Innovation is something new and it can be product as well as service. Innovation defined something new and original. Moreover, it has huge impact to the society and individuals as well as new innovation will have value which people will pay. Online Banking is also one of the innovations especially in economics field. Online banking had and having huge impact on society and individuals. It also affects to economy as well as small and large businesses because online banking changed the way people make payments from one decade ago. Online banking is even faster than bank machines and it made payments easier. There are many reasons why people were influenced by online banking. Firstly, online banking is available during the 24 hour and seven days which people can access their accounts any time easily by their smart phones or on PCs and despite corner banks online sites always open. Individuals can benefit more from online banking than virtual banks because people can make payments and purchases from internet and it is also saves cost of papers to banks. Furthermore, individuals can any kind of product in spite of its price and amount such as vegetables from market or Television from technology store. Another reason why online banking convenient is due to people who have family or friends in another country can send money to their relatives without any difficulties from every point of world to the another point and by getting date of exchange rate. Secondly, people
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I would define innovation as the ability to apply this creative thinking to an existing product, solution or approach that improves the outcome of a solution to a problem or usefulness of a product. Innovation is the ability to put creative thoughts to use in a way that is beneficial to a person, product, object, problem or situation. .
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)
Internet banking refers to an online facility which provides an alternative channel for delivering banking or financial services and enables individuals to access their accounts anytime and anywhere through a bank’s web site (Z. Liao, Z., and M. T. Cheung, 2012). In other words, online banking named as E-banking, internet banking or virtual banking. Generally, the operation of online banking is connect to the core banking system designed by bank and then contrast to branch banking which refer to traditional way of bank customers accessed to banking services. Nowadays, internet banking is one of the most important businesses in electronic business around the world (Ariff et al, 2012). Most of the conventional banks have to operate and provide the online banking service to their customers as needs by
Furthermore, online banking is beneficial for consumers to save time to transfer their funds. For example, transfer account through online banking does not
Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products.
I believe that innovation is the process of examining a new and different method that cause one internally and/or spiritually look at something as you have never seen it before, and the creation of a new meaning to the way that we relate to and interact with people, the environment, health, and nursing.
We can do our banking at home through the internet. For example we can set up and cancel standing orders through our online banking account. Transfer funds to other people, not just on a computer but now on our smartphones too. This technology has replaced the need for us to visit our bank and deal with a teller.
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
Innovation is a term that is so widely used and thought of as simple inventions, but it is truly so much more. Innovation is a complex thought process of new ideas that can be implemented for the betterment of many. Change and adaption within any environment is the foundation of innovation and identifying its sources make it easier to implement innovation. The easier it is to foster an innovative environment and inject innovation; a positive impact on a business is instantly seen
The internet and other electronic media have had a positive impact on the lives of individuals and businesses all over the world. Online banking is a phenomena that was established to make the banking services easier and accessible for the customers. In Saudi Arabia, many people prefer wait in the bank to pay their bills rather than doing it online. This research investigate the extent of using online banking in Saudi Arabia, the associated problems of not using online banking and suggest a solutions for the financial industry in order to enhance it is online services.
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.
The virtual banking industry was based primarily on the confidence of the users in the web-based banking technology and the authenticity of the virtual banks. The industry also projected constant changes to the regulations and technology which would define the technology acceptance by the general public.
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
Indian banks are trying to make the life of their customers easier. Not just bill payment, but you can also invest shop or buy tickets and plan a holiday simply at your fingertips. In fact, research from ICICI Bank tells us that, "The Internet banking base has been growing at a remarkable pace over the past few years. At present around 78 per cent of the bank 's customer base has registered for E- banking." In order to get started, all what is needed is a computer device with a modem or other dial-up connection, a checking account with a bank that offers online service and the patience to complete about a one-page application--which can usually be done online. You can avail various services which are as follows: