The Evolution And Implementation Of Internet Banking Information Technology Essay

The Evolution And Implementation Of Internet Banking Information Technology Essay In a world moving at an overwhelming pace, technology has become the essential key driver in all aspects of our life. Internet is the catalysis without which, this would have never been possible. Now that Information Technology has been heartily accepted at home as well as at work, handling activities electronically can be envisaged (Tero et al; 2004). Bill Gates (2008) once said, Banking is essential, banks are not. By this, he meant that traditional banking will gradually disappear and electronic banking, which attracts more and more new users, will replace it. According to Alter (2002), the evolution of electronic banking started with Automatic teller machines (ATMs) and has passed through telephone banking, direct bill payment, electronic fund transfer and the revolutionary online banking, which has been selected to be the future of financial electronic transactions. Internet Banking services were introduced in the early 80s by the Nottingham Building Society and the Bank of Scotland (Tait and Davis, 1989). Unfortunately these services were discontinued as the bank customers were wary and not fully ready to accept internet banking. With the rapid growth of IT in the 90s, banks launched internet banking again (Daniel, 1998) and this time, it met such an astonishing success that these electronic services ended up becoming industry standards. Internet banking is the newest delivery channel that enables bank customers, through safe and appropriate systems, to gain access to general bank information on products and services offered and their accounts. Pikkarainen, Pikkarainen, Karjaluoto and Pahnila (2004, p.224) defines internet banking to be the internet portal through which customers can use different kinds of banking services ranging from bill payment to making investment. This happens through the banks website without any intervention or inconvenience of sending faxes, letters, original signatures and telephone confirmations (Thulani et al, 2009; Henry, 2000). Through the banks website, the bank customers can carry out activities such as balance reporting, inter-account transfers, bill payment via a telecommunication network without having to leave their work or home (Aladwani, 2001; Daniel, 1999; Mols, 1998; Sathye, 1999). With just a simple click of the mouse, Internet banking gives customers access to almost all typ es of bank transactions, apart from ultimate transaction, that is, the withdrawal of cash (De Young, 2001). Using Internet as an alternative channel for the distribution of financial services has become a necessity in order to achieve competitive advantage with the arrival of globalization and more hostile competition (Flavian et al, 2004; Gan et al, 2006). THE MAURITIAN INTERNET BANKING SECTOR Internet Banking is a relatively recent phenomenon in the country and one can assure that it has started to operate locally since 1997. Due to its diversification skills ranging from agriculture, information technology and financial services, Mauritius has experienced a rapid economic growth, thus joining the league of banks that use the internet as a distribution channel for banking services. The banking sector plays an important role in the economy, both in the reduction of unemployment and in the flow of foreign currency to the economy. The two largest local banks are the Mauritius Commercial Bank Ltd and the State Bank of Mauritius Ltd. Some of the banks offering the internet banking services are the Mauritius Commercial Bank Ltd (MCB), the State Bank of Mauritius Ltd (SBM) and the Hong Kong Shanghai Bank (HSBC). The service offered encloses mainly inter account fund transfer, transfer of fund to credit card account, payment to other account, SWIFT payment orders, recharging mobile phones, foreign transfers, cheque and credit card transactions, current statement of account issue, standing order transactions, application for various accounts, loan and credit cards, bill payments. Given the cross border implications of Internet Banking which almost eradicates all geographically boundaries, it is very important to have clear supervisory rules specifying which country supervisors have control over the internet banking activities as well as the elaboration of the applicable legal regime. To keep pace with the development in this line of business, a guideline on Internet Banking was issued to all banks in February 2001. The guideline sets out a regulatory framework for providing Internet banking services in Mauritius and establishes the minimum standards that should be followed by banks providing Internet Banking services. It further describes the requirements and processes to adopt in order to obtain the approval of the Bank by financial institutions who want to offer Internet Banking services. According to this guideline which came into effect the 2 April 2001, Internet Banking refers to banking products and services offered by institutions on the internet throu gh access devices, including personal computers and other intelligent devices. Types of Internet Banking There are different forms of online banking which are web-based banking where customers can access their accounts when they use the internet (Aladwani, 2001). A second form of online banking is where the bank customer, through a modem, dials-up to the banks server to access his bank account. This is known to be dial-up banking. A type of dial-up banking, called Extranet, is a private network between a