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Essay / Research Paper Abstract
An 8 page paper which examines many of the
conveniences that online banking offers. Bibliography lists 8 sources.
Page Count:
8 pages (~225 words per page)
File: JR7_RAbank2.rtf
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Unformatted sample text from the term paper:
would expect. They are opening on the Internet. The traditional banks and their branches are slowly shutting down, on the streets, and moving into spaces on the Internet. Exxon (1999)
states that "Traditional high-street banks are closing branches, despite fighting for space in the banking sector," because they are moving to e-commerce (p. 8). This is a trend that is
actually saving the consumer and the industry a lot of time and money. If offers consumers convenience and numerous options that can be addressed at their own pace, without pressure
from staff, and without a great deal of confusion. In essence, online banking, e-banking, is an incredibly convenient system. In the following paper we present an overview of e-banking and
then discuss how they prove convenient in many different ways. Overview Orr (1999) states that "Already, bankers are facing competition from early-adopting banks that have added e-branches--virtual facilities
where customers can bank electronically, anytime, anywhere. As if that werent challenge enough, theres a wild card in the game: banks that exist only on the Internet: e-banks" (p. 32).
Right here, we can see that banks that have additional access on the Internet, call that access spot a branch, or e-branch. Banks that do business only on the Internet
are called e-banks. Orr illustrates that the e-banks have some obvious advantages, such as no buildings, no paper, and no limitations placed on time or place. "For a few
million dollars, an entrepreneur can set up an e-bank and deliver full banking services with a total staff of maybe a dozen specialists working in an office building that could
be located anywhere. These savings in fixed capital can make a difference of 50-70 basis points of interest on savings accounts, according to one e-banker" (Orr, 1999; p. 32). This
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