Essay about An overview of online banking in Russia

Submitted By KNikitina
Words: 839
Pages: 4
Open Document
An overview of online banking in Russia
The development of the financial services in Russia plays a crucial role in its economy. Nowadays in order to be successful and up-to-date, to be able to keep existing customers and attract new ones, banks use the Internet to achieve their goals. Constant new developments in technology force banks to be flexible and to respond immediately to the changing environment. Tough competition in the banking industry indicates that banks have to pay attention to every factor contributing to their success. According to Bamrara & Singh (2012), the key component of this is customer satisfaction. One way to keep customer satisfaction at high level is to secure customers’ data and protecting it from data thefts and other frauds. If the banks can guarantee the absence of security holes and therefore protect the customers’ data, how likely is the usage of online banking to increase? Apart from security, customers are prone to use the technology they trust (Montazemi & Saremi, 2013). This can be achieved by increasing the financial awareness of the society, and reducing technology and regulatory constraints. This paper attempts to identify the correlations between these three factors by generating a survey of the customers’ preferences and perceptions towards online banking.
As a global system, the Internet has a tremendous influence on economy, business and finance. The changes in these industries include, among others, the development of Internet banking. As a rule, western banks provide a wide range of different internet services for their customers, whereas in Russia the use of Internet technologies is not very sufficient.
From 1990s, more and more financial institutes use Internet for providing services. In 1995, western banks gave their customers an opportunity to maintain their account no matter where they were, the only condition being the access to the Internet. Such an activity was named Internet banking. However, this notion means much more than the ability to maintain a bank account and nowadays Internet or online banking is defined as the delivery of banking services through the open-access computer network (the Internet) directly to customers’ home or private address (Lau, 1997). Target audience of the internet banking are those individuals or entities who possess a computer, some knowledge in how to use is, internet access and a bank account. The most important elements that may diminish target audiences are underdeveloped information technologies (IT) in Russia; low usage of the internet; ageing of the population; people’s mentality in terms of suspicion towards new banking technologies. [5.1]
Internet banking is aimed at increasing the customer service quality and satisfaction, and has many benefits, for example, it is cost-saving, fast and accessible for the customers 24/7, so they are not limited by a bank’s opening hours (Jayawardhena & Foley, 2000). Besides that, Internet banking provides absolute self-service that may attract new customers who reside in different locations, which were not covered by bank branches before the adoption of Internet banking (White & Nteli, 2004). What is of equal importance, banks have an opportunity to upload all crucial information regarding changes or current news, all necessary for the customers. However, with the increasing use of the Internet people become more and more demanding and showing need for more convenient and easily navigable sites (Eriksson & Nilsson, 2007), therefore the banks have to keep their sites up-to-date. The evolution perspectives of any system are characterized by internal and external factors that
Show More

Related Documents: Essay about An overview of online banking in Russia

International Trade Essay

mind for a visual aid of our countries as well as other trade system. へようこそJapan へようこそJapan Japan is an island nation in East Asia. Japan lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia. Japan is a constitutional monarchy where the power of the Emperor is very limited. In 2009 the Democratic Party of Japan became the ruling party. Since the late 19th century the Japanese judicial system has been largely based on the civil law of…

Words 4163 - Pages 17

Lecture 1 Powerpoint Essay example

BFF 5230 Global Financial Markets Lecture 1: Introduction to international financial markets Do you have a disability, medical or mental health condition that impacts on your study? The Disability Liaison Unit (DLU) provides a range of services for registered students including: • • • • Notetakers and Auslan interpreters Readings in alternative formats Adaptive equipment and software Alternative arrangements for exams For further information and details about how to register: Email: dlu@monash…

Words 4161 - Pages 17

Reassessing The Impact Of Finance On Growth

publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Reassessing the impact of finance on growth Stephen G Cecchetti and Enisse Kharroubi* July 2012 Abstract This paper investigates how financial development affects aggregate productivity growth. Based on a sample of developed and emerging…