bank and its corporate customers. Currently there are three kinds of internet banking which are employed in the market place (Thulani et al, 2009; Yibin, 2003; Diniz, 1998) and these are Informational, Communicative and Transactional. An Informational website is the first level of Internet Banking. Marketing information about the banks products and services are found on a standalone server. There are typically no path between the banks internal network and the server. A Communicative/simple transactional website allows a limited amount of interaction between the customer and the banks system. The interaction is restricted to e-mail, account inquiry, loan application or static file updates (name and address). Fund transfers are not allowed. An Advanced website allows bank customers to make queries about their accounts, electronic transfer funds to and from their accounts, pay bills, update their account information and conduct other banking transactions online. Therefore a bank who is planning to offer internet banking services, is expected to create an informational website first, then introduce a communicative website and finally an advanced transactional website where customers can perform the basic transactions. Advantages of Internet Banking Both the provider and the consumer benefit from internet banking. Online banking is considered to be the most important way to decrease cost and enhance or maintain services for consumers (Hua, 2009). From the banks perspective, it is the cheapest banking products delivery channel (Pikkarainen et al, 2004). Together with saving time and money, this service minimizes the possibility of bank tellers committing mistakes ( Jayawardhena Foley, 2000). Less staff is required since the customers serve themselves in cyberspace. Karjaluoto et al (2002, p.261) argued that time and location were no longer limiting factors in banking as all over the world, customers can now easily access their accounts 24/7. Internet makes the transactions efficiently and expertly at an unmatched speed. Internet banking offers the possibility to manage several bank accounts on one site and these sites are compatible with software such as Microsoft money. With increasing competitive pressures from existing firms and new blood on the market, competition is an important logic to be considered. Using internet banking as an alternate channel has allowed banks to target various demographic segments more efficiently, thus retaining existing customers and attracting new ones. While supplying internet banking services, banks establish and extend their customer relationship (Robinson, 2000). The concept of online banking is an uprising in the field of banking and finance as the account holder does not have to visit the bank and queue to perform the basic transactions like balance inquiry, recent transactions record, transfer fund to employees accounts in the form of salary, bill payments and phone account top up. On top of this, the interest rates are higher for online banking than with traditional banking (3.4% to 4%). Many persons like internet banking as there is no credit check. If someone has a bad banking history of financial problems, at a traditional bank, their application to open a bank account would be turned down. This is not the case with internet banking. Some banks offer the facility of online loaning where an instant loan is provided by only filling a form. Internet banking web-sites are highly performing systems, easy to understand and navigate, with simple instructions designed to answer all queries about banking. Customers also have a wide range of opportunities to invest such as stock quotations and news updates (Lee, 2009). Qureshi et al (2008) stated that it is essential to extend internet banking to customers in order to maximize the advantages for both the service providers and the customers. The navigability if the site is a very vital part of internet banking as it can become one of the biggest competitive advantage of a financial body (Ortega et al, 2007). The banking sector performance increases everyday due to the rise in technology usage. Online banking is time saving (Qureshi et al, 2008). E-banking is now less vulnerable to safety and security related issues. Secure Socket Layer (SSL), Password Based Encryption (PBE) and electronic signatures has increased the level of security. If any inconsistency occurs in an account, it can be traced easily, making internet banking more trustworthy. Avinandan Prithwiraj, 2003; Urban, Sultan and Qualls, 2000 have identified trust to be an important factor for the financial online services. Furthermore an empirical study has shown that consumers make online decisions based only on trust. In developing countries, trust plays a crucial role for customers to accept and use online banking (Benamati and Serva, 2007). Belanger, Hiller and Smith (2002) defined privacy as being the ability to control and manage information about oneself. Some banks offer real time customer assistance to customers who have trouble finding their way through the web site or the proceedings of the internet banking registration through instant messaging, email or even the telephone. Disadvantages of Internet Banking Indisputably since the emergence of internet banking, it has been playing an important role for both the service providers and the consumers. Nevertheless, this phenomenon is observed differently among customers who either accept it heartily or reject it. Those who accept it, as proposed by Clark and Mills (1993), prefer impersonal relationship, that is, exchange oriented customers. They