Benefits Of Electronic Banking

2006 Words 9 Pages
Anguelov et al. (2004) suggest in recent years Electronic banking technologies have multiplied with products available such as ATMS, contactless payments, internet banking, banking apps and the ability to store cards to devices. This has led to the adoption of customers because of its efficacy and increasing ease to use but also as it cuts costs, stays competitive and attracts new customers from a business point of view.

In agreeance Hogarth et al. (2004) claim that been the years of 2002 and early 2005 online banking increased 47 percent. Showing that more and more people are now using internet banking, today, 76% of Internet users report going online a day. (Hall, 2016)

Big data is used by banks as every transaction provides information
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HSBC has been cooperating with UK facial biometric firm to develop a more secure access control system for its new data centres. (HSBC banks on facial recognition technology, 2008)

New Technology also shares its challenges.

Security and Risk: Chitungo and Munogo (2013) argue Mobile customers are becoming more vulnerable to scams as email and SMS are being sent out posing as banks. Also if your mobile is stolen you become at great risk as today personal information is now stored on the device.
Therefore security checks and making customers aware of these threats and the way the bank contacts you is important to stop people becoming discourage to use mobile banking.

Compatibility: Not everyone will have the correct devices for mobile banking and therefore could might have an impact of who uses this technology,.(AlJabri and Sohail , 2012)

Reliability: bank must ensure their technology is reliable if is constantly going down this could loose customers trust and confidence in the service. (Luo et al. 2010) but this may also be down to confidence with the security of the
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HSBC claim to take advantage of upcoming and emerging technologies it is time to invest in this. These range from secure messaging and technology focus to the financial market allowing data to help make the financial decisions needed.
They are also parenting up with financial technology firms. (HSBC, 2016) such as the companies that’s helped with check point for faces.
Collaborating with other partners claims to reduce costs and enhance service. This is due to firms specialising in iT provided more reliable technologies and therefore the investment is more likely to pay of in HSBC favour.

“What we’ve found is that by creating this spirit of partnership, we are learning from those who know how to do things better, faster and more reliably than we might otherwise have on our own. We’re taking that agility and integrating it into our banking solutions to offer more holistic solutions to our customers. “(Lagarmitte, 2016)
This is to, therefore, help them invest in the right technologies, get advice and spend money more Wiseley. These partners could also help with training allowing HSBC to grow as a bank in keeping up with current and future technologies as the technology it

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