Traditional Banking Versus Online Banking Information Technology Essay

Traditional Banking Versus Online Banking Information Technology Essay Internet banking is a fact of life for many individuals today with a busy lifestyle. Some individuals will have a brick and mortar bank that offers Internet banking in addition to going to the brick and mortar location. Other banks exist only on the Internet that do not have a physical location. Benefits Internet bankings major benefit to account holders is convenience. It allows an account holder to monitor usage of his account and perform basic transactions online for his banking account. Considerations If an individual opens an account at an online-only bank such as ING Direct, access is limited to their account. If the bank account owner can not find a location with Internet access, she will be unable to perform transactions on her banking account. Disadvantages When using an Internet banking account, the account owner may have no face to face interaction with a bank employee if the bank does not have a brick and mortar location. This can make resolving disputes more difficult as the account holder will have to make a phone call and possibly wait on hold, or be forced to send an email. Bonuses There are some Internet banking companies such as ING Direct that will allow a customer to receive a monetary bonus for opening an account with them. The bonus varies based on the promotion the Internet banking company is running at the time. Warning  · Conducting your banking over the Internet can be you at a significant risk of scams and fraud. Make sure when using your internet banking account you are accessing it through a secured network, and never provide your account password to anyone. Online banking versus brick and  mortar Posted on April 9, 2008. Filed under: Banking,Investing and Saving | Online banking is something that no one could have predicted. Now you are able to access your accounts at any time, make payments and see your statements from home without going to the local banking branch. Online-only banks have also sprung up with no actual branches, just a virtual account that promises higher savings rates and a slew of conveniences. For the average person, it would be perfectly acceptable to have both an online banking account and a brick and mortar bank. Online banks generally have the best rates as they strive to cut costs by hiring a limited amount of workers (no tellers needed) and avoiding the costs of buildings, atms etc. The downside is a limited access to money and the inability to go to the bank and talk to a person if you need to. Most online banks will allow you to pay bills online, however, they do not offer easy withdrawals like the thousands of offline brick and mortar banks. Brick and mortar banks are best for people who demand customer service. From the availability of many banking options, fee-free ATMs open 24/7 and the candy at the corner of the banking desk; brick and mortars have it all. They also have many costs that cut into savings rates, and make their lines of credit and loans more expensive. Brick and mortars offer a high level of comfort to customers, ensuring them that their money is right around the corner when they need it, rather than just a digital number on a computer screen. For long term savings, an online bank is the winner hands down. Savings rates at online banks are much higher and the fees are much lower. An online bank is perfect for an emergency fund, or other savings that you do not need on a day to day basis. A brick and mortar savings account will never become obsolete, it is far too convenient, even though the rates are traditionally much lower. Keep just enough in a brick and mortar account to utilize it conveniently, and keep the substantial savings at an online bank to earn more in interest. For most people, two accounts is now the necessity. Traditional Banking Vs Online  Banking Internet banking works in a similar manner to traditional banking, the major difference being the way one is making payments, accessing his account and personal details, and reconciling statements. Rather than visiting the local branch of his bank, the customer uses his computer to complete transactions. Internet and traditional banking have their pros and cons to consider. The choice of online vs. brick-and-mortar banking is often based on ones lifestyle and priorities. As a major advantage of internet banking, the customer can accomplish multiple tasks in the comfort of his home. Efficiency is what makes online banking attractive to customers: they can pay bills, move money between different accounts, check multiple accounts, and much more. Banking is fast and saves customers valuable time. Transactions are completed in seconds and one can print out the receipts for his personal records. The customer may access his account at any given part of the day, even during weekends and holidays. Moreover, the online account may be accessed from any place around the world, provided that internet connection is available. Online bank accounts make banking expedient, convenient, and inexpensive. Many banks charge fewer fees for the online banking services they offer. Furthermore, banks have higher interest rates on savings accounts and certificates of deposit, and offer more financial services and products. Customers dont need to buy envelopes and stamps, run to the post office at the last minute, and risk being late on their payments. Monthly bank statements and bills can be accessed electronically. Finally, online banking employs sophisticated tools that help manage ones money and accounts with ease. Despite increased security measures and the availability of anti-virus and anti-spyware programs, identity theft is still a concern. Other threats associated with online banking include phishing and hacking of online accounts. Time is among the precious commodities, especially for multi-taskers. On the other hand, some people prefer to visit their local bank and interact with the teller in person. Customers can turn to the banks special account representative or even to the bank manager. Clients are physically present when cash is handed over to them and when they place valuable items in their safety deposit boxes. When customers hold their money in banks, they expect to have them available when required. The Federal Deposit Insurance Corporation offers coverage of up to $100.000 if banks cannot cover their clients accounts. Most banks have increased the level of security by installing more surveillance cameras and hiring a larger number of security guards. With traditional banking, customers are better protected against identity theft. However, security is still a concern with traditional banking. While criminals cannot hold a gun to ones personal computer, they can rob a bank the traditional way. Inconvenient locations, fixed schedules, and more limited financial services are some of the disadvantages associated with traditional banking. In contrast to internet banking, customers opting for traditional banking services need to draw money before using it. The FDIC (Federal Deposit Insurance Corporation) pays up to $100,000 of coverage, in case that a bank cannot cover its accounts (both online and traditional). However, protection from identity theft is an aspect of banking that traditional banks take better care of. Disclaimer: This article is provided for educational and informational purposes only and should not be considered a substitute for professional and/or financial advice. The information found in this article is provided AS IS, and all warranties, express or implied, are disclaimed by the author. Top 5 Reasons to Use Online  Banking In recent years online banking has become increasingly popular, and many consumers have benefited from being able to conduct all of their banking transactions online without having to resort to queuing in the local bank or spending time trying to get through automated switchboard in order to speak to someone on the phone. Online banking allows you to run your day to day finances, and manage your bank account, with ease and convenience, and with this method of banking you are always in control. With online banking you get to enjoy convenience, ease, speed, and increased control, which is why so many people now decide to conduct their banking transactions online rather than at a branch. The main reasons many people opt to use online banking are: 1. The ultimate in convenience: When you use online banking you can conduct your transactions from the comfort and privacy of your own home, so you wont have to worry about going out to your local branch, spending time queuing up, and trying to fit your banking commitments into your busy day, which can be particularly difficult for those that work full time. 2. No time constraints: With regular banking you are restricted in terms of when you can contact or call in to the bank in order to conduct transactions, and this can prove difficult for those with busy lifestyles and full time jobs. However, when you opt for online banking you can conduct transactions at any time of the day or night, which means that you can effectively manage your account around the clock. 