Analysis of Online Banking Industry - 2003 Words

According to King, McKay, Marshall, Lee and Viehland (2008) online banking or electronic banking (e-banking) includes various banking activities conducted via the Internet from home, business, or on the road opposed to at a physical bank location. This paper shall compare and contrast both the online and offline retail environment for banking services. Internet banking offers great opportunities to the financial-services industry, including: †¢ a huge potential customer base †¢ large economies of scale in investment †¢ the possibility for services to be delivered using standardised modular software †¢ easy management of software †¢ a common browser front end †¢ the possibility to be equipped with good security protocols †¢ the easy application†¦show more content†¦The sites must be user friendly and convey a feeling of security. According to Zakaria (2003) even though Internet banking has been long established, one of the most important factors that may be slowing its progression is customer’s concern for security of financial transactions over the Internet. In a recent Key Note consumer survey (conducted in 2008) into attitudes towards electronic banking, 40% of respondents said that they liked to manage their money using the Internet. The survey found men were slightly more likely than women to use this channel. 51.3% of respondents postulated that they were concerned about the security aspects of electronic banking and 25.1% of the sample would not trust an electronic bank with their money (Source: Key Note Report 2008). Due to the nature of the online environment it is difficult for banks to build trust and relationships with their customers. The Internet is extremely impersonal due to its global audience, the bricks and mortar location of the local branch with a smiling advisor is much more inviting in comparison to a cold lifeless computer screen. Also the learning process involved in using e-banking can be daunting, customers must invest their time and effort into learning more to use and navigate their way around the sites. Internet banking can also be time consuming to set up and registration numbers and access codes can be misplaced, stolen or forgotten. AlthoughShow MoreRelatedThe Use Of Online Banking Vs Traditional Bank Essay930 Words   |  4 PagesAccording to the above, the research is compared the use of online banking VS traditional bank, since many people in Saudi Arabia are not aware of the advantages of electronic banking, which it should not be as a problem in these days. 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