Main Concerns In Internet Banking Information Technology Essay

Main Concerns In Internet Banking Information Technology Essay The Internet banking is changing the banking industry and is having the major effects on banking relationships. Even the Morgan Stanley Dean Witter Internet research emphasised that Web is more important for retail financial services than for many other industries. Internet banking involves use of Internet for delivery of banking products services. It falls into four main categories, from Level 1 minimum functionality sites that offer only access to deposit account data to Level 4 sites highly sophisticated offerings enabling integrated sales of additional products and access to other financial services- such as investment and insurance. In other words a successful Internet banking solution offers  · Exceptional rates on Savings, CDs, and IRAs  · Checking with no monthly fee, free bill payment and rebates on ATM surcharges  · Credit cards with low rates  · Easy online applications for all accounts, including personal loans and mortgages  · 24 hour account access  · Quality customer service with personal attention DRIVERS OF CHANGE Advantages previously held by large financial institutions have shrunk considerably. The Internet has leveled the playing field and afforded open access to customers in the global marketplace. Internet banking is a cost-effective delivery channel for financial institutions. Consumers are embracing the many benefits of Internet banking. Access to ones accounts at anytime and from any location via the World Wide Web is a convenience unknown a short time ago. Thus, a banks Internet presence transforms from brouchreware status to Internet banking status once the bank goes through a technology integration effort to enable the customer to access information about his or her specific account relationship. The six primary drivers of Internet banking includes, in order of primacy are:  · Improve customer access  · Facilitate the offering of more services  · Increase customer loyalty  · Attract new customers  · Provide services offered by competitors  · Reduce customer attrition INDIAN BANKS ON WEB The banking industry in India is facing unprecedented competition from non-traditional banking institutions, which now offer banking and financial services over the Internet. The deregulation of the banking industry coupled with the emergence of new technologies, are enabling new competitors to enter the financial services market quickly and efficiently. Indian banks are going for the retail banking in a big way. However, much is still to be achieved. This study which was conducted by students of IIML shows some interesting facts:  · Throughout the country, the Internet Banking is in the nascent stage of development (only 50 banks are offering varied kind of Internet banking services).  · In general, these Internet sites offer only the most basic services. 55% are so called entry level sites, offering little more than company information and basic marketing materials. Only 8% offer advanced transactions such as online funds transfer, transactions cash management services.  · Foreign Private banks are much advanced in terms of the number of sites their level of development. EMERGING CHALLENGES Information technology analyst firm, the Meta Group, recently reported that financial institutions who dont offer home banking by the year 2000 will become marginalized. By the year of 2002, a large sophisticated and highly competitive Internet Banking Market will develop which will be driven by  · Demand side pressure due to increasing access to low cost electronic services.  · Emergence of open standards for banking functionality.  · Growing customer awareness and need of transparency.  · Global players in the fray  · Close integration of bank services with web based E-commerce or even disintermediation of services through direct electronic payments (E- Cash).  · More convenient international transactions due to the fact that the Internet along with general deregulation trends, eliminate geographic boundaries.  · Move from one stop shopping to Banking Portfolio i.e. unbundled product purchases. Certainly some existing brick and mortar banks will go out of business. But thats because they fail to respond to the challenge of the Internet. The Internet and its underlying technologies will change and transform not just banking, but all aspects of finance and commerce. It represents much more than a new distribution opportunity. It will enable nimble players to leverage their brick and mortar presence to improve customer satisfaction and gain share. It will force lethargic players who are struck with legacy cost basis, out of business-since they are unable to bring to play in the new context. MAIN CONCERNS IN INTERNET BANKING In a survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. There is a dual requirement to protect customers privacy and protect against fraud. Banking Securely: Online Banking via the World Wide Web provides an overview of Internet commerce and how one company handles secure banking for its financial institution clients and their customers. Some basic information on the transmission of confidential data is presented in Security and Encryption on the Web. PC Magazine Online also offers a primer: How Encryption Works. A multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that your account information is protected from unauthorised access:  · Firewalls and filtering routers ensure that only the legitimate Internet users are allowed to access the system.  · Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.  · Digital certification procedures provide the assurance that the data you receive is from the Infinity system. Concluding Part Claus Nehmzow, a Principal in the Information Technology Group in London at Booz Allen Hamilton, writes of some compelling research findings and offers his projections for European banks in The Internet Will Shake Backings Medieval Foundations. He believes the low transaction cost will make banking on the Net irresistible, but also that this will require institutions to carefully consider and plan customer relations programs.  · It is believed that everything will be determined by content and context, and where execution will be key. From a customer and service provider perspective, this is where the world is moving-it is going to be real-time, on-line, personalisation for both marketing and the service experience. If existing banks dont want to disappear, it is this challenge of Integration that they need to embrace in order to win and survive. The more things change, the less they change. In the months and years-ahead are going to be how Service Providers integrate and market their offerings across different channels. The strategic and executional battles of the future are going to be fought for Channel Integration. What does Channel Integration means? It means that an institution presents an identical face to the customer-be it in the branch, on the web, at an ATM or for that matter, through a sales representative or a broker. An identical face, an identical message. Or better still, messages that re inforce each other. If a sales representative tries to sell you a housing loan, you get e-mail a day later reminding you about the loan. Thats called Integrated Sales, which results in incremental economic activity and improved efficiencies of communications. Channel Integration across the phone web can clearly lead to a gain of several percentage points of GDP. The beauty of this approach is that one channel does not displace another. They feed on each other to create incremental value for the customer, as well as the institution. The incremental value comes from two distinct sources. Firstly, you reduce inefficiencies. You dont send people junk mail because you know that they are not likely to buy a particular product or service today. That results in net saving for the economy. Secondly, you persuade people at the right time (the right time from the customers perspective, not from the service providers perspective) to opt for a tailor made offering. This too increases value. Actu ally, this has to do with the Internet itself, and more to with the underlying technologies of the Internet which allow incremental efficiency, and empowers the customer to make more enlightened and timely choices.  · Lastly the product range is another issue which becomes important. It will take a technological revolution to make available advanced banking products on the net and given the rate at which the technology is developing we can expect this to happen in near future. STRATEGIES TO BE ADOPTED BY INDIAN BANKS Internet banking would drive us into an age of creative destruction due to non-physical exchange, complete transparency giving rise to perfectly electronic market place and customer supremacy. The question to be asked right now is What the Indian Banks should do Whatever is the strategy chosen and options adopted, certain key parameters would determine the banks success on web: 1. For long term success, a bank may follow:  · Adopting a webs mindset  · Catching on the first movers advantage  · Recognising the core competencies  · Ability to deal multiplicity with simplicity  · Senior Management initiative to transform the organisation from inward to outward looking  · Aligning roles and value propositions with the customer segments  · Redesigning optimal channel portfolio  · Acquiring new capabilities through strategic alliances. 2. The above can be implemented in four steps:  · Familiarising the customer to new environment by demo version of software on banks web site. This should contain tour through the features which are to be included. It will enable users to give suggestions for improvements, which can be incorporated in later versions wherever feasible.  · Second phase provides services such as account information and balances, statement of account, transaction tracking, mail box, check book issue, stop payment, financial and customised information.  · The third phase may include additional services such as fund transfers, DD issue, standing instructions, opening fixed deposits, intimation of loss of ATM cards.  · The last step should include advanced corporate banking services like third party payments, utility bill payments, establishment of L/Cs, Cash Management Services etc. Enhanced plan for the customers in future can include requests for demand drafts and pay orders and many more to bring in the ultimate in banking convenience. All the above strategies will help banks in translating their traditional business model into an Internet one, falling into three main categories  · One stop shop  · Virtual one-stop-shop  · Best of breed supplier.