3. Do everything you need to online: You will find that you are able to conduct pretty much any banking transaction that you can perform by phone or visit to your branch by going online, other than withdrawing and depositing cash. This means that you can effectively control your finances from the privacy of your own home. 4. Increased security: Banks now use very secure software to ensure the safety and security of customers, making it safer than ever to bank online. Just remember never to link to your bank account from an email link, as this could be a false link, and do not save your banking passwords and security details on a shared computer that could give others access. 5. 24 hour access to your account: With online banking you can access your account 24 hours a day, conducting transactions such as making bill payments, checking your balance and statements, setting up or cancelling direct debits and standing orders, and more. Gone are the days when you could only gain access to you bank between the hours of 9.30am and 3.30pm. How brick Mortar Banking Model will become a thing of past- Robin Trehan The reason is that maintaining bank locations is extremely expensive and hurts the bottom line. Each physical branch generates a laundry list of expenses, including rent, insurance, real estate taxes, utilities and employees. ; Attachment FOR IMMEDIATE RELEASE PRLog (Press Release) Sep 01, 2009 How brick    Mortar Banking Model will become a thing of past- Robin Trehan A penny saved is a penny earned. That is why the banking industry needs to continue to shift to an online model for business banking. There is no longer any need for a bank to have several brick and mortar locations in every city. The reason is that maintaining bank locations is extremely expensive and hurts the bottom line. Each physical branch generates a laundry list of expenses, including rent, insurance, real estate taxes, utilities and employees. If the branch is located in a major metropolitan area such as New York, Chicago or Paris, operating it is even more costly. It makes much more sense for the bank to provide only ATMs in metropolitan area and locate its main center of operations in a suburb. Customers can easily and quickly handle their banking business online, at an ATM or even over a mobile phone at any time of the day or night. The technology keeps getting more sophisticated even checks can now be deposited using a picture taken by a cell phone. Even if they are out of the country, customers who bank online can access their accounts at any time with ease. The savings realized by eliminating unnecessary branch locations can be passed on to the banks customers in the form of a higher interest rate. However, there can be some challenges when it comes to moving business banking out of the building and into cyberspace. Like many new ideas and ways of doing business, it will take some time for people to get used to. Banks need to make sure that all their business customers understand how online banking works and why it is a safe option. It can be helpful to point out that online banking is actually in many ways more secure than the traditional model. For example, customers can be quickly notified via email or text if there is unusual account activity or if an account is close to being overdrawn. They can then take appropriate action (a balance transfer, for instance) immediately rather than having to wait to visit a branch. Online banking is truly an idea whose time has come. The internet has come a long way since Tim Berners Lee discovered it under two decades ago. There have been remarkable progress to create value added services from the internet, among them online banking. The capacity to use internet to deliver online banking services is yet to attract due attention from scholars on the impact of online banking on the efficient delivery of services by the bank (Harnando, Nietoa, 2006). The most obvious contribution online banking has brought to the banking industry is the reduction of overheads that would have otherwise been incurred particularly in relation to the staff and advertising and others services like information technology as no special software is needed (wikipedia 2007[online]). The reductions in costs in those areas have undoubtedly added positively to a bank bottom-line. The emerging consensus on the future role of online banking is that it can be used to add value to overall banking services as appertaining service delivery, but onlin e banking has failed to marshal potent force to dislodge physical banks branches. The reason why online banking is yet to dislodge the brick and mortar traditional branches is because risk management on online banking applications have not walked with tandem with other advances in information technology. The imperfections of technology sometimes mean that online banking may not be a perfect substitution for a bank branch, and some functions (such as depositing cash) might still require the need to have physical branches for some foreseeable future.   There are three major ways in which financial institutions exploit the internet (Ramakhrishnan, 2001), or basically online banking means these three things. They can do it for information purposes whereby the bank can disseminate information about its products over the internet. Secondly, online banking can be about communication with a certain identifiable set of people (in this case a customer) about matters of interest to them such as account information. Thirdly and at the highest level, online banking can be transactional, whereby a customer may give the bank a certain mandate to operate the account in a certain way, like to make payments to a third party. This would happen without the customer stepping into the banks hall. Numerous risks abound in online banking, and it is impossible to discuss here them all (Comptroller, 1999). But the main ones are, Credit risk Interest rate risks Foreign exchange risks, Transaction risks, Compliance risks, Reputation risks. Risks arise from events, foreseen and unforeseen, that may have an unfavourable effect on the banks earnings or capital. The risks are not particularly peculiar to online banking, but they become more potentially threatening in online banking. Bank management for online banking system may be ill advised to leave these risks to the IT department to handle. Many of them require the management careful considered exercise of discretion. This may involve the establishment of effective management controls over the online banking risks, for instance accountability and appropriate policy directives for containment of these risks. New online banking projects that have a risk factor should be reviewed by the management and they should ensure that adequate technical expertise is available at all times. For securities risk management strategy, the banks should have in place adequate identification (authentication) of online banking customers before a transaction is carried out. Measures should also be in place to ensure that such customer cannot deny he transacted over the internet. Measures should also be in place before embarking on an online banking project to protect customers privacy and Know Your Customer rules for online banking customers should be stricter than usual (Basel, 2001).

