Online Financial Services

Product or services - where the business is divided into the particular products made or services provided

Convenience way of operating banking transactions: Online banking is a highly profitable channel for financial institutions. It provides customers convenience and elasticity and can be provided at a lower cost than traditional branch banking (Williamson, 2006). The convenience of online banking is helping people gain greater control of their finances and contributing to changing patterns in cash withdrawal and day to day money management. (Beer, 2006)

• getting or using services – such as banking and insurance services, services provided by government departments, transport or telecommunication services, professional services like those provided by lawyers, doctors or tradespeople, services provided by restaurants, shops or entertainment venues.

Such industries that provide services and/or good to the economy to sell, trade, make profit would include the:

The new service economy has positive and negative aspects. The United States labor was once based on agriculture, then manufacturing and has now turned into an economy based on services (Hodson & Sullivan, 2008). Over the years, Americans have gained more capital and with that capital services such as education, health and entertainment have increased. (Worldbank, n.d.) Because service jobs are not based on the use of machines like manufacturing, jobs are continuing to grow in the

An example of a service industry would be a plumber. They come and provide a service to a customer in which they are paid. Another type of service industry would be a Tax Accountant in such that when they prepare tax papers for a client, they are providing a service. On the other hand, merchandising businesses are places that provide goods for sale such as clothing at a retail store or groceries at a grocery store. (Hanly, n.d.)

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 scope of the project will be to identify and survey friends, family, and business associates (our target audience) that use social media and online services to determine their banking service preferences. The survey will help financial institutions to determine strategies for developing products and delivering value to customers. The survey team will consist of all 4 teammates – Kevin, Melissa, Jackson, and Greg. To get the desired results, the survey will be brief and ask questions in a simple way that is easy to understand and respond. The goal will be to gather an honest opinion from the subject to add value to the banking community and aid management in the selection and implementation of key banking services that add value to the company/bank. Estimate timeframe to disseminate and review results is approximately one week.

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

Details of services: what services do they offer? Who are these services aimed at? Are they focused on a niche or do they provide an integrated portfolio of services?

We do believe though that the online presence, in not only banking, but in most things involving commerce, is growing and that it is not a bad idea to think of ideas for budget increases concerning online banking in the near future. But in strictly viewing the numbers given to us in the case that may not be a great idea at the present time.

Banking online is a recently developed convenience. How often do you forget to pay your bills? With online banking your bills are paid on time. You also have immediate access to your bank statements updated by the minute.

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

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 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