Words 8032 - Pages 33

Essay on Bric Analysis

Elliott Armijo Portland State University Sean W. Burges University of Ottawa By most objective metrics, Brazil is the least imposing of the ‘‘BRICs countries’’— less populous than China and India, slower-growing in recent years than China, India, or Russia, and the only member of the group lacking nuclear weapons. We argue that Brazil’s material capabilities are more significant than commonly supposed. Moreover, Brazil’s democratic transition in the mid-1980s, along with that of its neighbors, has for…

Words 11120 - Pages 45

Porsche Case Study Essay

| BMW Strategic Analysis | | | | Management 452.301 | Table of Contents Executive Summary 2 Introduction of Company and Current Situation 3 External Environment Analysis 4 General Environment 4 Industry Environment 6 Competitor Environment 7 Conclusion of External Environment Analysis 8 Internal Analysis 10 VRIN Analysis 10 Financial Analysis 12 Conclusion of Internal Analysis 15 Strategy 16 Identification of Key Problems 20 Recommendations and Implementations…

Words 6159 - Pages 25

A Global Market Report On Global M & An Activity

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER NOVEMBER 2014 INSIDE: GLOBAL OVERVIEW LATIN AMERICA NORTH AMERICA ASIA-PACIFIC EUROPE MIDDLE EAST & AFRICA ABOUT MERRILL CORPORATION & MERRILL DATASITE MERRILL CORPORATION CONTACTS Monthly M&A Insider | November GLOBAL OVERVIEW The value of global M&A deals through the end of October has surpassed aggregate 2013 numbers, further illustrating a trend that has been apparent all of 2014. Indeed, deal sizes have skyrocketed…

Words 7940 - Pages 32

Saurabh IMC Essay

outlets, customers loyalty, sales promotion and advertising. At the same time, it tried vertical and horizontal production strategies and strengthen its supplier base in South Asian markets. TARGET COUNTRY AND MARKET CHARACTERISTICS Pakistan: Overview and Key Findings Pakistan has grown rapidly after adopting liberalized reforms in early 90s when it embraced initiatives like attracting FDI, encouraging private sector, abolishing licensing and tariff policies and so on. These reforms resulted…

Words 4469 - Pages 18

Cosmetic Industry Analysis Essay

2009 global crisis had reduced foreign demand for Chinese exports for the first time in many years. [pic](Sources BRIC referred CIA World Factbook: http://www.theodora.com/wfbcurrent/brazil/brazil_economy.html, http://www.theodora.com/wfbcurrent/russia/russia_economy.htm, http://www.theodora.com/wfbcurrent/india/india_economy.html & http://www.theodora.com/wfbcurrent/china/china_economy.html) Figure 2: BRIC’s GDP Real Growth Rate As comparing between BRIC’s GDP real growth rate…

Words 28090 - Pages 113

Baskin Robbins Marketing Plan Outline Paper

Baskin Robbins Marketing Plan Final Outline Paper Lou Ann San Nicolas MKT 421 Marketing 1. Baskin Robbins Organizational Overview Baskin Robbins is a franchise based business operating in 35 countries for the last 65 years. The ice cream shops have more than 1,000 flavors since 1945. Baskin Robbins has more than 150 million consumers worldwide with 2,800 locations nationally and 5,800 stores globally. What began as a small business opportunity has grown into a solid…

Words 14987 - Pages 60

Essay on 32802493

For the exclusive use of S. SWAIN, 2015. 9-713-040 REV: SEPTEMBER 12, 2013 LAURA ALFARO HILARY WHITE Brazil’s Enigma: Sustaining Long-Term Growth Brazil prepares to take a new leap—to grow more and better. To make our model more robust and open in this new development cycle, we will incorporate a new word: competitiveness.1 —Dilma Rousseff On August 15, 2012, Dilma Rousseff, the president of Brazil, unveiled a new stimulus plan, aimed at injecting up to R$133 billion (US$66 billion) into the economy…

Words 14707 - Pages 59