One of the major technological impacts during the past few years on trading, service and banking activities has been through the internet. All phases of business from purchasing through supply chain management through sales and payments financing have been impacted. Banking plays the major role in all transitions and trading activities as the integral part of business itself. Taking into account recent trends in e-commerce and on-line trading, growth of Internet users and urgent need of fast transactions, it is possible to say that online banking is one of the promising fields in business today.
In rapidly changing environment, the internet is used more as a source of information than as a place to buy. All communication is immediate, and distance and length of communication have impact on cost. As a source of information, the internet is demand driven in the users have the option of getting the information they want - if it is available -when needed.
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Chinese Bank of China
Internet Banking-01 (xndr)For instance, â??In February 2002, the research company Datamonitor predicted that within three years, 120 million people will bank online in the U.S. and Western Europe aloneâ?? (Estell, Myers, 2002). Taking into account IT and the Internet projections, it is possible to say that in the next ten years the world will enter a new era of internet capability â??that will transform online activityâ?? (Berners-Lee to star in debate, 2005).
Also, tremendous growth of online banking in future is explained by growth of the internet population around the world. A special regions include Asia, Eastern European countries, and Africa. Although, today, European countries show the remarkable growths of online banking. In Spain for instance, â??by 2005 the number of online banking clients in Spain is projected to jump from 3.9 million to 6.8 million. Bankinterâ??s clients carry out 46 percent of their...