Hi, need to submit a 9500 words essay on the topic Internet Banking.Modern day customers demand more from the banking services, as they want new levels of flexibility and convenience than what traditi

Hi, need to submit a 9500 words essay on the topic Internet Banking.

Modern day customers demand more from the banking services, as they want new levels of flexibility and convenience than what traditional banks offer. In spite of the fact that Internet Banking is the need of the time, there is immediate necessity to solve some of the key problems, which is necessary to make it widely acceptable.

This research proposal discusses the main factors that affect the adoption of Internet Banking, by applying the theories relevant to the concept and relying on the findings of the Survey, which is done by the customers of HSBC Uxbridge Branch.

E-commerce has revolutionised the way the businesses are conducted nowadays. New business models are replacing the outdated ones and the organizations are restructuring their business processes according to the needs of the customers. Just like any other sector, new customer relationship strategies are being formulated in the banks as this industry has also accepted the new technology - Internet Banking. According to Hickman, 85% of the largest banks in United States of America offer Internet Banking services in its basic forms, like, statements, access to accounts, stop payments, transfers, along with clear items. Most of these banks are also beginning their complete Internet banking services, comprising services on online loans, bill payment and brokerage. Research supports the fact that both banks and customers can benefit from Internet banking. However, there are a number of factors that need to be taken into consideration, the bank's perceptions of Internet banking and the customers' perceptions of internet banking being the principal ones. Along with benefitting the customers and the banks, internet banking or E banking is beneficial for the small and medium businesses as well. (Nath R., Schrick P. and Parzinger M., 2001, A)

Benefits of Online Banking to its Customers

Customers are benefitted in a number of ways from internet banking. The first and foremost benefit is convenience. The customers can operate 24 hours a day and seven days a week. (Benefits for Customers, n.d.)

Cost Savings - Cyberspace is relatively cheaper to operate than the bricks and mortar structure and this benefit is often passed to the customers. Internet banking offers customers cost savings and financial benefits for online transaction of services. It also reduces the transfer fees of transaction is dome through e-banking.