Online Banking, Banking And Banking

Startling numbers from one study show that in the United States, 140 million credit card holders have 1.2 billion retail and credit cards (Lynott, 2008). Outstanding balances of

This chapter generally focus on several part of study in online banking area. This research paper entitled: A study of generation Y satisfaction toward online banking service in Johor. Background of research as the first part in this chapter and briefly discuss the definition of generation Y and online banking service. Problem statement continues as the second part which explains the importance and the basis of this study. Next, research objective screen out the five specific objectives of this study and demonstrate the independent variables and dependent variable. Then, the research questions illustrate the question between the independent variables and dependent variable. The research questions state how the factors or independent variables affect the satisfaction of generation Y toward online banking service. The significance of study shows the parties or entities that benefit from the research. Significance of study also explains the

On a periodic basis, the Federal reserve releases key statistics related to credit card debt in America. With almost 2,000,000,000 credit cards in use while in the hands of almost 200,000,000 individual credit card holders, there is no denying the popularity of these little pieces of plastic. Through May of 2015, Americans were responsible for $901 billion in credit

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

The way people bank is going through explosive, explosive changes. In fact, it’s transformed more in the last decade than in the last century. The great news for millennials is that it’s easy to grasp and use the new technology.

Chase, like other banks, has sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the credit- debit - cards. This helps in making

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

In 2016, e-Marketer estimates that 37.5 million people in the U.S. (19% are smartphone users) will transact using their phones, by the end of 2016, mobile payments are expected to exceed $27 billion. Predictions are that by 2017, U.S. mobile commerce will have increased so much in popularity that it will account for 50% of U.S. total digital commerce revenue (Mobile ecommerce, 2016).

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.

An obvious threat to the online banking services. Additionally, a cost of living increase is predicted for 2018 of 2.15 percent, this translates into higher costs for basic needs such as groceries, clothes, rent, and power. If consumers have less disposable income they will likely spend less money, for the banks that may threaten the current usage of online banking services. Also, as increases in women entering the workforce continues, the demand for time saving services like online banking will likely continue to increase. This is an opportunity for the banks to reap the financial benefits from this trend. Most recently, privacy breaches such as the recent Facebook controversy may cause technology users to question the security of online banking. The banks make every effort to ensure their online security measures are substantial: however, mobile apps that customers download to their phones can be vulnerable to hacking. If hacking incidents continue to make the news where individuals information has been accessed this could result in a trend away from online services where financial information is vulnerable.

In this essay I will be writing about Online Banking, its use, how it evolved, impacts and how it benefited the global businesses. In late 1980s, the term online banking became popular. But in 1990s, the financial institutions implemented the online banking services. Initially it took some time to adopt the customers to do monetary transactions through online banking. Afterwards, with increasing use of computers, internet and World Wide Web, banks introduced new form of banking called Online Banking. It is a service from a bank to perform banking transactions through internet. Transactions like paying bills, transferring funds, applications and payments over loans & mortgages, accounting statements viewing, viewing account’s transaction history, looking for products and services provided by banks, getting answers of queries instantly.

In fact, we can trace the true origins of the most recent surge of technological developments as far back as thirty five years ago when the Atari 2600 was released and the impact that it had on game programming. In the early 1990’s we saw pagers take off and the birth of computer games as well with the success of computers. However, it wasn’t until the mid to late 1990’s when the Internet took off that the changes in technology were happening more in succession. For example, the flip phone was only about a decade ago and in the past eight years, the iPhone changed everything as technology started merging to include Internet, GPS, camera and video capabilities on the smartphones. Network of computers and the Internet that connects them to each other from the basic technological structure that underlies virtually all-electronic commerce (Schneider, 2015, p. 61). Technology has changed the way the world does business and the way we now communicate and interact with each other. Technology’s growth has translated into a shift from traditional business and the way it is conducted. The role of technology has allowed a leading bank such as JPMorgan Chase to implement innovative use of new technology to increase revenue. For example, JPMorgan Chase reported that 41 percent of its customers that used mobile banking in 2013 alone to make their deposits. JPMorgan Chase views technology as an opportunity to improve their relationship

The issue that Relay FCU faces can be addressed with an aggressive marketing strategy centered around attracting the younger population. With only one physical location and no online banking service, a heavily tech-oriented youth population may look to other credit unions or banks instead of opening an account with Relay. To address this, Relay must first seek to implement a web-based banking system complete with an app for mobile phone banking as well. According to Bob Hedges, managing director in AlixPartners’ Financial Services Practice, “Consumers are demanding, expecting, and shopping for mobile capabilities. Banks who fail to innovate run the risk of losing customers and face real challenges in attracting new customers” (Marous, 2014). Once the mobile banking service is implemented, Relay must develop a marketing plan targeted to consumers in the prime borrowing age range of 25-44. This marketing plan must include heavy advertising and a social media presence. Relay is not on any social media sites such as

Ever since man first walked on earth, goods and services were traded throughout the world. Individuals needed a way to buy these goods and services. Before the “Apple Pay”, “Samsung Pay”, and all the other new technological advancements, “there were goods and services, bartering, animals, food, exchange and agreements for work”(Yahoo). As time went by, we started to see the evolution of the coins which lead to the invention of the paper currency or cash. With the advancement in paper currency, individuals needed a place to store the large amounts of money while also keeping their money safe from harm. This caused the establishment of banks all around the world. These banks weren’t that safe as it is today, but what other choice did individuals have in protecting their money. As time went on, individuals needed a way to get money fast and stress free. Credit cards came in as a solution to that problem. On the positive side, credit cards are a way for individuals to keep their money safe; the advancement in technology helps credit cards become more and more intelligent and safe, and they prevent the individuals from losing their cash or having it stolen. But on the negative side, technology has its dangers that make the utilization of credit cards problematic, such as: careless spending, theft, and scams are some of the ways individuals lose money or land in credit card debt. Finally, the individual must decide if the use of a credit cards and its benefits is damaged by the

secular increase in the dissemination and use of credit cards, raising at least the possibility that