Which one did you find the most comprehensive / convincing? Why?
- PNC Bank
- E Wallet
2) Team work: make summary for one of the videos below. Which banking related problem is being dealt with in the video? What are the solutions offered?
3) Answer the following questions:
What is virtual banking?
What is the origin of online banking?
What are brick to click banks?
What are the advantages of online banking?
What are its disadvantages?
Virtual bank is a bank which has no physical branches but carries out business over the Internet and via automatic teller machines.
ReplyDeleteVirtual banks pass the money what they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.
Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, which give you the option of bypassing the time-consuming, paper-based aspects of traditional banking in order to manage your finances more quickly and efficiently.
The advent and growing use of the Internet and the popularity of personal computers and mobile phone users, presented both an opportunity and a challenge for the banking industry. Customers today want Email and SMS alerts of all their financial transactions and latest updates.
For years, financial institutions have used powerful and efficient computer networks to automate millions of transactions everyday. Today, paper records are most often used only at the point of sale as a customers receipt. Now that its customers are connected to the Internet via personal computers and mobile phones, banks envision similar economic advantages by adapting those same internal electronic processes to home use.
First lets start off with the advantages of online banking. First and foremost, online banking is very, very, very convenient. It will allow you to pay your bills and make transactions anytime during the day and the week. The bank will never close because you can access it through your laptop or computer. So, no matter in which country you are anywhere in the world, you can go online and handle your finances.
Secondly, online banking is very fast, effective and efficient. Over the Internet, you can make transactions that are typically executed and performed at a much faster pace than at ATM’s. Online banking services also give you the option of handling several different bank accounts from one site itself.
Most online banking sites are compatible with programs, which makes management of assets more effective.
Just like with anything else, there are disadvantages to online banking services too! The reason that not many people have started using Internet banking is because they do not trust the services of the bank through the net. Some human beings prefer to trust others like them and may have some difficulty in trusting a machine, especially in the matters of money. They may always have a doubt about whether their money is safe, while being processed through Internet banking.
Online banking can be difficult to learn for a beginner and a site could take time to start up. Some sites ask for photo identification, which can be very inconvenient.
Some people avoid using Internet banking services because they find it difficult to understand how it works. Also, the fact that a wrong click can cause monetary losses may be a deterrent. Internet banking can also pose a problem, if the network is down in one's area. This may cause difficulty, if the person has to do an important transaction.
And also even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.
1.What is virtual banking?
ReplyDeleteA bank that offers services predominately or exclusively over the Internet. A virtual bank offers normal banking services, including access to one's checking and savings accounts and personal and business loans. Even non-virtual banks almost always offer virtual banking services. A virtual bank offers of some or all the same types of accounts and services that traditional bricks-and-mortar banks do, but virtual banks exist only online. They typically charge lower fees and pay higher interest because of low overhead.
2.What is the origin of online banking?
The concept of online banking as we know it today dates back to the early 1980s, when it was first envisioned and experimented with. However, it was only in 1995 that Presidential Savings Bank first announced the facility for regular client use. The idea was quickly snapped up by other banks like Wells Fargo, Chase Manhattan and Security First Network Bank. Today, quite a few banks operate solely via the Internet and have no 'four-walls' entity at all.
3. What are brick to click banks?
The best online banking represents “Brick to click” banks which are online services offered by traditional financial institutions. They're what most of us turn to for online banking, and they have several advantages over online-only banks: some form of online banking, variously known as
5. What are its disadvantages?
The disadvantages of online banking are the following:
a)Start-up may take time-in order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch.
b)Learning curve-banking sites can be difficult to navigate at first
c)Bank site changes-even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places
d)The trust thing-for many people, the biggest hurdle to online banking is learning to trust it, they are not sure if their transactions were realized.
PC banking, home banking, electronic banking or Internet banking.
