Essays on Importance of Internet Banking Coursework

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Generally, the paper "Importance of Internet Banking " is a good example of a finance and accounting coursework.   Internet banking is a mode of modern banking that is taking over the banking world by allowing its users to be able to carry out banking activities, both as bankers and as bank clients. The banking strategies used to involve the use of the internet to access the bank accounts and carry out any financial activities such as financial transfers, payment of bills, enquiring bank balances and all the other related banking activities all carried out after accessing the internet from anywhere rather than being physically present in the bank to carry out the activities.   Internet banking has various advantages in the currently developed technological world.

The method is very cheap and has been rated as the cheapest and most convenient and safe method of banking in the world compared to mobile banking, which is relatively cheap and physical banking, which has been rated as the most expensive mode of banking. The method is also very convenient and efficient as one can be able to carry out banking activities from anywhere without the need for being physically present in the banking hall.

Moreover, the method is quite beneficial for both the bankers and the clients. The clients are able to save a lot of money and time as the method is cheaper and also involves fewer expenses and activities. In addition, the method allows banks to be able to carry out banking activities more easily even as they offer more quality and reliable services even as they reduce the expenses involved in physical service delivery.

On the other side, banks have been able to advance in the application of technology resulting to a rise in online virtual banks that are able to operate with minimum or completely no any form of physical involvement. This leads to growth in the economy and in the world of banking. Finally, since there are currently more people able to access the internet than in the past, then the banks are able to access more clients online and he hence they are able to expand their customer base (Awamleh and Fernandes 2010). The internet banking has many benefits to organizations that utilize it as it not only benefits in reaching the clients and in the clients undertaking their financial transactions online but to a large extent, this mode of banking helps in achievement of organizational goals and objectives by the management of the bank.

It helps instill more reliable and effective organizational structures and also helps in monitoring the development of the activities being carried out and the progress of the organizations, mostly the banking sector, in determining how well they are equipped in achieving their organizational goals.

The banks and other organizations are able to carry out marketing strategies more effectively and hence are able to reach a larger customer base easily compared to when they are using physical banking and marketing means. This way, the organization is able to grow and benefit even as its clients benefit from this banking technique.

References

Awamleh, R and Fernandes, C 2010, Internet Banking: An empirical investigation into the extent of adoption by banks and the determinants of customer satisfaction in the United Arab Emirates, Available from: < http://www.arraydev.com/commerce/JIBC/2005-02/raedcedwyn1.HTM >. ( October 30, 2010).

Guru, B, Shanmugam, B, Alam, N, and Perera, C, (2003). ‘An evaluation of Internet banking sites in Islamic countries’. Journal of Internet Banking and Commerce, Vol. 8 No. 2, pp. 1-9.

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