The Moon :: Essays Papers

The Moon The Moon is the only natural satellite of Earth: orbit: 384,400 km from Earth diameter: 3476 km mass: 7.35e22 kg Called Luna by the Romans, Selene and Artemis by the Greeks, and many other names in other mythologies. The Moon, of course, has been known since prehistoric times. It is the second brightest object in the sky after the Sun. As the Moon orbits around the Earth once per month, the angle between the Earth, the Moon and the Sun changes; we see this as the cycle of the Moon's phases. The time between successive new moons is 29.5 days (709 hours), slightly different from the Moon's orbital period (measured against the stars) since the Earth moves a significant distance in its orbit around the Sun in that time. Due to its size and composition, the Moon is sometimes classified as a terrestrial "planet" along with Mercury, Venus, Earth and Mars. The Moon was first visited by the Soviet spacecraft Luna 2 in 1959. It is the only extraterrestrial body to have been visited by humans. The first landing was on July 20, 1969 (do you remember where you were?); the last was in December 1972. The Moon is also the only body from which samples have been returned to Earth. In the summer of 1994, the Moon was very extensively mapped by the little spacecraft Clementine and again in 1999 by Lunar Prospector. The gravitational forces between the Earth and the Moon cause some interesting effects. The most obvious is the tides. The Moon's gravitational attraction is stronger on the side of the Earth nearest to the Moon and weaker on the opposite side. Since the Earth, and particularly the oceans, is not perfectly rigid it is stretched out along the line toward the Moon. From our perspective on the Earth's surface we see two small bulges, one in the direction of the Moon and one directly opposite. The effect is much stronger in the ocean water than in the solid crust so the water bulges are higher. And because the Earth rotates much faster than the Moon moves in its orbit, the bulges move around the Earth about once a day giving two high tides per day.

