Internet Banking - Essay Sample

Introduction

All transactions done concerning money should always be put in many considerations to avoid maximum risks from occurring The main objectives of this research is to make investigations on the mode of approaches by bank Muscat customers to appraise their suggestions and complaints on the use of social media( Sharma, and Al-Muharrami, 2018, p.75-86). However, take it plays a very important role in making an analysis of customer information in social media by the bank Muscat. However, there have to be investigations on the problems that were faced by the Bank Muscat customers while in need of approaching banks using social media means.

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Internet banking is one of the transactions that usually takes place in most cases where people working from different parts of Bank Muscat state tend to save their money in banks. However, since accessibilities of such Bank Muscat was very difficult, they used usually to apply the means of using internets in making any savings (Belwal, and Al Maqbali, 2019, p.150-167). The main aim of making investigations on this project is to ensure that all risks that are experienced in Bank Muscat are looked at. The main objectives of the project are to ensure that all internet banking transactions in Bank Muscat have highly protected from an unauthorized person's accessibilities.

Strong securities should always be applied to avoid losses on the money amounts saved by those specified individuals. Through strong securities on transactions, the outcomes will be high saving rates and also reduced poverty cases in families performing this act of internet banking (Mohammed, and Uddin, 2017). Recoveries supposed to be done during all the transactions are online banking passwords that are usually used during money savings and also money renderings to specified persons.

Internet banking is of most importance since one does not need to keep on traveling with lump sum amounts of on his pockets thus robbery issues are minimized in Bank Muscat. Password recoveries have very meaningful advantages since accessibilities of one's account is highly protected. Making recoveries on the passwords will act as a guide pillar since secrecy is usually portrayed. Having one password all through can easily result in hacking as a bit of advice to customers operating under Bank Muscat, which at later times leads to maximum loss. More so, not only individuals take part in the e-banking activities but also Sacco's, companies and partnership agencies.

Internet Banking Teams and Their Roles

Internet banking teams, plays a very important role in ensuring that process of internet banking is easily done and furthermore, it ensures that customers 'transactions are no longer altered nor interfered with (Alshubiri, 2015,p.95). The management according to ranks from the highest level to the lowest level, usually ensures that the flow of money from individualists to specific banks are effectively and efficiently done. Investments by customers on Bank Muscat are usually advantageous pillars of economic growth of a given state hence productivity should always be high and risks should always be low. Where risks seem to be high, the management is always responsible for knowing the contributors to such.

It is always necessary for the management to put their focus on the risk and ensure that they keenly find the equilibriums between the risks and the returns in applicable light of resources available equations (Muralidharan, K. and Gupta, D.N., 2016, p.55-65). E-banking managers should always know and identify any relationship present between money requesters and providers.

Deposits by customers are usually saved which helps in profit margin retention through deposit re-lending which later provides states' economic growth. However, best financial positions always reflect perfect profitability that is owned by a bank and hence safe investments should always be considered (Hanafizadeh, and Zare Ravasan, 2017, p.67-89). The task of managers also applies here to avoid misappropriation of funds during transaction activities by the customers in Bank Muscat areas. Different roles are usually used in e-banking activities for example technology plays a very big part in the efficient running of an e-banking activity.

Technology has resulted to change in accounting and also the management systems of banks thus easing internet banking activities. Trends in technology have eased reaching a high end that is customers in Bank Muscat are able to apply social media in banking, through use of Graphical User Interface where bank users apply its software in knowing and understanding their bank details( Nagdev, and Rajesh, 2018,p.42-56). However, e-banking also uses Electronic Data Interchanges to enhance effective communications between banks and the clients involved. The information is delivered to customers through computer-readable forms to enhance easy follow up of transactions taking place.

The Key Deliverables by Customers in E-Banking

For higher productivity, there should always be vital implementations of some sigma in technologies and banks too. They include; quality, administrative systems and also services sectors in all e-banking phases. They help in understanding the techniques and tools to apply in the management of technical know-how and also the stakeholder participation. E-banking management has the systems and cultures for making identifications and also definition compliances of certain risks hence minimal conflicts among the customers and the bank money providers.

