The Impact Of Online Banking On Global Markets Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2298 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Online banking has been shaping and shaking the financial sector world wide. But sustainability depend on proper understanding of consumer, there demand and the way they use it. The main objective of this report is to focus on technology (especially IT) use in banking sectors. Don’t waste time! Our writers will create an original "The Impact Of Online Banking On Global Markets Finance Essay" essay for you Create order It also focuses on Limited Purpose Bank and Credit Card system. Thus objectives of the study are to: Changes of future banking sector and impact of information systems. Limited purpose bank and use of technology in facilitating special purpose. Consumer banking and various consumer facilities provided by bank using information systems. Understand and suggest the online bank on the basis findings. Credit card banks, sub-prime lenders, and Internet primary banks [Mahboob, 2001] FUTURE OF BANKING SECTOR Consolidation of the banking industry: What are the prospects for, and implications of, further consolidation of the banking industry, particularly relating to safety and soundness, market concentration, and small business credit? Combinations of commerce and banking: In future the questions may arise concerning the pros and cons of allowing common ownership and the options for regulating combinations. Supervisory issues: The implications for bank supervision f or the growing complexity of large banking organizations may be other questions. Governance issues: There are many corporate scandals that have led to efforts to hold our corporate management and directors to a higher level of standard [Willium, 1996] LIMITED PURPOSE BANK Limited-purpose banks are institutions that specialize in relatively narrow business lines. Making a certain type of loan, serving as a subset of consumers and offering different innovative products some limited-purpose banks create their market. They focus niche marketing concerning limited set of activities these banking institutions can develop expertise in particular business lines and can become efficient producers. Specialization may have been promoted by technological innovations. Credit card banks offer their customers both convenience and liquidity by providing a financial product that can be used as a means of payment and a source of instant credit. Some banks provide banking services through internet are known as primary banks[American Banker,1996] CREDIT CARD BANK The credit card banks provide their customers with both convenience and liquidity by offering a product that can be used as a payment device and as an open-end revolving credit. There is no fixed duration to allow credit card loans that complicates the measurement of interest- rate risk. It creates the problems of adverse selection because of mass marketing of credit cards, small average balances on individual accounts. High interest rates results in high profitability of credit card loans, fee income, securitization, successful use of technology, and scale economies in operations. We can expect that the prosperity of credit card banks will continue [Ashust, 1996]. Benefits and Costs for Participants in the Credit Card Type of Participant Function Benefits Costs Cardholder Purchases goods and services Convenience of making purchases Without carrying cash Ability to time payments to match cash flows Access to credit Access to float Use of bonus features Interest rates and fees Difficulty managing credit Merchants Sells goods and services Access to large number of consumers Ability to sell to consumer needing credit without carrying credit risk Guaranty of payment Need to pay interchange fees on sales to cardholders Loss of private credit accounts (customer loyalty, marketing information, interest income) Issuing Bank Collects payments from cardholders Extends credit to cardholders Distributes cards Finances receivables Authorizes transactions Ability to collect on interest rate spreads Ability to collect fees from cardholders Ability to share in interchange fees from merchants Ability to crosssell to consumers OperationaI costs Some fraud risk Card Association Promotes the brand Establishes rules, standards and protocols governing participation in network Sets int erchange fee structure Collects transaction fees Collects assessment fees Marketing costs Cost of fraud reduction programs Operational costs of maintaining network TECHNOLOGICAL USE IN BANKING SECTOR Technological improvements have played an important role in the growth of limited-purpose banks as well as in the broader financial services industry. Some people think that specialization in financial institution comes from improvements in technology. Banking sector is going to get fully technology based. Most valuable reasons are the huge task conducted by business firms. Banks are giving consumer service and getting more consumers oriented such as ATM service, Internet Banking, SME Loan, Priority Banking and so on.Banks are now competitive because of combination of banks and commerce. So they have to provide quick service such as check funding, quick withdrawal, fund transfer, LC opening etc. For various purposes data-mining techniques are used in the finan cial industry. Credit scoring is the most mentionable example of the use. To produce a score to summarize a credit risk, credit scoring uses statistical techniques and historical data. Credit scoring is used to speed up credit decision to attract new customers, institutions use data-mining techniques to identify potential customers. In todays financial services industry electronic payment systems are important innovations having methods of transferring funds