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Banking: E-banking And Its Growth In UK Add in library

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Question:

Describe about E-banking and its Growth?
 
 

Answer:

E-banking and its growth:

The growth of the e-banking in the UK has been increased to a great extent .there was a significant growth in adults for the use of e-banking on the sale and purchase of the goods online.  As per the record of data which says that 12% of the cities are using the sites of online selling and purchasing, the sites are e-bay, Amazon etc. in the year 2013 these amount of percentage was been increased to 28% i.e. double the rate of the 2007. Mostly the youngsters are using such sites for trading.

The use of internet has been increased very much as it was convenient and easy to use the e-banking services. The internet used in 2013 by the people is show below in table.

Internet activities and use of e-banking in 2013

 

 

 

 

 

 

 

%

 

Reading or downloading online news, newspapers or magazines

Social networking, e.g. Face book or Twitter

Using services related to travel or travel accommodation

Internet banking

Seeking health related information

Selling goods or services over the Internet

 

 

 

 

 

 

 

16-24

69

93

46

55

46

33

25-34

72

84

65

76

59

45

35-44

66

66

58

62

56

34

45-54

57

50

56

50

41

31

55-64

49

29

51

43

41

19

65+

23

11

29

23

21

10

Base: Adults (aged 16+) in Great Britain

 

 

 

Source: Office for National Statistics

 

E- Banking impact on the security issues:

When the customer wants to use the service of banks online they must have to use them by using the personal computer or by using a small device as mobile having an internet connection in it. The pc of the customer will turned into a virtual banker who provides them assistance in their banking errands. The service of the e-banking that customer can be received from the internets i.e. online are been shown below:

  • providing data of the account and loan amount of the customer;
  • providing the service of inter-transfer of money from their accounts and also to transfer to other persons account;
  • Payment of any bills of the client;
  • Buying and selling of the goods or the stock or the depot of such; stocks and bonds by depot,
  • Buying and selling fund shares39

These services that are offered by e-banking are changing and being improved because of the intense competition between the banks online. Banking industry must adapt to the electronics age, which in its turn is changing all the time. EFT transactions require authorisation and a method to authenticate the card and the card holder.

One of the most important issues of concern is the impact of e-banking on services provided to the customer:

  • E-banking carried out by the customer from the computer is cheaper in nature.
  • E-banks are easy to set up so lots of new entrants will arrive.
  • E-banking will lead to an erosion of the ‘endowment effect’ currently enjoyed by the major UK banks.

EFT transactions require authorisation and a method to authenticate the card and the card holder.

 

Structure changes by use of e-banking:

By the introduction of the internet and starting the use of internet banking the structure of the use of the bank has been changes as now use of physical bank is required in case of internet banking. The banks and its branches are slowly closing as the internet banking has taken the place of them. The internet banking does not require any space or staff to work it can be handled at any place only when internet connection is available. The structure of the industry has changed greatly since the introduction of the internet. The e-banking has not only changed the services which are provided by the normal or traditional bank but they have also changed the bank and customer relationship to a great extent within the banking industry.  (This is also mentioned in the Porter's Five Forces Model article posted above).  By the use of the internet, banking can be used in wide way and it can also be used anywhere any time as now a day 24 hrs services are also been provided by the e-banking. As e-banking are very much useful and convenient to the customer. The internet banking save the time Because of the internet, banking has become more widely available and much more convenient to its customers.  Along with its convenience it is much less costly. Because of the reduction in cost rather than just large banking companies being able to profit, the internet allows smaller companies to come into the picture as well.  Because they are offering the same service, overall the introduction of the internet has allowed and caused much more competition within the industry.

 

Financial viability and service provided by banks in UK:

The three top most banks in UK are HSBC, Standard Chartered, and Royal bank of Scotland. The HSBC bank are providing the service of the trade of the stock and commodities and also providing the loan services to their customer. The standard chartered bank provides the services of the personal banking; professional banking services to their customer and also provides the loan services and the mortgage services. The royal bank of Scotland provides the services of the insurance holding company and British banking. The Group had a market capitalisation of approximately £20.4 billion as of 4 March 2014, making it the 26th largest company on the London Stock Exchange. In addition to its primary share listing on the LSE, the company is also listed on the New York Stock Exchange. Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £33 billion as of 23 December 2011, the 13th-largest of any company with a primary listing on the London Stock Exchange. HSBC has market capitalisation of 102.7 billion euro which was second largest company on the London stock exchange.

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