations. As a service organization, customer service and customer satisfaction should be the prime concern of any bank. Banks believe that by providing prompt and efficient service on to their customers, this is essential not only to attract new customers, but also to retain existing ones because customer dissatisfaction would spoil the bank 's name and image. To provide this kind of service more fast and efficient, the major weapon of bank is e-banking.