Internet Banking:Banking online using a bank website and individual passwordand username.
Implications for banks:
1.Fewer staff is hired as most working is automated.
2.More ATM services which offer self service to customers.
3.Limited purpose branches are built in shopping centres.
4.Self service banking kiosks are set up.
5.Banks need robust security systems.
6.Other organizations have entered banking industry.
7.High start up capital is involved.
8.Speedier transactions are taking place.
9.Reduction in overall costs.
10.Increased need to deal effectively with complaints due to modern telecommunications systems.
11.Banks provide additional services.
12.Reduction in number of branches.
Implications for Consumers:
1.Greater choice of banks.Banks have started operating as multinationals.
2.Wider range of services offered by banks.
3.Consumers can switch bank with greater ease.
4.Concerns about cyber crimes.
5.Increased customer satisfaction.
6.Changes in banking habits.Consumers travel to branches less often and complete most transactions by online payment.
7.Consumers can undertake 24/7 banking as now services are available in non-banking hours.
Implications for banks:
1.Fewer staff is hired as most working is automated.
2.More ATM services which offer self service to customers.
3.Limited purpose branches are built in shopping centres.
4.Self service banking kiosks are set up.
5.Banks need robust security systems.
6.Other organizations have entered banking industry.
7.High start up capital is involved.
8.Speedier transactions are taking place.
9.Reduction in overall costs.
10.Increased need to deal effectively with complaints due to modern telecommunications systems.
11.Banks provide additional services.
12.Reduction in number of branches.
Implications for Consumers:
1.Greater choice of banks.Banks have started operating as multinationals.
2.Wider range of services offered by banks.
3.Consumers can switch bank with greater ease.
4.Concerns about cyber crimes.
5.Increased customer satisfaction.
6.Changes in banking habits.Consumers travel to branches less often and complete most transactions by online payment.
7.Consumers can undertake 24/7 banking as now services are available in non-banking hours.
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