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Online Banking in the USA - Research Proposal Example

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In the paper “Online Banking in the USA” the author analyzes banking on the internet, which allows accessing the account at any time of the day or night without having to visit a local. The purpose of online banking is to be a luxury, by making things easy…
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Online Banking in the USA
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Download file to see previous pages When a service interruption occurs, everything gets shut down. Service interruptions can last as short as a second or as long as several days. This is obviously a problem to the online banks because they're losing money while the system is down. There is also that possibility that if a service interruption occurs while in the middle of a transaction, that all the transactions that the user made will become erased. This, in turn, will quite possibly make the users get so fed up to the point that they might forget about using online banking again or even pursue legal action against the bank if the user can prove the banks' incompetence caused him a monitory loss. What the online service should do to limit this occurrence is to hopefully find the problem before it becomes a problem. They should check more often their equipment and connections. Also, the service should have back up systems in place, so that if a breakdown does occur, then the back up will then boot up. When a service interruption occurs, everything gets shut down. Service interruptions can last as short as a second or as long as several days. This is obviously a problem to the online banks because they're losing money while the system is down. There is also that possibility that if a service interruption occurs while in the middle of a transaction, that all the transactions that the user made will become erased. This, in turn, will quite possibly make the users get so fed up to the point that they might forget about using online banking again or even pursue legal action against the bank if the user can prove the banks' incompetence caused him a monitory loss. What the online service should do to limit this occurrence is to hopefully find the problem before it becomes a problem. They should check more often their equipment and connections. Also, the service should have back up systems in place, so that if a breakdown does occur, then the back up will then boot up.
Research Question What are the perceptions and views of account holders related to online banking?
Literature ReviewTremendous growth of online banking in the future is explained by the growth of the internet population around the world. Special regions include Asia, Eastern European countries, and Africa. Although, today, European countries show the remarkable growths of online banking. In Spain for instance, by 2005 the number of online banking clients in Spain is projected to jump from 3.9 million to 6.8 million. Banks inter clients carry out 46 percent of their transactions online, but the bank primary mode of recruiting new clients is still through the branch offices. Electronic transitions are more favorable for a majority of companies operating on the global scale. In this case, the migration from paper checks to electronic payments and online banking has been dramatic. Today the proportions are reversed: 15% paper, 85% electronic (Quittner, 2005). While estimates of the present volume of online banking vary widely, it is clear that it is growing at a rate that is nearly exponential. (Bright future for online banking, 2001). ...Download file to see next pagesRead More
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