The difference between Classical music and classical music? :: essays research papers

In this essay I am going to look at the differences between Classical music and classical music. There are many differences between the two, one is an era and the other is a type of music. Classical is an era, it is from about 1730 to just after 1800. There are 5 different periods in time (for music), Renaissance, Baroque, Classical, Romantic and Modern (20th Century). At this moment in time, we are still in the Modern period of time even though we are in the 21st, not 20th century. A few people who contributed to the music in the Classical era are: Ludwig van Beethoven, Joseph Haydn and Wolfgang Amadeus Mozart. The period that came before the Classical period, the Baroque, was a time of ornamentation and cluttered sounds. The Classical period focused on the opposite types of sounds- music during that period was orderly, uncluttered, well planned and precise. Music was expected to be technically pleasing and grounded in certain traditions and styles that had been "approved" by the public, often quite formal. Composers were seen as workers who were hired to write music that would please their employer. Vienna, Austria was the center of musical activity during the Classical period. Composers traveled from near and far to study with music teachers in Vienna. Vienna was such a hot spot for musicians that a style was even named for much of the music composed during the time: the "Viennese Style." The size of the symphony orchestra was growing, allowing composers to create more complicated pieces calling for new instruments that made unique sounds unheard before this time. Opera remained very popular, as did symphonies (large works with several sections composed for entire orchestras to play), concertos and sonatas (pieces featuring one instrument). Classical music (with a lower case ?c?) is completely different from Classical music (with a capital ?c?), classical music is music that is quite formal, and usually played by an orchestra that has lots of string instruments.

