Disadvantages Of Electronic Banking

1600 Words7 Pages
THE EFFECT OF ELECTRONIC BANKING SERVICES ON CUSTOMER LOYALTY, A CASE OF NATIONAL BANK OF MALAWI. Chapter 1 1.0. Introduction The banking industry is revolutionalising rapidly. The Information Communication Technology (ICT) is turning into the most significant factor in the future development of banking, influencing bank’ marketing and business strategies. The adoption of Electronic banking began as reliable channel of distribution for financial services following the rapid advancement in Information Technology and competitive banking markets. It is understood that that the forces behind the rapid changes of banks are largely changes in the economic environment, innovation in information technology, innovation in financial products and services, ever changing nature of customer’s demand, liberalised and consolidated financial markets and deregulation of financial inter-mediation. Due to unforeseen developments and changes in the economic environment, banks need to be innovative and invest in research and development so as to come up with better and flexible strategies to remain focused and competitive on the global markets. Banks have been in the forefront of using technology to improve its products and services. It is important for banks to offer services electronically to differentiate themselves from competitors. Banks offer a wide range of these services that can used by electronic platforms such as ATM, Mobile banking, Internet Banking, Point of Sale ( POS) and Cards.
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