electronically. Because of having less physical branches these banks rely on ATMs to give their customers access to their cash and on the automated clearing house (ACH) to transfer fund. Credit card banks can process the payments within short time and having no physical existence of branches because of the development of technology. This dramatically reduces the cost of credit card banks. This development benefitted the credit card card banks as well as customers. Credit card banks take the traditional notion of banking as challenge and they have unique product mixes and business models to attract considerable attention f the customers [Basel, June, 1996] BANKING TECHNOLOGY Banking Kiosk Cheque Deposit: A unique feature of the Versa Banker is its cheque deposit capability. It issues a receipt to deposit a cheque with a scanned image of the cheque. If a cheque is endorsed at the back detail transaction report is generated for the department of MIS of the bank. Personal Enquiries: The Versa banker allows you to check your account balance, print a mini statement and make cheque book requests. Internet Banking: Connect to the internet and carry out transactions through e-banking, with the help of Versa Banker. It is asked by the bank to view details of ones account and after that to make transactions online. ATM TMs were originally developed as just cash dispensers; they have evolved to include many other bank-related functions. ATMs include many functions which are not d irectly related to the management of ones own bank account, such as: Updating  passbooks Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, taxes, etc.) Deposit currency recognition, acceptance, and recycling. Loading monetary value into  stored value cards Printing  bank statements Purchasing Concert tickets Postage stamps Shopping mall  gift certificates Lottery  tickets Train tickets Movie tickets Donating to charities Adding pre-paid  cell phone  credit. Cheque Processing Module Games and promotional features ELECTRONIC FUNDS TRANSFER Electronic funds transfer  or  EFT  refers to the  computer-based systems used to perform  financial transactions  electronically. There is a number of different concepts that use this term: A cardholder makes use of payment card Direct deposit  payroll payments for a business to its employees, possibly via a  payrol l services company Direct debit  payments from customer to business, where the transaction is initiated by the business with customer permission Electronic bill payment  in  online banking, which may be delivered by EFT or paper check Wire transfer  via an international banking network (generally carries a higher fee) Electronic Benefit Transfer MICR Check The MICR stands for Magnetic Ink Character Recognition. This technology is unique and uses magnetically chargeable ink and/or toner to print the special characters or numbers on the bottom of the checks. E-13B: CMC-7: United States of America France Canada Spain Australia United Kingdom Other Mediterranean Countries Japan South America (except Colombia) India After printing, the documents are then processed mechanically and electronically through a reader-sorter machine. BANKS in BANGLADESH USING INFORMATION TECHNOLOGY The two main technology based bank in bangladesh are- Dutch Bangla Bank Ltd (DBBL) Eastern Bank Ltd (EBL) TECHNOLOGY USED BY DBBL Dutch-Bangla Bank offers a complete electronic banking facility for your company around the clock. Most multi-nationals use this service because it is advanced, secure and affordable. DBBL creates a custom banking service to suit any business of any size. The services have a wide range that includes cash flow services, distribution banking and salary accounts. If a company knows what type of custom and tailored banking service they need, DBBL can provide it instantly and at minimal cost (usually free of charge). For example for your starting point, DBBL has created Employee Banking program which allows: Providing employees with timely salary payments Transactions are properly logged for your easy reference Seamless and error free distribution of salaries Highly secure way of distributing money Lower manpower needed Reduces cash theft and misappropriation No cash at hand in the office, all cash finally distributed through the largest ATM network in Bangladesh DEBIT / CREDIT CARDS Dutch-Bangla Bank family, always believe that, as in everything else, you deserve the best in banking too. We are here to assist you 365 days round the clock through our Customer Care Center.Normal cards use a magnetic strip at the back of the card. The information and security on that magnetic strip is stationary and does not change. Hence it can be easily duplicated. But NexusEMVs processor uses its processor to fully digitally lock all the information. It prevents the information from being copied as the processor generates security codes rather than store it. It is a form of encryption. INTERNET BANKING DBBL allows you to do seamless intern et banking. This allows you to review your account, statements, paying bills as well as making some transactions. Because of local banking regulations, DBBL is not allowed to provide some types of transactions even though it is fully capable. Additional Internet Banking Features for Corporate Banking: Letter of Credit Bank Guarantee Limits Query SMS/MOBILE BANKING DBBL pioneered Mobile Banking in Bangladesh. It was the first bank to offer banking facilties through a wide range of mobile phones. SMS (Short Messaging System) is an extremely unsecure method to do mobile banking. The mobile phone networks are unsecure and there is nothing DBBL can do but to take precautionary steps. To make the most of this unsecure scenario, DBBL issues you a mobile PIN number which is different from the DBBL pin number for