Huxley Maquiladora

Internationalization of a firm is often defined as its cross border business activities, which include trading resources and final products or services, capital transactions, and widening human resources. By adopting internationalization, a firm can expand its market size, minimize operation cost, and enhance competitiveness. Relocating production plant to Mexico from Texas, Huxley sets the first step into internationalization.The movement of the manufacturing site can save a significant amount of production costs like transport tariffs, labor payments and taxations. Huxley Maquiladora should utilize the benefits offered by the new location and NAFTA, and hence focus on research & development in order to improve innovation aspect. Since we enter into technology-bombard world, hi-tech is the next step to internationalize. Only by upgrading effective know-how is the solution of long-term growth and market power maintenance.There are three ways to internationalize in Mexico: subcontract ing, shelter operation and wholly owned subsidiary (WOS); however in term of Huxley’s domination power, it should mainly consider shelter operation and WOS for bigger profits and larger sustainable plans with the option of locating either in Ciudad Acuna or Saltillo. Both shelter and WOS provides the company complete control over the quality and production management, but the costs and the set-up procedures are completely different. In this case, I would suggest applying shelter operation in Saltillo.First, shelter offers a faster, simpler, and cheaper start up than WOS; it only takes about 45-120 days to turn from authorization to actual production rather than six months to a year as WOS. Also, with shelter, the company does not have to worry about choosing appropriate plant site, recruiting and training new employees, cultural practice differences, complicated taxations, getting official legalized permits and licenses, and developing a close and healthy relationships with a ll government levels.The only cost involved in shelter operation is paying the shelter service provider in term of working hours with the rate of roughly $3. 5/hr. By paying this money, Huxley can enjoy administration, HR management, and trading services without a panic. And often times the payment rate is negotiable with a long-term contract, so in the long run it may cost less than what it seems like. Furthermore, if the business is doing ell, then it is easier to become a physically locally present company than starting from zero. Ignoring the complications and hazards, the company can fully employ its higher skill-level manpower to R&D and thus come up with more up-to-date concepts and products, which is beneficial to both the firm and consumers. As far as the location choice, Saltillo has a better doing business environment than Ciudad Acuna overall.According to the information provided, Saltillo has a higher educated population with a lot more females, which is more favorable to Huxley as it highly demands skillful and fast learning female workers for lamination and filing processes. Moreover, the transportation is more developed and efficient in Saltillo, like it is closer to the international airport with more and higher capacity operated airlines, along with well urban connected highways and railroads, and more importantly it offers 100+ tons/day cargo service, which Ciudad Acuna does not.With this feature, trading and other transactions can undergo smoothly, frequently, and effortlessly. To add on, there are more industrial parks that give the company a larger degree to compare various service providers and pick the best fit one. Even though the labor and water costs are more expensive in Saltillo and the average round trip from Saltillo to the US border costs $850 more than that from Ciudad Acuna, Saltillo is still more attractive to a manufacturing business.It is because it contains more conditioning beneficial infrastructural features, which I bel ieve can help achieving the goal of profit maximization, and with that being said, the benefits will overshadow the higher cost rates after all. To conclude, the decision of Huxley on moving the production line across the border to Mexico can enhance its profit earning and Mexico’s economy and bring opportunities to local people, as well as the relationship between the two countries. A successful internationalization can lead to positive ripple effect worldwide.

