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Essay / Research Paper Abstract
Written in the style of an article this 10 page paper looks at the presence and growth of internet banking in the UK and how this benefits both the banks and the customers. It is argued that to maximize the returns and create competitive advantages the banks need to manage the supply chain and create a value chain that can be leveraged. The bibliography cites 9 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEintbanking.rtf
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Unformatted sample text from the term paper:
and convenience, as well as a greater level of empowerment through more direct control. For the banks there is the potential of a new market as well as the potential
for increased value though the supply chain, lessening the load on administration staff and lowering various costs. With the right strategy this could be a very lucrative business, but
without there could be disaster! In recent years the major banks and building societies have all entered into internet banking, to fail to enter this market may result in
a competitive disadvantage, loosing customers to competitors that can offer these services. There have also been the entrants of new competitors, such as Egg and Smile. The level internet
banking use has been increasing at a pronominal rate, the medium is now well into the growth stage of the lifecycle of the service (Kotler. 2004). In 2000 there were
3.5 million customers using online banking services, by 2002 this increased to 7.8 million, more than doubling (Europe Intelligence Wire, 2003). Overall the use and acceptance of the
internet as an acceptable medium for carrying out financial transaction is adapting as the culture is changing. Of all internet users a third make use of internet banking services. This
can be placed in the sector of remote banking, where when added together with telephone banking service there are in excess of 16 million customers. Convenience is apparent a high
driver for remote users and banks need to offer this service The use of technology and interaction between the customer and the internet interface is also able to reduce the
need for manual labour. Using remote banking more than 7.2 million customers used the service to pay bills, amounting to more than 72 million transactions, with the most common payment
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