4. What are the advantages of online banking?
The advantages of online banking are the following:
a)it’s convinient-online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
b)it’s ubiquitous-if you are abroad or in an unknown region you can log on instantly to your online bank and take care of business, 24/7.
c)there is a transaction speed-online bank sites execute and confirm transactions at or quicker than ATM processing speeds.
d)it’s efficient-you can access and manage all of your bank accounts, being in safe.
e)it’s effective-a lot of online banking sites now offer sophisticated tools which help you manage all of your assets more effectively.
What is virtual banking?
ReplyDeleteVirtual banks are banks without bricks; from the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your corner bank.
Virtual banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.
What is the origin of online banking?
Online banking started in 1994 when a small credit union, the Stanford Federal Credit Union, launched its online banking services to all of its members. Learn about the banks to follow in the online banking trend with information from a freelance computer specialist in this free video on the Internet.
Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.
Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment.
What are brick to click banks?
ReplyDeleteToday, most large national banks, many regional banks and even smaller banks and credit unions offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking. Those that do are sometimes referred to as "brick-to-click" banks, both to distinguish them from brick-and-mortar banks that have yet to offer online banking, as well as from online or "virtual" banks that have no physical branches or tellers whatsoever.
The challenge for the banking industry has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all, banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure.
Most of the large banks now offer fully secure, fully functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for instance, you may be able to view your account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, fully functional online banking likely will become as commonplace as automated teller machines.
What are the advantages of online banking?
Advantages are:
Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
ReplyDeleteEfficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.
What are its disadvantages?
Disadvantages are:
Start-up may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.
Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby.
Bank site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.
The trust thing: For many people, the biggest hurdle to online banking is learning to trust it. Did my transaction go through? Did I push the transfer button once or twice? Best bet: always print the transaction receipt and keep it with your bank records until it shows up on your personal site and/or your bank statement.
1. Virtual banking means to use the banks without bricks, that exist on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as a common bank.
ReplyDelete2. For years, financial institutions have used powerful computer networks to automate millions of daily transactions; today, often the only paper record is the customer's receipt at the point of sale. Now that its customers are connected to the Internet via personal computers, banks envision similar economic advantages by adapting those same internal electronic processes to home use.
3. Brick to click banks are the banks that offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking.
4. Advantages of online banking are: convenience, ubiquity, transaction speed, efficiency, effectiviness.
5. Disadvantages of online banking are: start-up may take time, learning curve, bank site changes, the trust thing.
What is a virtual banking – is a new concept of doing business with banking and their services, that can utterly save your money and time.
ReplyDeleteWhat is the origin of online banking – begun from the course when everybody was running to get his own computer that provide an opportunity for consumers and challenge for banking industry.
What are brick to click banks – its represent different services offered by banks but not fully, how it made usual by small banks like regional banks, credit unions who offer services kind PC banking, home banking or electronic banking, but full of pack services in electronic mode.
What are the advantages of online banking – a) convenience – it take few seconds co click on bank site and to do the transactions saving vast amount of time from sitting in traffic jam from downtown and bank line.
b) speed – this is one of the most powerful advantage why people should use online banking, today time is money, but money are expensive, and it is a hard and long way to get them, few seconds can take few hours.
c) Efficiency – chances for mistake are equal with zero, because all the operations are make by computer, what do the service online banking quite brilliant.
What are the disadvantages of online banking – a) too much time for start time – banks who offer full pack of services usual want to be sure that troubles will be out from consumer road of use, that’s why is necessary to check and prepare all things.
b) new concept – how we sad already that all the operations are made in electronic mode on the bank site, we will be able to learn for tiny time and to get used for new type of banking processes in electronic mode, rather to learn the website.
c) to trust or no – this is one of the most hard things that a simple consumer can’t do at the first time, how any user can be sure if all his sweat money will not be melt by thieves.
The video Future of Banking industry presents the evolution of the banking system. It starts with the past, when all financial transactions were hand-recorded and the idea of an ATM was an alien one. In less than 100 years money becomes a physical entity almost obsolete, creating a new world where consumer decides and where information is power.
ReplyDeleteIn the 19th century all banking activities were made according to a passbook, when all money movements were registered just as a result of passport presentation by clients. In the 21st century several countries were still using this passbook system.
In 1950 Ralph Schneider and Frank McNamara invented the concept of paying merchants with a single card which consolidates all others, also known as ‘credit card’. Beginning with that moment money are transforming from paper into plastic.
In the late 1980’s UK banks were looking for new ways of reducing costs involved in the processing cheques. As a result, appeared the idea of debit cards, removing the need of carry physically currencies.
In 1997 was signed an agreement among several international airlines (“Star Alliance”), with the goal of creating a loyalty programme, rewarding passangers with extra-miles for the miles already traveled.
In the late 1998’s the use of Internet shifts the parameters of personal financial management, determining the online community to embrace virtual and mobile banking as daily transaction solutions.
In 2005 was launched the online peer-to-peer social network “Zopa”, linking illegitimate lenders and borrowers matching them according to specific needs.
In 2007 Visa launched the MicroTech, a small infrared device which allows people to pay for items under $25 without making contact to anything. Soon this device was replaced, becoming the most common mean for paying daily goods, such as bread and milk.
In the next year, South African Cell Networking introduced a new technology, allowing contract members to swap money with other accounts, holders. Soon this service was available for prepaid customers as well. Idem, in 2008 Star Alliance, purposing to add value to the reward on loyalty programme, opened up the network to its partners from other industries.
In 2009 after receiving the banking license, Google is offering advertising directly to the stores where clients were spending.
In 2010 the online interaction continues to rise and FNB creates an immune social banking network, successfully used in its brand recognition in third world countries, purposing to open small niche organizations aiming to control peer-to-peer lending. As a result, FNB becomes a market leader.
The evolution of banking system is not stopping here. It is known that in 2013 Google Bank will merge with Star Alliance, creating a new loyalty programme, members of which will be able to earn eBox by simply performing ordinary daily tasks (beginning with flying and finishing with surfing on net and buying products from partners’ websites). It is also expected eBox to become the most powerfull currency on the Planet.
By the year of 2015 banks will shift their focus, choosing to restructure by simplifying their offerings and focusing on developing key niche services. The new banking face connects people with banking transactions, increasing the communication among banks and their clients.
In conclusion the author of the video mentions that the future is closer than we think and it is much better than we imagine. Idem, we shouldn’t be scared of the huge importance of technologies and their development because technology only facilitates the fast approach to the right person.
“Future of Banking Industry” video states that banking industry is one of the most important aspects of any industry today and it is permanently changing. Video gives a chronological evolution of a banking system.
ReplyDeleteIn XIX century passbooks were the way in which banks make the transactions, so every movement of client’s money was intentional through passports size ledger. In XXI century some countries were still integrate the passbook system. In early 1950th Ralph S. and Frederick M. invented the concept of paying through a single card-we know it as a “credit card”. So, money moved from paper to plastic. In the late of 1980’s the banks were looking for a way to reduce the use of any physical money. In the 1997 was reached an agreement between several international airlines in order to create a loyalty program rewarding passengers for extra miles traveled. In the late of 1999th internet brings a personal financial parameters. It means that community start to use internet and mobile banking as daily transaction solutions. In 2005 was launched “Zopa”-site which allows online payments. In 2007 Google applied for a banking license with “CITI London”-this fact was remarked by most financial institutions. In the same year, Visa launched microchip which allowed user to pay for items under 25 dollars without making contact to anything. In 2009 Google’s banking license was granted for its assistance: to offer credits and banking services to the population with no banking charges. In 2010 the level of online interaction continued to rise.FNB created a new social banking network ,successful used in 3-world. In 2011-banks review their strategy,so online banks became more safety and easy to use. In that year was gained a large customer base. In 2013 it is considered that Google will merge with Storylines and will create a powerful and loyalty program that includes facilities of payments everywhere and eB will become the most strong currency. By 2015 banks will be restructured and will work according to the idea “Customerization is a key to survive”.
