Can The Music Industry Change Its Tune
"A critical evaluation of the impact of change factors and strategic management initiatives on Banking Industry."
Today banking plays a vital role in our society and economy - the scale of transactions ranging from ordinary, individual customers writing cheques or using bank credit cards in shops and restaurants to enormous and complex payments by multinational companies across the world's great banking centres.
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. (Mishra, 2006) In 1694 the first great British bank, the Bank of England, was established in London by royal charter, primarily to raise money for the conduct of the French Wars. The new bank lent the government £1,200,000 and quickly became not only the Government's bank, but was also the bankers' banker, used by private banks for the safekeeping of surplus funds. In 1708 the terms of renewal of the charter stated that it should remain the only bank in England allowed to have more than six partners - this prevented the...
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