like the 24 hour availability of services, the simplicity of the transactions, the no-queuing factor and no fixed branch-operating hours (Al-Somali et al,2009) while those who reject it look for the human touch and social benefits of traditional banking. These are known as the communally oriented customers (Clark and Mills, 1993). Those who reject internet banking are wary of the risks involved in it. Featherman and Pavlou (2003) defined perceived risk as the potential for loss in the pursuit of a desired outcome of using an e-service. The risks perceived are; Financial risk it is the constant anxiety of transactions faults causing a monetary loss suffered by customers who perform online transactions. Clearly internet banking lacks the assurance provided in traditional banking (Lee et al., 2009, p.2) and this is due to the fact that online banking is considered as an innovation which is incompatible with consumers habits (Kuisma et al., 2007, p.77). Performance risk This risk is innate from the consumers fright of losses incurred by failures of online banking websites. Customers are often troubled that a disconnection from the Internet might occur while performing electronic transactions which might lead to huge unexpected losses (Kuisma et al., 2007). This was confirmed by Sathye (1999) who claimed that Internet access is a decisive variable on which the adoption of online banking depends and by Almogbil (2005) who succeeded in showing that a significant relationship exists between the speed of Internet access and the acceptance of electronic banking. Social risk It stems from the fear of being seen in a negative way by others (Kuisma et al., 2007, p.77) or causing the disapproval of ones friends/family/work group by adopting online banking (Agarwal et al., 2009, p.4). Venkatesh and Morris (2000) approve that social influence plays a central role in determining the approval of new information technologies. Nonetheless, it is commendable to note that others opinions are particularly informative in the early stages of experience (Hartwick and Barki, 1994) when potential information technologies adopters are not sufficiently informed. Privacy risk It refers to the possible loss due to fraud or a hacker, putting at risk the security of an online customer (Lee et al., 2009, p.2). This risk is emphasized since the appearance of phishers whose hobby consists on attempting to deceptively collect personal information, such as usernames, passwords and credit card details. They not only lead to users monetary loss, but also violate users privacy (Entrust, 2008). Suh and Han (2002) point out that, unlike in offline banking, that is traditional banking, trust is a pressing need in internet banking. Time risk It is the times loss and the lateness in receiving the payment or the difficulty of navigation (Lee et al., 2009, p.2). This can be due to a disorganized Web site, to slow-downloadable pages, to the long time needed to be a PC-literate. Apart from this, the credulity of an institution must be verified before opening an account in an internet bank and entrusting the life-savings of an individual. The institution must be legitimate and must be checked against the listing of the FDIC. A major disadvantage would be that when several failed attempts have been done to login the account, after having given the wrong password, the account becomes inactive. The customer will have to go through a lengthy procedure to get it reactivated again. Weeldreyer (2002) claims that internet banking is not living up to the hype. Another problem would be the down time of internet, where no customer will be able to access hi/her bank account because there is no internet connection for hours probably. The connection could also be unstable during bad climatic conditions such as heavy rain.

Gossip and People

The most common way people interact with each other is through gossiping. Many people who converse with others share information they heard that may either be right or wrong. Many people think gossiping is only bad but gossiping is just sharing opinions. People may think this because majority of the time gossiping leads to a rumor being spread that is full of lies. This can create a negative energy that would affect everyone involved. However when gossiping is consider good it’s known as just sharing your opinion. Even though many people do it there are many different reasons for gossiping.The most common way gossiping is used is for a negative purpose. For instance, people can use gossip such as lies to hurt someone else to either get revenge or they want to feel better about themselves so they use the lies to make someone else look bad. Even private information from secrets can be used as a weapon to hurt someone. A particular type of information spread through gossip is a r umor which isn’t known to be fully true but is then spread through people continuing to pass the information around. Most people who hear rumors don’t check if it’s really true and continue to pass it along.As it continues to be told to other people the rumor may be changed by either adding more lies to it or not all of the information is said. Violence is mainly the aftermath of bad gossiping which is the breaking point for most people. Although bad gossiping is a habit for most people there is gossiping that’s positive. Positive gossiping can be helpful for many people. This type of gossiping contains opinions that could actually help someone going through a rough time. Any type of news publicized for people to be updated on what’s happening is an example of gossiping that’s positive.