Quality of money to be transferred from one customer to another must always be noted for the purpose of knowing paths that may be used by hackers to access some amounts of money without individuals' authority. Work packages for internet banking accesses are only through the use of e-governing of all transactions conducted. However, strong passwords use by the customers to secure their money is also another way of making e-banking activity most appropriate.

E-Banking Time Management

Digital transformations have been the latest means trending in organizational changes and perform the task of integrated information and technology resulting in innovation and efficiency in business operations. Proper alignment of information in an organization, ensures that there is effective and efficient cooperation among customers and the bank money providers. E-banking takes the form of applied integrated information technology in ensuring that the flow of information, transactions, and security purposes are properly done. Time as a factor is always put into considerations to make sure that there are no problems or disagreements that may be experienced between targeted customers and bank operators. This always results in the necessity of integrating change and project management practices thus ensuring the development of holistic approaches.

Time usually have many advantages, they include; there is the ability to bank at one's convenience and also banking is usually worldly done by a high number of individuals. However, the expenses of one traveling from one state to another are saved plus no time wastage. Time usually enhances the easy portability and availability of money between the clients and the bank money providers. The use of e-banking provides appropriate and adequate time to have accesses of online programs thus new ideas and information gains from customers that will help them at a future time.

A Grand Chart of E-Banking Time Management

Cost of E-Banking

Government regulatory standards have increasingly demanded global and domestic compliances. This has resulted in increased tax rates on the companies and individuals performing e-banking activities since charges are highly increased. Legislations have also enacted some strict laws and regulations that are highly and increasingly applied through the use of e-banking activity. However extraterritorial bribery intakes have also led to high costs of e-banking charges during the transactions. States' and individuals earn revenue through a depiction of some charges charged during transaction processes (Mousavian, and Ghasbeh, 2017). Massive alterations of e-banking activities are usually caused by different shifts of customers and this can easily lead to low outputs in the banking areas and more so it can result in high profits on the legislative bodies.

Technology, however, contributes to an increased number of criminal activities like hacking which at times results in reduced e-banking activities due to low amounts of transacting money. Hacking at later time results in a condition of financial decreases between bank amounts providers and also customers involved in the activity of internet banking.

Internet banking even though it is somehow beneficial to some individuals and banks, it at times result in low revenues and higher expenditure, since the conversion of currency has to take place. During conversations, some charges have to be deducted and this is a form of expense to any legislating body. Savings through e-banking activity provides a very advantageous gap to both the bank and the State involved at large. Customers had to learn on the tactics of identifying different gaps that result in profit-making and discourages losses in any organization or any activity planned to be conducted.

Quality Plan of E-Banking Activity

The quality of a given activity is usually determined by the deliverables present in the activity conducted. However, for a particular activity to prosper all considerations on the deliverables should always be looked at. Many e-banking sub-branches tends to work closely with their organizing main branch to ensure that the flow of information and transactions are easily and effectively done ( Paltayian, Georgiou, Gotzamani, and Andronikidis, 2017,p.273). To provide a better foundation in the internet banking sectors, definition of all deliverables should always be defined. An organization can only prosper if its foundation is well planned. Each person involved in the sector should always know his/her responsibility in that specific organization (Goyal, Chawla, and Bhatia, 2016, p.133). He/she should always perform assigned tasks with reference to the organizations' set rules and regulations. In administrative sectors as one of the deliverable phase, members should always be disciplined to ensure that customers are always satisfied with the services rendered to them.

They have to identify different sources of ensuring that an organization is easily making maximum profits and minimum losses. Information gathering concerning the management and product increases should always be done by the seniors and his juniors too. Working hand in hand with each other and the cooperation of customers will benefit the organization, individuals and the states' economic development at large. Through this self-acceptance of given individuals in an organization should always be the driving force towards organizations' success.

Registration of E-Banking Activity

The organization running the internet banking activities has provided various sites that one can access to be a member. Each and every individual has the right to be one of the members and more so registration documents should always be available. Legislation should always enact specified laws and procedures for efficient and effective running (Ngo, V.M. and Pavelkova, D., 2017, p.9-33). All businesses that are undertaking each and every organization should always have legal documents to apply. Internet banking activity always needs very secure pillars amongst themselves since maximum amounts of fistfuls of cash are dealt with. Security on individuals account is only the best measure to apply in order to protect any amount of money present in the bank...