What a Certain Visionary Once Said by Tomson Hemingway

What a Certain Visionary Once Said by Tomson Hemingway Introduction The essay, What a Certain Visionary Once Said, by Tomson Hemingway is an attempt by the author to relay his feelings over what he perceives as a loss of connection to the natural world by present day society due to its constant quest for modernization. He does this by relaying visions of flat prairies, unspoiled forests, vast untouched landscapes and a certain wildness to the surrounding areas that Hemingway indicates is a scene few people appreciate today. Advertising We will write a custom article sample on What a Certain Visionary Once Said by Tomson Hemingway specifically for you for only $16.05 $11/page Learn More This is in contrast to the brick, mortar and asphalt scenery people are used to that has become synonymous with a modern day existence. In fact it can be seen in the essay that Hemingway indirectly criticizes the modern day lifestyle of mankind by indicating that the waters far from civilization are purer and cleaner and thus safe to drink without any worries. What must be understood is that most rivers that go through various cities and population centers in the world today such as the Yangtze River in China, the Ganges in India, and the Pasig River in the Philippines are polluted and unsafe for human consumption. This is a direct result of modern day industrialization and as such most people today are rather reluctant to drink from water sources that are not from a bottle or untreated from a faucet. Contrasting Nature and Modern Lifestyles Hemingway indicates that in places far from todays population centers there is a certain beauty and purity to the area where a person can sit back, relax and absorb the sounds and sights of nature. This view is in direct contrast to the rapid and fast paced lifestyles most people experience wherein speed and efficiency take precedent over slow meaningful appreciation. From start to finish the essay is a way in which a person can contrast their modern day lifestyle with the visions of pure wilderness that Hemingway is attempting to relay. In fact it can even be assumed that what Hemingway is attempting to accomplish in this essay is that he wants people to question whether the modern lifestyles they are enjoying at the present is truly worth what they lost in terms of their connection to nature and an appreciation for its unique wonders. Towards the end of the essay the author mentions that not only does the Earth have an emotional, psychological and spiritual life but it is not really ours in the first place. One interpretation of this is the belief of the author that the entire planet is a living, breathing entity that is not ours to bend to our will but rather for us to appreciate, examine and enjoy the natural wonders it has. Conclusion In conclusion it can be said that the entire essay is a form of critique against modern day lifestyles where the author uses examples drawn from nature in order to show the difference between what was lost and what was gained. Overall the essay was a fantastic piece of literary work and speaks volumes of how as a species we have lost our connection to nature and that in itself is a great tragedy.Advertising Looking for article on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More

Ginzburg Essays - Art History, Painting, Style, Gottfried Semper

Ginzburg Essays - Art History, Painting, Style, Gottfried Semper Ginzburg Proceeding from the following quote, briefly explain Ginzburgs historical model of stylistic change, referring back to Volliet-le-Duc and Gottfried Semper wherever appropriate. A Flower grows in the field because it cannot help but to grow: thus it cannot contemplate whether or not it is appropriate to the field that existed before it. On the contrary, by its very appearance, the flower transforms the general image of the field Ginzburg talks about the formal development of styles and how the modern architecture is grown from the past but isnt necessarily based on the past. These ideas are very much shared by Semper. This growth is singular and linear, based on a preceding proposition, each out growing the latter, but not continuing the old. a person making use of the achievements in electricity cannot, under any circumstances, be forced to revert to steam power. Gottfried Semper explains this form of thinking very well in that, we learn from the past, we cannot copy it, as this is a waste but rather we cannot turn our backs on this existing knowledge, and previous epochs. The development and changing of styles is a meshed concept. There is no end or beginning of styles. Ginzburg explains the life of a particular style as a growing organism in that it is born, lives out its youth, matures and lives out its old age, but never dies, but rather atrophies. This is why the actual timing of a style is impossible to track, for there is no death of a style, the life of the style atrophies. Styles cannot be erased because they are not physical elements to knocked down and demolished. So when an epoch forms, there is a trace of the old style, a marking, like a child would have of his parents. Each style has a genetic imprint of its parent, history. A flower grows in the field because it cannot help but to grow A flower germinates in the grown and is thus, it is born. This organism grows in its field, no choices, no alternatives, but it still grows. This flower could wither and die, for what difference would it make? But does it know that its individual expression of color and aroma could be the single characteristic that beautifies its surroundings. A style that in its own being, transforms a hideous field into a breathtaking space. This theory of style stands true to the linear growth of architecture. Style will continue to grow and thrive, without its own predetermined plan. Each bit of architecture is born, and lives through maturity. This excerpt is taken from the given quote above. It assesses the revolution Ginzburg prescribing for Russia. Ginzburg talks about how the architects in Russia, like the flower, doesnt have the choice of banishing the historical development of architecture. But that their styles can transform t his field into a flowering spectacle.