your mobile transactions. Not under any circumstances is the DBBL PIN number to be used in mobile banking. A different PIN number and a mobile transaction limit im posed by DBBL provide some security (but not all) over the unsecure phone network. Clients should be aware and cautious that although DBBL does its best, it cannot guarantee full security over a phone network it has no control over. EBL INTERNET BANKING EBL Internet banking application addresses the needs of small, individual and corporate account holders of the bank. List of Transactions: Fund Transfers and Payments: The customer can choose to transfer funds by selecting different mode of transfers. The user also has the right to select source and destination accounts depending upon his rights. Utility Bill Payment: The customer can make Utility Bill Payments to utility companies as set up by the Bank by transferring funds from his/her Savings or checking accounts. Deposits: Maintain Deposits The user can view all the deposits maintained by the corporate. Request for rollover of deposits The user can request for a rollover of a deposit upon matur ity. Request for premature closure of deposits The customer can redeem/encash a deposit prior to matuity. Session Summary: The customer will be able to view a log of the transactions performed in a session. SECURITY MECHANISMS Encryption Encryption is the usual way to meet the data confidentiality requirements and although using a symmetric algorithm (symmetric or asymmetric) could be used, there are good reasons for using symmetric [Financial times, November 8, 1996]. Message Authentication A Message Authentication Code (MAC) is a cryptographic checksum, calculated using a symmetric algorithm, which is appended to a message and which can be verified by the recipient of the message. The use of MAC is one method of providing the integrity and authentication services, but it is not appropriate for meeting the requirements for no repudiation. Digital Signature A digital signature is a checksum, calculated using the private key of an asymmetric key pair, which is appended to a message and which can be verified by anyone with access to the corresponding public key. The digital signature is dependent on the complete message, so any change to the message will be detected. The real difference between MAC and digital signature is that as well as providing integrity and authentication, the later also provide non-repudiation. Algorithms and Cryptographic Mechanisms The constraint linked with each cryptographic algorithm (computation resources, time to compute, key management, algorithm capability and design†¦) limits their use for only a given number of security services. The following table lists the main security services and states whether RSA or DES (Data Encryption Standard) can address them [Denny, 1998] CONCLUSION The present status of e-banking is not satisfactory in case of virtual banking, call center and SMS banking. But all banks under study have their connectivity with SWIFT channel. Major reason is that secu rity concern. One study in Europe reported that there is 2.6% increase in establishment of Bank branches. That means that E-Banking is declining in Europe. The main concern is security. So, data confidentiality, integrity, proof of origin, peer entity authentication, non-repudiation must be ensured. A few problems have been experienced by the IT heads in the Banks such as withdrawal of money beyond the limit. This has taken place at ATM booths because there is agreement between Banks regarding networking sharing. Gigantic fraud does not take place because there is limit in ATM Debit and Credit card to withdraw money from the booths [Barbara, 1997]

The Feminist Agenda Is Not About Equal Rights For Women

Pat Robertson is a TV celebrity that has always made the news for his inappropriate comments regarding pretty much anything that goes against his evangelical ways. He is an absurdly conservative political activist, which has left him to say notorious things and be hated by many. For example, he declared The feminist agenda is not about equal rights for women. It is about a socialist, anti-family political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians†. As expected, this quote has caused a widespread uproar in the feminist community. The false statement denounces feminism as a whole. Feminism’s main purpose is to achieve equality for women in all†¦show more content†¦As a feminist, she refutes Robertson’s claim that feminists are not interested in having a husband or being married. Gay writes about the different types of feminists and how she is not a the essenti al feminist that is often the reason for the stereotypes of feminists. Although feminists often choose not to get married due to the fact that they do not want to feel oppressed under a man that thinks a woman is inferior to him just by her gender. By choosing to stay single they focus on other parts of their lives that would otherwise be limited by being married. Because some choose to develop their friendships and work on their careers instead of looking for a relationship that does not automatically mean that all feminists are not interested in getting married and having a family. Feminist have been wrongly stereotyped as women that hate kids. Due to the fact that feminists are also stereotyped as men hating, which by biological means if women do not have a relationship with a man they cannot bear children. As for the reality about feminists and their desire for children is a personal choice, but for most they are interested in having a family. Gay says â€Å"I love babies , and I want to have one†(316) she also says â€Å"I worry about dying alone, unmarried and childless, because I spent too much time pursuing my career and accumulating degrees†(316).

