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(Frguson, 2000).Many banks are now spending huge amounts of money in technology .This money is being spent not only to update and maintain their IT infrastructure but also to keep ahead of the competition by being the first to provide the latest technologies. Some of the technologies provide ease and convenience to the customers and others help the banks to reduce their overheads and thus save money which was usually spent on physical infrastructure. Technology is also allowing small banks to compete with big established banks as they rely more on their virtual infrastructure than on their physical infrastructure to compete. IT has provided many custom made and off the shelf solutions to take care of their accounting and back office needs. IT has also helped in the development of new channels of reaching out to the customer such as auto teller machines, net banking, mobile banking and various other facilities. Some examples of technology products which are used by banks to provide service to its customers are net banking , credit card online , mobile banking , electronic money transfer , online payment of taxes , mobile recharges , airline ticket booking etc. The list of services being provided by banks to its online customers is endless.
Bank of America Corporation as a financial services company is the largest bank holding company in USA by assets and second largest by market capitalization. (Federal Financial Institutions Examination Council, 2009).It was founded in 1874 and was initially known as Nations bank .Its current name was assumed after the acquisition of a San-Francisco bank named as Bank of America. The need of information technology in Bank of America was felt due to another revolution that it has pioneered. It was one of the first banks to deploy branch offices of the parent bank in many locations all across the nation. But cashing a cheuque in a different location was a cumbersome process for the customers
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Morgan Stanley is a global financial services firm dedicated to three core business units: investment banking, private banking, and asset management. To trace its roots in the history, the company was originally formed by the previous J.P. Morgan & Co. and some partners from Drexel which was headquartered in Wall Street, New York City.
It is essential to acknowledge that in the process of implementation of new technology, the main step is of the innovation management and brining the new technology to the market. There are several issues and challenges which hinder the successful completion of this basic step.
Similarly, modern people largely depend on banking services including but not limited to check settlement, money transfer, online purchases, and payment of bills and subscriptions. With the emergence of globalization, countries worldwide liberalized their cross border trade laws which in turn promoted the concept of foreign trade.
In such cases, information technology has to do with the operation of computers, as well as the use of computer software for processes such as converting data, protection, storage, and the retrieval of information. More than any other sector, the banking sector has implemented various functions of information technology to ease the process of providing services for customers in varied locations.
From the onset, technology was created by human beings for their uses and especially to make their work easier. At times, human beings tend to be self-centered and make technological projects that only benefit them, but in general, the aim of human beings always pursuing technology is to make their lives better in general.
ance of CRM and customer loyalty in banking because a bank depends on the funds maintained by its customers to do business, take risks and to deliver. However, a global bank, like the HSBC, has millions of customers who indulge in billions of transactions, making technology
The onset of the internet opened up a new perspective in banking with the introduction of online banking. The increase in the commercial applications over the internet for purposes of provisions of services has greatly influenced the
nesses as well as banking systems have had a significant impact for the last two decades because of information and communication technology revolution. Competition among banking players and the rapid change of technology is leading to a significant change in ways of interacting
The paper uses the case of Alrahji Bank in Saudi Arabia as the case study to look at the adoption of E-banking services in the region and how effective they are to the development of customer satisfaction. This paper uses the bank as a platform to
Phishing is defined as a deliberate attempt to acquire private information by falsely appearing as a legitimate entity in an electronic communication. The cyber-crime technique is normally performed by the use of phishing emails where unsuspecting computer users are directed to key in their details to a fake website.
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