Implementing Enterprise Architecture For A Private Bank

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

increase in technology new innovative ways of shopping and banking has been introduced such as

Technologies have allowed the banking industry to expand . Cell phones are now able to monitor consumer expenditures effectively and have become a new banking tool within the generation. Many opportunities arise with technology increasing. The banking institutions must be able to determine what future technologies may arise in order to be able to capitalize on that market. Recognition is essential during this time period for CIBC as they must maintain the technology consumers demand. The Canadian Imperial Bank is placed extremely well with a significant and assured customer base from the level of the government and the public sector business. Many government parties will do business with

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.

The present project is Sever Integrated Banking is the easiest form of accessing one’s Bank account. The main objective of this project is to facilitate the Bank Customer to access his/her account without having needed to go to Bank or ATM. Now we can access our bank account and conduct a host of banking transactions and inquiries through Internet service. The Net Banking solution’s self-service capabilities empowers customers to manage their banking activities better. The general procedure is that the Customer has to go to near ATM/Bank in order to access his account. The main disadvantage of this system is, it is time consuming, costly and it is a tedious process to go there for every small work. The current project gives the best alternative. As it is 24 hrs available and has a maximum reach even to the places where banks are not available. Customers can make fund transfers to others, knowing all information regarding all policies and also customer can pay all bills through net only.

The world is fast changing which can be attributed to the advent of technology. A few years, the advancements that are now being witnessed would be considered impossible. Technology has enabled changes to occur in the economy sector with the banking system coming up with systems that can help their customers enjoy more of their products and services (Ron, 2008).

This essay is written to design a language that is suitable for the banking problem. The banking sector is related to the business areas. Banking sector provide services to their customers and security of their customer’s money to them. Banking is also evolved in the finance areas also. There are many programming languages that have been widely used for the business applications of computers. Some of these languages are java, COBOL, FORTRAN, Pascal, Python, PHP, C/C++ etc. Each language has its own features and characteristics, syntax, compilation and interpreter methods and also has exception handling and maintenance also. So, here I am going to design a new language that is use for the banking problem domain. The language is IBPL (Internet Business Programming Language). This language has its own features, scope, characteristics, maintenance and its compilation and interpretation methods. This language is different from all the existing languages. In this essay I am going to describe about my language i.e. IBPL (Internet Business Programming Language), its purpose of designing, its features, its characteristics, its compilation and interpretation, its expressivity, type checking, Orthogonality, its simplicity, its data types and support for abstraction, its readability, writability and its reliability etc.

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

The main objective of implementing ICT in an organization is to enable it achieve its goals. Information system is regarded costly, but the changes that have taken place in the information system over a time has greatly reduced the cost of transmitting data, the acquiring storing, and transformation of data. In the banking industry for example the introduction of ATM, e-banking and smartcard has made the distribution of banking services more efficient. Indeed, it has brought about a lot of competition in the financial institutions, the banking methods have evolved, with a lot of innovations in the banking industry.

The process of globalization and liberalization has virtually transformed the way of running business across the globe. Technology has entered into every sphere of the human life and the financial sector is no exception to it. E-banking, a product of the research conducted in the field of banking and financial services over the last century, is being used in India for some time now in the form of digital data in computers, Automated Teller Machines, credit and debit cards, mobile banking and net banking. Internet or e-banking means that any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. E-banking services can be availed for payment of bill, fund transfer,

Executive Summary- Bank of America (Bofa) is one of the leading creators of the mobile banking application, lately since the app has been created they have noticed that new features and platforms of the applications are starting to cause issues dealing with technical support and functions that the app possess such as viewing your mortgage or using rewards points. Jen McDonald who is the head of the digital marketing group decided one day that the company needed to go in a new direction so herself and a couple of the executive heads Aka Douglas Brown and David Carrol who are head of mobile strategy and senior vice president decided to bring in Starcom to create an application which would be more accessible for users to view there account information. Bofa Decided to launch the mobile banking app in May 2007, which allowed customers to access there accounts via Smartphone through the mobile banking browser. Brown one of the heads was the lead of development and had stated within three years the there will be around 3 to 4 million users. This would make Bofa one of the first with the newest technology and would open new opportunities in their financial department. One of the major issues that Bofa is going to face according to Brown is complexity of the application he believes adding more features could slow down the app and negatively affect the users experience, this could leave to high profile failures which could effect the company heavily. Building more apps means

Planning Phase: The requirements along with the business case, work breakdown structure, schedule, budget, roles and responsibilities, measures for success and a communication plan is presented for analysis. Since ANZ’s aims to expand globally specifically in Asia, increase their return of investment domestically, and implement a successful enterprise wide approach for operations and technology, mobile banking technology suits to be the solution which would help them expand and communicate with diverse range of customers. A few KPIs to focus on pertaining to inclusion of mobile technology are:

Mobile banking occupies the focal point of growth strategies. It represents a lucrative business opportunity to banks and mobile carriers. (Goswami & Raghavendran, 2009). Mobile banking can help to make full access to the details and transactions of personal bank accounts, as well as making utility bill payments and transferring funds.

ATMs have substituted cashier tellers, telephone represented by call centers replaced the bank branch, internet displaced the mail, credit cards and electronic cash displaced traditional cash transactions. The banking industry is now moving towards implementation of relationship banking principles. It is also experiencing the “Productivity flywheel”. Higher competition is leading to increase the productivity in banks. Higher Productivity is leading to grab the greater market share by the players. Higher market share is again leading to higher competition. Thus to have an edge over competitors, e-CRM is important in retaining the existing and to attract the potential customers. To experience customer retention, the banks should monitor the customer behavior. The front line employees can have a better understanding, a predictive future behavior and customer preferences. The database and applications helps the bank to maintain better relations with customers to continue to grow and evolve in the market.