Media And Society Technology, Democracy And Capitalism

Media in Society (2013) is a cutting-edge media studies textbook written by a group of media scholars: Richard Campbell, Miami University of Ohio; Joli Jenson, University of Tulsa; Douglass Gomery, University of Maryland; Bettina Fabos, University of Northern Iowa and Julie Frechette, Worcester State University. It serves as an analysis of the perpetual relationship between media and society through three key concepts: technology, democracy and capitalism. These themes are connected throughout the entire book, but more than anything, Media in Society focuses on storytelling. As it targets a diverse audience, it does an excellent job exploring different stories the mass media tells and the stories we tell about the media. Through a wide†¦show more content†¦Evaluation: arriving at a judgment about whether something is good, bad, or mediocre, which involves subordinating one’s personal taste to the critical assessment resulting from the first three stages. 5. Engagement: taking some action that connects our critical perspective with our role as â€Å"global citizens† in order to question media institutions, adding our own voice to the process of shaping the cultural environment. Repeated use of this process throughout the entire book stresses the importance of understanding what we’re consuming and what it means to be media literate. Media in Society takes teaching media literacy a step further in its fifth stage of the critical process — Engagement. â€Å"To be fully media literate, we must actively work to create a media world that represents broad interests and tastes.† (Media in Society, pg. 11) This book offers suggestions and practices regarding media literacy that many others fail to do. That is, what do you do now that you understand cultural, political, societal and economic influence of the media? 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Computers And Marketing Essay Example For Students

Computers And Marketing Essay Marketing is the process by which goods are sold and purchased. The aim ofmarketing is to acquire, retain, and satisfy customers. Modern marketing hasevolved into a complex and diverse field. This field includes a wide variety ofspecial functions such as advertising, mail-order business, public relations,retailing and merchandising, sales, market research, and pricing of goods. Businesses, and particularly the marketing aspect of businesses, rely agreat deal on the use of computers. Computers play a significant role ininventory control, processing and handling orders, communication betweensatelite companies in an organization, design and production of goods,manufacturing, product and market analysis, advertising, producing the companynewsletter, and in some cases, complete control of company operations. In todays extremely competitive business environment businesses aresearching for ways to improve profitability and to maintain their position inthe marketplace. As competition becomes more intense the formula for successbecomes more difficult. Two particular things have greatly aided companies intheir quests to accomplish these goals. They are the innovative softwareproducts of CAD/CAM and, last but not least, the World Wide Web. An important program has aided companies all over the world. Computer-aided design and computer-aided manufacturing (CAD/CAM) is the integration oftwo technologies. It has often been called the new industrial revolution. InCAD, engineers and designers use specialized computer software to create modelsthat represent characteristics of objects. These models are analyzed by computerand redesigned as necessary. This allows companies needed flexibility instudying different and daring designs without the high costs of building andtesting actual models, saving millions of dollars. In CAM, designers andengineers use computers for planning manufacturing processes, testing finishedparts, controlling manufacturing operations, and managing entire plants. CAM islinked to CAD through a database that is shared by design and manufacturingengineers. The major applications of CAD/CAM are mechanical design and electronicdesign. Computer-aided mechanical design is usually done with automated draftingprograms that use interactive computer graphics. Information is entered intothe computer to create basic elements such as circles, lines, and points. Elements can be rotated, mirrored, moved, and scaled, and users can zoom in ondetails. Computerized drafting is quicker and more accurate than manualdrafting. It makes modifications much easier. Desktop manufacturing enables a designer to construct a model directly fromdata which is stored in computer memory. These software