Internet banking applications Research Paper Example | Topics and Well Written Essays - 2250 words

Internet banking applications - Research Paper Example According to the research as soon as technology bulged out from the conventional manual working trends, people who were tired of time consuming repetitive tasks obliged, and accepted it. That is the sole reason behind technology gaining sudden fame and it is only the charisma of technology that the power of mainframes is now present in handhelds. Such rapid advancement in technology was due to man’s eagerness and need of making things work on his fingertips. Technology, soon after its introduction in the markets and after the revelation of its endless benefits became a necessity for everyone. From MNCs to home users, technology is everywhere. The usage of technology of course is different with everyone but the truth is that it is used everywhere in some capacity or the other. Banking is one of the oldest businesses in the world. Since the evolution of human mind, human beings are constantly involved in making transactions and carrying out trade and business. Slowly but steadil y, the banking system also gained popularity and became popular. This meant that the clientele of each bank were increasing exponentially. Therefore, banking theories and studies became a crux part of finance and accounting curriculum. It was soon realized that banks should use the numeric computation and storage power of computers to enhance their business processes. This made competition stiffer and this is by virtue of this competition that value added services were introduced by banks. These value added services such as ATM’s and Internet Banking not only provided the banks competitive edge but also first mover advantage. This influx of technology not only introduced several different technologies at the workplace but also ensure that banks were making great sales as customers were willing to pay more for these value added services (Ghaziri, 1998). The term ‘Internet Banking’ was coined in 1980’s (Scholasticus, n.d.) but it’s no more a technical jargon these days as even basic customers who have very little knowledge of internet can use this technology to make financial transactions. This idea of doing online transactions got very modest reception when it was first launched primarily because of high internet costs and the vulnerability of such applications. The idea of virtual transactions didn’t appeal the conventional users but time proved them, otherwise. The aim of this dissertation is to do a threadbare analysis on internet banking applications that are currently in use in the industry. Some relevant questions that we will look to answer are: How actually these internet banking applications work? Are these applications really worth it? How these internet banking applications have evolved over the period of time and what extra features are now available in these applications? These questions will just act as the starting point of our research and will be answered comprehensively. Moreover, a peep into currently used architectures and applications themselves will also be a point of focus throughout our studies. 2. Objectives The objectives of this research are clearly elicited and they will help in providing a broader overview of the complete architecture that is normally being deployed in a bank. To calculate ROI generated because of this value added feature To perform trend analysis on different internet banking applications To determine different KPI’s that will help us analyze an internet banking application’s efficiency To study the general 3-tier architecture of a complete internet banking application To study factors that can further enhance an internet banking application To study peripheral applications that work with mainstream Internet Banking application To examine other channels that interact and study if they can work in line with the internet banking application To determine factors that can affect internet banking software’s performance 3. Background The forerunner of the modern times, Internet Banking was started as distance