The Changing Banking Industry In The Twentieth Century

3392 words - 14 pages

Over the past ten years, the financial industry has undergone a major facelift. Financial institutions offer many new services that were not offered years ago. Modern day technology now allows financial institutions to serve customers through the Internet. This technology has greatly changed the financial industry. Both financial institutions and customers have benefited from the changing industry. These changes help customers save time and help financial institutions retain customers. In today's society of technology and convenience, banks are more than just depositories. Financial institutions are changing to keep up with modern day technology. Overall, customers still want that familiar face and someone they feel they can trust. The following paper will inform readers about the new products that financial institutions offer including Internet Banking.Internet BankingThe Internet is the fastest growing tool for communication today. Everything can be done through the Internet. Many banks now combine the technology and personal customer service in the banking environment through Internet Banking. Rachel Hernandez, Vice President and Director of Internet Banking at First Victoria National Bank, realizes the importance of Internet Banking (personal communication, November 2, 2005). She emphasizes that Internet Banking allows one to transfer funds and make loan payments between accounts, view real-time transaction history on accounts, pay bills through bill payment services, and access accounts. All these processes are done securely and safely through the Internet, without the need for additional software. Hernandez also points out that with Internet Banking, customers may access their accounts any time, day or night, seven days a week. To ensure safety and security, Hernandez adds, personal identification numbers and passwords are issued and confirmation numbers are given upon completion of transactions. Financial institutions take every precautionary measure to prevent problems from occurring and help Internet banking become a better tool.Many questions arise with the topic of Internet Banking. With many customers now using Internet Banking, financial institutions must view communication through the Internet as very important. Studies show that most banks do not respond well to problems concerning Internet Banking. Customers believe that 34% of financial institutions respond to inquiries more than 21 hours after the initial response. They also believe that only 27% of financial institutions respond in less than seven hours, while 30% never respond at all to inquiries. Bankers tend to disagree with these surveys. Forty-seven percent of financial institutions claim to respond to inquiries within seven hours and none claim to fail completely at responding (West, 2005). To be successful at the fairly new service, financial institutions need to be better than average. Speed and relevance of the response are two main criteria in measuring performance in...

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