Probability Theory in Decision Making Essay Example | Topics and Well Written Essays - 500 words

Probability Theory in Decision Making - Essay Example Firstly, it must be understood that the sale of juice by coffeeTime is a move to just boost the revenues of the company in the ongoing food festival. The second row (A2) of the table just goes to show that. The nil entries in all the 3 rows signify that any decision of the company against selling fruit juice will have no impact on the sales of coffee, which of primary interest to the company rather than selling fruit juice. There is also an interesting observation from the first row (A1). This row depicts that the sales for fruit juice are expected to register figures of a mere Rs.2000-3000 in the case of the mid-high range respectively. But, if the company suffers a low turnout, then the expected loss ifs around Rs.6000. This is much more than the sales for the highest possible sales turnover as has been previously mentioned. All this goes to show that the company is less likely to benefit in any major way and more likely to incur a loss in the eventuality of selling fruit juice. Th us, it is advisable not to proceed with the proposed plan of selling fruit juice at the south-Asian food festival. b. Firstly, the company can use the Bayesian logic for making any analysis only from data collected from other countries where it has its operations currently.

Employee Monitoring Essay Example | Topics and Well Written Essays - 2500 words

Employee Monitoring - Essay Example 1). What U.S. employers can do, and what they should do to maintain a productive workplace, may be two different things. The short-term gains of increased security and perceived productivity can lead to long-term losses in employee morale and greater health care costs from stress and injury -- concerns that also have costs associated with them. This paper will examine the issues of employee monitoring, particularly regarding computer and Internet behaviors, to see whether these policies are good for business. Developments in legal thought and workplace application will be tracked from two early and often-cited cases, Shoars v. Epson No. SWC 112749 (Cal. Super. Ct. 1990) and Smyth v. Pillsbury Co., through a recent case that would seemingly demand an employer's duty to monitor in Doe v. XYC Corp NJ. Super., A-2909-04T2. outside the workplace" (Kizza & Ssanyu, in Weckert, 2). As workplace computer and Internet use increase, so does monitoring of those activities. Correspondingly, more software is now available and affordable for employers to monitor everything from e-mail use to downloading activity to keystrokes per hour, which the authors say has made the monitoring behaviors more evasive and intrusive. Sales of e-mail monitoring software alone have jumped from $139 million in 2001 to an estimated $662 million this year, according to International Data Corp. (Wakefield, para. 1). Historically, emplo Historically, employee monitoring evolved from production line supervisors standing over and watching line workers to ensure they remained on task and tally sheets to record work output. In its early days, Ford Motor Co. would send investigators to inspect employees' homes and finances to determine if they were worthy of the company's profit sharing options (Lewis 21). Employers have long been concerned about employees' non-work-related telephone usage, both in terms of time and long distance costs. Video surveillance in work areas has long been a matter of fact, to protect both employer and employee interests. Drug testing became an issue first for public transportation employees in the 1980s and now many companies require pre-employment screening. Credit, criminal record and other background checks and psychological testing are also common, especially during the interview and hiring stages. Author Frederick S. Lane III, in his book The Naked Employee: How Technology is Compromising Workplace Privacy, explains that businesses are knowingly taking a risk when they implement monitoring policies. They are balancing the cost in time and dollars of surveillance and in lowered morale against the potential returns. "The bet is that the investment in increased surveillance will pay off by reducing employee theft and sabotage, increasing productivity, preventing lawsuits, avoiding violent incidents in the workplace, and preventing terrorist attacks" (11). Early computers were hardly worth worrying about, Lane notes. But the advent of Windows technology and the Internet give plenty of diversions, from solitaire games to shopping. Necessary Evil Employers have legitimate concerns for monitoring employees behavior beyond productivity measures. Security issues range from protecting trade secrets to safeguarding confidential customer data. Excessive use, particularly in downloading