Deviant Workplace Behavior

Deviant workplace behaviors are generally considered those that violate the organizational standards, policies or Internal rules. It Is Important to mention the difference between unethical behavior and negative deviant behavior. While unethical behavior deals with breaking the rules of society, negative deviant behavior focuses on violating significant organizational norms (Appellate et al. , 2007). Both types of behavior, however, will be examined In this paper. Researchers have given these behaviors many different names Including workplace deviance, counterproductive behavior and anti-social behavior.Behavior is deemed deviant when an organization's customs, policies, or internal regulations are violated by an Individual or a group that may Jeopardize the well-being of the organization or Its citizens (Appellate et al. , 2007). The Impacts of Deviant Workplace Behavior When normal work behavior goes outside the norms of the organization, its consequences are far-reaching and affec t all levels of the organization including its decision-making processes, productivity and financial costs.Many Influences Impact the ethical behavior of employees and thus Impact the overall company; however, managers can take proactive steps to positively influence ethical behavior. Management greatly influences the behavior of employees. In fact, how managers define and establish the culture makes a significant impact on how lower-level employees act as well as In the way the organization as a whole acts when faced with dicey ethical issues (Ernst and Young, 2008).Coca-Cola in India is an example of how one company is trying to proactively address ethical issues. During the recruitment and hiring process, Coca-Cola India measures each applicant's stand on personal ethics. According to Anal Gar, Vice President of HRS, â€Å"No matter how much pressure we have on us to recruit, hiring an employee whose ethics are suspect is a no- go† (Sell 2009). The organization implemented a set of workplace ethics and protocols that are helping drive the desired corporate culture. Every employee needs to abide by it regardless of the designation of role. It Includes punctuality, keeping personal work to the minimal, controlling expenses, maintaining office decorum and contributing towards creating a positive culture that results in enhanced reference and workplace relationships† (Sell 2009). The company also works with an external agency to provide a hotlist to encourage and protect weightlessness within Its organization. What Causes Bad Behavior In the Workplace?According to a recent phone survey of 1 ,305 American employees performed by Integrate Realty Resources, stress leads to physical violence in one in ten work environments. Ana almost anal AT tense surveyed salsa yelling Ana vernal anuses Is common in their workplaces (Dad, 2001). Most interestingly, this behavior is not linked to class, Job type, education, or income levels. So what's causing all this erratic behavior? In short, stress. American businesses have suffered tremendously in the last five years due to severe economic downturn.These changes required organizations to downsize, leaving the remaining employees with more duties than ever before. This â€Å"do more with less† culture means employees are stretched to their maximum constantly. Employees are skipping breaks and lunches in order to meet job and departmental objectives. All the studies on deviant workplace behavior conclude similarly; the higher the stress level within the work environment, the Geiger the likelihood employees will experience counterproductive workplace behavior.Warning Signs Millions of people are affected by violence in the workplace every year. Workplace violence is tied to a broad range of behaviors falling along a spectrum that, depending their nature and/or severity, significantly affect the workplace, generate a concern for personal safety, and/or result in physical injury or even d eath (Cordial, 2011). This behavior rarely forms out of the blue, yet managers feel unsure how to prevent negative outbursts.Although every situation is different, there are some inclusive warning signs managers can look for to ensure the safety of the workplace: Excessive tardiness or absences, increased need for supervisions, lack of performance, change in work habits, inability to concentrate, signs of stress, changes in attitude, weapons fascination, drug ; alcohol addiction and the inability to take responsibility for their actions. Ultimately, it is important that managers realize there are few warning signs that their employee may be in distress and need intervention.Creating a corporate culture that encourages staff to report the unusual behavior of cohorts to upper management is imperative for mitigating violence in the workplace (Executive Disclosure, 2006). Why is Deviant Behavior Allowed to Happen in Organizations? According to many studies, corporate propaganda statemen ts such as, â€Å"we value or people† or â€Å"employees are our real assets† or â€Å"we work hard to foster a spirit of teamwork† is nothing like what's really going on within the company. Silos, politics, complacency, and finger pointing are much more common than commitment, trust, and a go-getter attitude.This results in bad behavior and