When and how you encouraged a child to take part in creative activities Essay

In our nursery creative activities are very important. Almost every day i try to encourage children to take part. Acording to my observations use of simpliest resources is the best practise. Recently I use cartboard boxes and the parts from different tipes of packaging as plastic and paper bags, plastic bubble sheets, cardboard strips and sheets, styrofoam and many others. Wery often we use very big carboard boxes to turn them in to a house, castle or space ship, depends what kind of interest children have at the moment. We use paint, pencils, markers, duck, adchesive, scotch and double side tapes, coloured paper and foams to decorate it. While crative activities children can explor different types of material, different ways to use them and also improving their fine and motor skills. Activities schould be fun and give children joy and confidence. To encouraged a child to take a part in creative activities I always base on his or her interests. For example boys in our nursery love cars so I used them to paint wheel tracks on paper. Other day we made a car mat on big cardboard sheet. Children drew roads, parking spaces and also made bridges and garages from smal boxes. It is always their own imagination and ideas on the first place and satisfaction from finished product. How do you provide positive feedback to children and young people taking part in creative activities? prase effor and every work they did, rather the final product find positive aspects of their work ask questions about their work ask did they enjoy the activities open-ended questions How would you support children taking part in creative activities? In nursery I always refer to children current interests. That makes a base to start creative activitie. By a good practise, while I organise activitie,  every day I try: avoid projects that can be completed in only one way: (paint-by-numbers, kits to be assembled). make a wide variety of materials available to children. give examples and possible solutions, suggest options, but let children make the final decisions for art projects. talk through activities, ask children about their art while it is happening, not just at the end. Children can describe their work, but don’t have to name objects or feelings. praise the effort, use of color and uniqueness rather than just the final product — the trip is more important than the destination. display art at a child’s eye level. encourage individual expression., avoid the regimented use of materials and adult-directed projects. encourage to use imagination give as much time as they need do not force to take part in activities How have you or how would you support children to recognise how creativity can be used in all aspects of life? 1. encouraged to find solution in daily life activities. For example: – how to reach sometching is to high or to far – how to go somwhere even if there is obstackle – what to do when you spilt or tiped out something 2. orgnise creative activities acording to situations from real life. Examples: -creative cooking (dough, slime, pasta, gloop, making sandwiches, salads ect) -building and mechanik activities (using real tools to create something) -play-role – finding solutions in different situations, for example: How to play with toy if there is only one and two childrfen wants to play?

The Biggest Differences Between College and High School

Sometimes, you need a little reminder of the differences between high school and college. You could need motivation about why you want to go to college  or why you want to stay in college. Either way, the differences between high school and college are vast, stark, and important. College vs. High School: 50 Differences In college ... No one takes attendance.Your instructors are now called professors instead of teachers.You dont have a curfew.You have a roommate who you didnt know until right before you moved in together.Its totally acceptable if your professor is late to class.You can stay out all night without anyone caring.You dont have to go to assemblies.You dont need a permission form to watch a movie in class.You dont need a permission form to go somewhere with your school/classmates.You can pick what time your classes start.You can nap in the middle of the day.You can work on campus.Your papers are much longer.You get to do real science experiments.Your goals in your classes are to learn things and pass, not pass an AP test for credit later.Group work, while still lame sometimes, is much more involved.Theres no busy work.There are museums and exhibits on campus.Campus-sponsored events happen much later at night.You can drink at school-sponsored events.Nearly every event has some kind of food.You can borrow books and other research material from lots of schools.Your student ID gets you a discount — and now a little respect, too.Youll never be able to get all your homework done.You cant turn in fluff and expect to get credit for it.You dont get an A just for doing the work. You now have to do it well.You can fail or pass a class depending on how you do on one exam/assignment/etc.Youre in the same classes as the people you live with.Youre responsible for making sure you still have enough money in your account at the end of the semester.You can study abroad with much less effort than you could in high school.People expect a much different answer to the So what are you going to do after you graduate? question.You can go to grad. school when youre done.You have to buy your own books — and lots of them.You have more freedom to choose the topics about things like research papers.A lot more people come back for Homecoming/Alumni Weekend.You have to go to something called languag e lab as part of your foreign language class.Youre no longer the smartest person in the classroom.Plagiarism is taken much more seriously.Youll learn how to write a 10-page paper on a 10-line poem.Youre expected to give money back to your school after you graduate.For the rest of your life, youll always be a little interested to see where your school ranks in the annual rankings done by newsmagazines.The library stays open 24 hours or more extended hours than High School.You can nearly always find someone on campus who knows more than you about a subject youre struggling with — and who is willing to help you learn.You can do research with your professors.You can have class outside.You can have class at your professors houses.Your professor might have you and your classmates over for dinner at the end of the semester.Youre expected to keep up on current events — and connect them to what youre discussing in class.You really do need to do the reading.Youll attend classes with other students who want, instead of have, to be there.