Internet Technologies and Banking Industry

Internet Technologies and Banking Industry

This research proposal highlights the value of internet technologies in modern banking industry. As we know, technology has changed the traditional approach of business in every sector, especially in banking sector. So, let us start with the importance of internet. The Internet is the fastest growing tool for communication today. In modern banking industry, we can do everything through the Internet. Many banks now combine the technology and personal customer service in the banking environment through Internet Banking. Many economists emphasizes that Internet Banking allows one to transfer funds and make loan payments between accounts, view real-time transaction history on accounts, pay bills through bill payment services, and access accounts. All these processes are done securely and safely through the Internet, without the need for additional software. Hernandez also points out that with Internet Banking, customers may access their accounts any time, day or night, seven days a week. To ensure safety and security, Hernandez adds, personal identification numbers and passwords are issued and confirmation numbers are given upon completion of transactions. Financial institutions take every precautionary measure to prevent problems from occurring and help Internet banking become a better tool.

Many questions arise with the topic of Internet Banking. With many customers now using Internet Banking, financial institutions must view communication through the Internet as very important. Studies show that most banks do not respond well to problems concerning Internet Banking. Customers believe that 34% of financial institutions respond to inquiries more than 21 hours after the initial response. They also believe that only 27% of financial institutions respond in less than seven hours, while 30% never respond at all to inquiries. Bankers tend to disagree with these surveys. Forty-seven percent of financial institutions claim to respond to inquiries within seven hours and ...