Today we can observe that a new face of a banking is to connect people to banking industry and to create and maintain the relationship between clients and banks.
1) What is virtual banking?
ReplyDeleteVirtual banking is Internet based financial institution that offers deposit and
withdrawal facilities, and other banking services, through automated or other devices, without having a physical (brick and mortar) walk-in premises.
2) What is the origin of online banking?
The advent of the Internet and the popularity of personal computers presented both an opportunity and a challenge for the banking industry. Financial institutions have used powerful computer networks to automate millions of daily transactions; today, often the only paper record is the customer's receipt at the point of sale. Now that its customers are connected to the Internet via personal computers, banks envision similar economic advantages by adapting those same internal electronic processes to home use.
3) What are brick to click banks?
Today, most large national banks, many regional banks and even smaller banks and credit unions offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking. Those that do are sometimes referred to as "brick-to-click" banks, both to distinguish them from brick-and-mortar banks that have yet to offer online banking, as well as from online or "virtual" banks that have no physical branches or tellers whatsoever. The challenge for the banking industry has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all, banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure.
4) What are the advantages of online banking?
The advantages of online banking are:
Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week and they're only a mouse click away.
Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.
5) What are its disadvantages?
The disadvantages are:
Start-up may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.
Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby.
Bank site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.
The trust thing: For many people, the biggest hurdle to online banking is learning to trust it. Did my transaction go through? Did I push the transfer button once or twice? Best bet: always print the transaction receipt and keep it with your bank records until it shows up on your personal site and/or your bank statement.
VIDEO “Bank of the Future”
ReplyDeleteIn the video “Bank of the Future” is described the project with the same name, supported by Living Tomorrow. Living Tomorrow is a meeting place for different companies which present the latest products, services or plans to clients, business relations and employees. The project “Bank of the Future” was realized with ING, Microsoft, Wincor Nixdorf and many more partners at Living Tomorrow.
Firstly, they want to improve the customer’s approach by arranging a special bank office. There is an open service desk, which acts as the reception counter in the future bank office. Its design allows the customer and the bank clerk stand next to each other, on the same level, so they can look at the information together.
Next is the virtual banking cart which can be available on-line using the Smart Phone of the costumer. Besides the services that a physical cart offers this one will give the possibility to get access to personal information or direct downloading of information to the Smart Phone,
Also, the “Bank of the Future” presents innovative concepts like narrowcasting (information screens), BluePull (smth new in mobile communication) and rear projection touch foils (smth similar to a very thin touch screen TV).
Another wonder is the 3D Telepresence, integrated into special furniture with a built-in touch screen and based on Near Field Communication (NFC) technology. It makes it possible for the client and the bank specialist to conduct a personal conversation, even if the bank clerk is at an external location.
Full digitalization of information gives the possibility to transfer banking details to the home and mobile applications by means of transparent and safe methods. This enables the consumer to always and everywhere have access to his banking details and personal banking services.
This video proved me that in the future, banking will be conducted as much at home or on the road as in the office and if everything continues to develop with big steps I guess we’ll have a new world soon.
Virtual bank is an Internet based financial institution that offers deposit and withdrawal facilities, and other banking services, through automated teller machines or other devices, without having a physical walk-in premises. The concept of online banking as we know it today dates back to the early 1980s, when it was first envisioned and experimented with. However, it was only in 1995 (on October 6, to be exact) that Presidential Savings Bank first announced the facility for regular client use. The idea was quickly snapped up by other banks like Wells Fargo, Chase Manhattan and Security First Network Bank. Today, quite a few banks operate solely via the Internet and have no 'four-walls' entity at all.
ReplyDeleteThere are Banks that offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking. Those that do are sometimes referred to as "brick-to-click" banks.
The 5v main a dvantages of online banking:
Convenience: online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.
The main disadvantages of online banking:
Start-up may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.
Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby.
Bank site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.