Privacy Protection Features Of Top Banks In Singapore And Comparison Of First Mover And Market Follower Strategies

Privacyand Information Rights

InformationCollected at E-commerce Sites

Profilingand Behavioural Targeting

TheInternet and Government Invasions of Privacy

E-commerceSurveillance

LegalProtections

PrivateIndustry Self-Regulation

PrivacyAdvocacy Groups

Technological Solutions

Privacy and Information Rights

The privacy of the data is very important for the implementation of appropriate business operations in the organization (Al-Sharafi et al. 2016). The data protection is being developed for implementing the effective control of the functions of the organization and it would also help in forming the effective control of data and information that are sensitive in nature. The privacy protection had been implied by various organizations for keeping their data and information secured from external influence or infiltration (Zkik, Tebaa and El Hajji 2016). The privacy protection is being developed by many banks and in the following report, four of the banks of Singapore would be analysed for their privacy protection features.

Table 1: Privacy protection features of DBS, UOB, OCBC, and Standard Chartered

According to Al-Sharafi et al. (2016), the data privacy had been renewed and changed with the development of the technology and processes. The deployment of the improved technologies had been helpful for forming the deployment of the improved technologies.  Some websites have kept the records including some personal details of the client such as identity proof, address proof, and contact information. However, they have stern policy of using the data and information for the business purpose only and not for any personal gain. The data provided by the customers are kept secured from any misuse or infiltration. On the contrary some websites have deployed the use of the network security features for keeping the data and information secured and private.

Table 2: Ratings for DBS, UOB, OCBC, and Standard Chartered

It can be concluded from the report that the protection of the information is vital for the execution of suitable business operations in the association. The information security had been created for executing the successful control of the elements of the association and it would likewise help in shaping the viable control of information and data that are touchy in nature.

The introduction to the business organization market has been crudely divided into two prospects namely first mover and market follower. The first mover is a primitive process used for developing the effective operation system in the organization (Hsiao et al. 2017). The organizations that have started their own trend or product development are classified in the first mover. The market follower is the concept of using the existing business process for developing their own business process (Asimakopoulou, Dimeas and Hatziargyriou 2013). The market follower is also termed as fast follower. These two strategies of implementing the business process are very helpful and they are used throughout the globe.

DBS Bank Singapore

The first mover had been defined as a primitive procedure utilized for building up the compelling operation framework in the association (Karkatsoulis et al. 2016). The associations that have begun their own particular pattern or item advancement are grouped in the primary mover. For example the McDonnell Douglas DC-10 was of inferior infrastructure than the Lockheed’s L-1011 TriStar airliners. However, being the first mover McDonnell Douglas DC-10 had enjoyed the benefit of market capture before the advent of the Lockheed’s L-1011 TriStar airliners.

The market follower had been defined as an idea of utilizing the current business prepare for building up their own particular business handle (Belgana, Rimal and Maier 2015). There are many examples of the companies using market following technique for developing better processes in their organization. For example Woolworths Australia used to follow the traditional brick and mortar method for their sales process. However, with the advent of technological advancement, they have employed online ecommerce system.

The first mover had been defined as a primitive procedure utilized for building up the compelling operation framework in the association (Vecchiato 2015). The associations that have begun their own particular pattern or item advancement are grouped in the primary mover. Being the first mover, the companies had enjoyed the benefit of market capture before the advent of their rival competitors. The market follower had been defined as an idea of utilizing the current business prepare for building up their own particular business handle. However, with the advent of technological advancement, they have employed online ecommerce system. They are termed as market follower or fast follower (Pleshko, Peev and Heiens 2013). The market follower had deployed the use of technology, experiences of the existing organizations and other prospects for developing their ideas.

Amazon is the most prominently used online ecommerce company that had been developed widely for forming the support to the improvement of the organization. The website had been using prime membership scheme and videos as the first movers of the market. However, the seasonal offers various discount options and schemes as the market follower.

MacDonald’s is another important and very useful ecommerce website. The organizations have been deployed for forming the effective communication system in the organization. The website had brought about its own variety of burgers as the first movers in the market. However, the online application had been developed with the concept of the market trends.

Conclusion

The report had evaluated the concept of the first mover and market follower to compare them by taking the real examples. The first mover had been defined as a primitive procedure utilized for building up the compelling operation framework in the association. The associations that have begun their own particular pattern or item advancement are grouped in the primary mover. The market follower had been defined as an idea of utilizing the current business prepare for building up their own particular business handle.

References

Al-Sharafi, M., Arshah, R., Abu-Shanab, E., Fakhreldin, M. and Elayah, N., 2016. The Effect Of Security And Privacy Perceptions On Customers’ Trust To Accept Internet Banking Services: An Extension Of TAM. COMSCET 2016, pp.1-9.

Asimakopoulou, G.E., Dimeas, A.L. and Hatziargyriou, N.D., 2013. Leader-follower strategies for energy management of multi-microgrids. IEEE Transactions on Smart Grid, 4(4), pp.1909-1916.

Belgana, A., Rimal, B.P. and Maier, M., 2015. Open energy market strategies in microgrids: a Stackelberg game approach based on a hybrid multiobjective evolutionary algorithm. IEEE Transactions on Smart Grid, 6(3), pp.1243-1252.

Dbs.com. (2017). DBS Bank Privacy Policy | DBS Group. [online] Available at: https://www.dbs.com/privacy/default.page [Accessed 29 Jun. 2017]. 

Hsiao, Y.C., Chen, C.J., Guo, R.S. and Hu, K.K., 2017. First?mover strategy, resource capacity alignment, and new product performance: a framework for mediation and moderation effects. R&D Management, 47(1), pp.75-87.

Karkatsoulis, P., Capros, P., Fragkos, P., Paroussos, L. and Tsani, S., 2016. First?mover advantages of the European Union's climate change mitigation strategy. International Journal of Energy Research, 40(6), pp.814-830.

Ocbc.com. (2017). OCBC Bank Policies | OCBC Bank. [online] Available at: https://www.ocbc.com/personal-banking/policies.html [Accessed 29 Jun. 2017].

Pleshko, L., Peev, P. and Heiens, R., 2013. The relationship between market follower status and the overall passivity of a firm's strategic profile: does fit relate to profitability?. Journal of Services Research, 13(2), p.145.

Sc.com. (2017). Privacy Statement – Standard Chartered Singapore. [online] Available at: https://www.sc.com/sg/privacy/ [Accessed 29 Jun. 2017].

Uobgroup.com. (2017). UOB : Privacy & Security. [online] Available at: https://www.uobgroup.com/privacy/index.html [Accessed 29 Jun. 2017].

Vecchiato, R., 2015. Creating value through foresight: First mover advantages and strategic agility. Technological Forecasting and Social Change, 101, pp.25-36.

Zkik, K., Tebaa, M. and El Hajji, S., 2016. A new secure framework in mcc using homomorphic signature: application in banking data. In Transactions on Engineering Technologies (pp. 413-427). Springer Singapore.