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Driving Makes Of Ecommerce In Banking Sector Information Technology Essay

Ecommerce is the abbreviated form of the idea of Electronic Commerce. This concept was initially presented as another for onsite trading. Retailing and purchasing of goods was done using electronic digital systems like internet. Ecommerce ha spread globally with the progressively use of internet technology. Now the ecommerce in addition has multiply in other business conditions like tourism, bank, employment, real house and coaching. Ecommerce has turned into a more convenient program for exchanging goods and services. E commerce in addition has broadened the sense of global market as people can purchase and deal goods and services to or from a person seated overseas. Ecommerce has helped the consumers in lots of ways. E commerce provides an improved insight about the merchandise and services proposed by a company. All of the major retailers of the world have joined the business system of ecommerce due to increasing use of computer. In the original level of the ecommerce the startup companies captured the marketplace share of more developed conventional retailers only by using ecommerce system for offering there product. Now the ecommerce has increased the service of every sector which has implemented the idea in their system. Because of ecommerce travel and leisure sector has increased because now people don't need to go directly to the registration counter-top to get tickets for a few place they can reserve their seat tickets online using various ecommerce sites. Banking services have drastically improved following the ecommerce system. Customers don't need to stand in queue all night for a few small things such as checking balance, fund transfer etc. Ecommerce has also eased the responsibilities of HR professionals of companies as web sites of most companies will have a career section where in fact the aspirants can view the current openings in the business and make an application for the suitable job. HR professionals can view job application on the site and contact suited applicant for further chat. Many ecommerce sites provide facilities related to real estate business where people can get information about the several lands. Many sites like amazon, ebay, rediff have executed the ecommerce system in the field of teaching. Research materials, books, publications, magazines etc. are available online and people can purchase or subscribe them. Knowledge management system is another form of ecommerce which includes improved the data sharing system and has been good for the training system. (Notion: Ecommerce)

Banking & Ecommerce

E commerce in the banking sector is also known as internet banking as various responsibilities of banks is being done on internet. Banks have enabled electronic services to boost customer services and decrease the work fill of the employees. All of the normal daily standard bank jobs can now be achieved using the banks web portal. Pursuing banking service have been transferred to the ecommerce system of the bank:

Financial transactions are now being performed by using the banks online bank operating system or ecommerce system. These transactional services include demonstration and repayment of expenses, fun transfer in one accounts to other bank account, investment facilities, and request for lending options can be submitted on the ecommerce system of the bank. Customers can generate the regular financial statements of these bank account by availing the internet bank facility of the bank. Long queues at the money counter can be avoided by using the finance transfer service on the ecommerce system of finance institutions. ATM service is also a kind of ecommerce system to transact cash without standing in long queues at the money counter-top. Other non transactional services like getting loan company statements and verifying balance in the profile are also being performed on the ecommerce system of finance institutions. (Silvain de munck, 2001)

Driving makes of Ecommerce in Banking Sector

Following will be the three major pushes that support the utilization of ecommerce system in the bank sector:

Economic pushes: This is one the most crucial advantages of the ecommerce system in the banking sector. Ecommerce system are financial efficient as the price tag on communication is reduced, onetime investment in the infrastructure establishment will be cheaper than appointing extra personnel to wait more customers, digital transactions will be faster and much more financial and better customer services can be provided on relatively low cost. Ecommerce system of banking companies will also allow effective communication between all the branches and a centralized databases of customers and their information can be looked after by using ecommerce system in bankers.

Market causes: Internet banking facilities are proved to be an extra benefit for the marketing of banks. Internet bank provides better and improved customer services and support. Internet is he easiest way of marketing in todays global circumstance.

Technology makes: Progression in technology is another major push for utilizing ecommerce system in the bank sector. Within this competitive period every organization has to walk parallel with the latest tools and technology otherwise they'll loose competitive gain on the market. There has been much progress in the internet security which includes made the ecommerce a more reliable and secures way of banking. (Silvain de munck, 2001)

Conclusion

Ecommerce is the technical way of retailing and purchasing goods or services. Execution of ecommerce in each sector has upgraded the performance and efficiency of this sector. The bank sector has considered huge benefits from the ecommerce or internet bank operating system. Ecommerce has reduced the pressure of employees of lenders and increased the amount of customer services. The clients of banks are now happier and satisfied because they are also feeling relaxed with the advanced ecommerce system of banking institutions. Many economic, marketing and scientific forces have captivated the banking sector into the ecommerce system. The existing advanced technology has made the ecommerce system a more secure, reliable and easy system for day to day banking duties.

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