The Future Of Retail Banking And The Increased Popularity Of Electronic Banking Among Adults

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This Research will examine the future of retail banking and the increased popularity of electronic banking among adults in the United States. This research utilizes data from census.gov and pewresearch.org, ABA and federalreserve.org. The data set examined is over a twelve year period with data at three year intervals. The purpose of this study is to determine whether there is any relationship between age and income as it relates to the use of internet banking. The use of scatter plots, correlation calculations and regression analysis will be used to determine the result. (Will be shown in Excel spreadsheets) Literature Review The transformation of retail banking began between 1980 and 2000 with the use of digital technology to make…show more content…
The development of mobile banking, sales of products either done online or influenced by online marketing are expected in the medium term to grow to represent 60% of total sales (mckinsey.com). Traditional banks offer many different services to their customers. These services include accepting customer money deposits, making loans to individuals and companies and providing servicing to the various loans and accounts offered. When compared with traditional channels of offering banking services through physical branches, electronic banking (e-banking) uses the Internet to deliver traditional banking services to their customers, such as opening accounts, transferring funds, and electronic bill payment (Fan, M. 2002). E-banking can be offered in two main ways. An existing bank with physical offices can also establish an online site and offer e-banking services to its customers in addition to the regular channels. Citibank is one of the leaders in e-banking, offering walk in, face to face banking at its branches throughout many parts of the world as well as electronic banking services through the World Wide Web. Citibank customers can access their accounts through the Internet, in addition to other e-banking services such as account balance inquiry, funds transfer, and electronic bill payment, Citibank also provides premium services including financial calculators, online stock quotes, brokerage services, and insurance through
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