sickens teamwork wrought the entire organization. Bad behaviors result in poor decision making, which produce big problems for the organization (Time Business, 2002). Bad behavior is like a cancer in an organization which must be healed before any meaningful and lasting change can occur (Productivity Cubed, 2010). When morale is down and results are not stellar, many organizations embark on change programs; implementing change initiatives, developing new strategies, and conducting â€Å"corrective interviews†. But, after a few go-rounds employees start to suffer from what researchers call Change Fatigue.If a culture o f politics, blaming, and distrust exists, no meaningful change can, or will, occur. In a sick culture people will say what they think the boss wants to hear without believing in the changes proposed. For a true change to occur people must have a different mindset. How Can Organizations Mitigate Deviant Behavior? Although tender are many Issues wince cause concern Tort organizations, tender are ways for managers to positively impact the ethical behavior of employees. As Ben Heinlein, the former General Electric General Counsel stated, â€Å"Performance does to have to come at the expense of integrity.A company can meet or exceed its numbers and, at the same time, adhere to formal rules, establish global ethical standards and motivate employees throughout the company to exemplify values of honesty, candor, fairness, reliability and trustworthiness† (Sell, D. 2009). There is a consensus among organizations that violence in the workplace is unacceptable, however most organization s operate on a reactive basis, rather than developing proactive solutions to address this issue (Chem., 2010). Experts recommend that employers implement processes which enable employees to report inappropriate workplace behavior.Managers should be trained on encouraging staff members to step-up and report threats or harassment. Organizations should consider creating workplace violence prevention programs to eradicate bullying, intimidation and violent occurrences. Ultimately, all companies- big or small – should have policies in place which address workplace violence. Conclusion When we consider all the research, papers and articles on the topic of deviant workplace behavior, it is unquestionable and transparent that the problem is rebound, not endemic to a particular race, gender, culture, group or organization and it will always be present in our society.

The Civil Rights Movement Essay - 967 Words

African Americans were considered to be unworthy to be associated with whites, they struggled to fight laws of segregation for years and years to finally be thought of as equals. They fought to earn their civil rights which is where the movement got its name from. There are many names that stand out when you think of the Civil Rights Movement, for example, Martin Luther King Jr. who lead a march to Washington and gave the famous â€Å"I have a Dream† speech, and there is also Rosa Parks who refused to sit in the back of the bus and render her seat to a white person. They are all interconnected in one way or another, with each of their actions and teachings influencing each other, and finally after a great deal of years they reached equality and†¦show more content†¦Martin Luther King Jr. entered the Civil Rights Movement when he was asking to lead the MIA which was set up by other ministers because the NAACP was weak in Alabama. He led the Montgomery Bus Boycott and w as arrested many times, but he never stopped to push on and the law was finally passed that segregation on the buses was unconstitutional. He later, along with other African American leaders, joined the Southern Christian Leadership Conference to fight against the oppression of the Jim Crow Laws. It was in 1963 when he led the march to Birmingham, Alabama and was met by local police who administered a great deal of violence. Martin Luther King Jr. urged his followers to met their violence with non-violence and his non-violent tactics is what helped lead to the end of the Jim Crow Laws which allowed African Americans to have equal rights as the white citizens in the state of Alabama. Also in 1963 Martin Luther King Jr. along with 200,000 blacks and whites started a march to Washington for jobs and freedom. It was there in Washington were he gave his â€Å"I have a Dream† speech which influenced the United States populations view on segregation and for his speech he was awarded the Nobel Peace Prize for his efforts to end segregation and racial discrimination through civil disobedience and other non-violent means on October 14th, 1954 becoming the youngest recipient. One man whoShow MoreRelatedThe Rise Of The Civil Rights Movement1179 Words   |  5 Pagessegregations. Out of the numerous elements that arose in the 1960s, there are three movements that truly affected the American society. Firstly, the rise of the civil rights movement was greatly influenced by racial discrimination of colored people in the South. Secondly, the women’s movement aimed to convince the society that women are capable of achieving and maintaining higher waged job like males. Lastly, the gay rights movement aimed to gain acceptance and stop discrimination of homosexuality. 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