programs help designersto consider both function and manufacturing consequences at early stages, whendesigns are easily modified. More and more manufacturing businesses are integrating CAD/CAM with otheraspects of production, including inventory tracking, scheduling, and marketing. This idea, known as computer-integrated manufacturing (CIM), speeds processingof orders, adds to effective materials management, and creates considerable costsavings. In addition to designing and manufacturing a product, a company must beeffectively able to advertise, market, and sell its product. Much of whatpasses for business is nothing more than making connections with other people. What if you could passout your business card to thousands, maybe millions ofpotential clients and partners? You can, twenty four hours a day, inexpensivelyand simply on the World Wide Web. Firms communicate with their customersthrough various types of media. This media usually follows passive one-to-manycommunication where a firm reaches many current and potential customers throughmarketing efforts that allow limited forms of feedback on the part of thecustomer. For several years a revolution has been developing that isdramatically changing the traditional form of advertising and communicationmedia. This revolution is the Internet, a massive global network ofinterconnected computer networks which has the potential to drastically changethe way firms do business with their customers. Mine EssayYou can place documents on the Internet and instantly make them accessible tomillions of users around the world. Hypertext documents provide an effectivetechnique by which to present information to subscribers, clients or the generalpublic. Creating World Wide Web documents and registering your site with largerWeb sites improves the availability of the documents to a client base larger,and cheaper, than the circulation of many major newspapers and/or televisionmedias. You may not be able to use the mail, phone system and regulationsystems in all of your potential international markets. With the World Wide Web,however, you can open up a dialogue with international markets as easily as withthe company accross the street. The Web is also more cost-effective than conventional advertising. Transferring on-line documents via the Internet takes a minimal amount of time,saving a great deal of money over postal or courier services which can alsosuffer late deliveries, losses or damage. If a document transfer fails on theInternet, you can always try again since the cost of the transfer is exactly thesame. Current or potential clients are not lost due to late or absent documents. Beyond product and market analysis, there are a great number of experts onthe Internet who make their presence widely known and easily accessable. Quiteoften you can get free advice and help with problems you might have from thesame people you may otherwise pay highly for their consulting services to largeorganizations, magazines, and other periodicals. Researchers and businessexecutives alike have attested to the fact that much of their communicationsover the Internet are with others in their line of research or field of work. Communicating with peers allows the sharing of ideas, problems and solutionsamong themselves. Often people find that others in their field have alreadycreated solutions for problems similar to their own. They are able to obtainadvice on their own situations and create a solution based upon this sharedknowledge. Many businessmen and conpanies are continuously on the look-out for new andinnovative ideas as viable business ventures. Internet users are continuouslycoming up with such new ideas because of the available research the Internetoffers and also because of the cooperative atmosphere that surrounds theinternet. In addition, the Internet has many job lists and resumes online forprospective employers. New resumes are constantly posted to the Web to informcompanies of the availability of new skills. As competition intensifies in the business world, consumers are faced withmore and more products and services to choose from. The future of business isbeing decided right now in the minds and wallets of customers. The successfulbusiness and marketing approach utilizes everything possible to insure that thechoice the customer makes is to choose their product or service. Computertechnology is by far the most important and impressive means by which to insurea companys success. Computers play a significant role in every aspect of acompanys survival, from product design and manufacturing, creating clientdatabases, inventory control , market analysis, advertising and sales, and eventotal company operations. Category: Technology