Background
The …show more content…
Livingstone and her colleagues foresaw the possibilities with internet access and banking not only locally but internationally.
Analysis
Livingstone set out to revolutionize the way banking is performed over the internet in the United States and overseas. Her and her colleagues approach was to develop and use a network that will permit financial transactions such as loans and stocks, and eventually integrate individual and commercial accounts. They also wanted the ability to perform these transactions at a lower cost than the typical banks and avoided the impulse to grow too rapidly (Evans et al, 2014). The challenges that Livingstone and her colleagues faced was understood quite well by the three pioneers. They knew that their target customers would more likely be adventurous, lead very busy lives, and have access and knowledgeable to computers. They recognized that a high probability of reluctance to this form of banking would have to be overcome however; Livingstone and her associates focused on the positives possibilities of internet …show more content…
Despite the response to the new threat of internet banking by many other banks owners, Livingstone bank continued to prosper due to a laser like focus on customers and the market. According to Sussanah Fox (as cited in Evans et al, 2014) the characteristics of online bankers in a 2004 survey were Broadband and online experience 63% , GenX user rise 60% , gender: men being more active 49%, and high social status above $75,000 annual income (Evans et al, 2014). Livingstone and her associates concluded that internet banking will be more profitable if their customers were treated with quality service. A second survey of 1,000 people was conducted in 2010 about online banking consisting of close and open ended responses. The responses closely mirror the earlier survey in 2004 however, the response to the open ended questions were surprising. The problem; the competition was incorporating both internet banking and brick and mortar offices and the treat of doing business on the internet was becoming a concern for Livingstone (Evans et al,