According to Furst et al. (2000) some of the reason for the increase in this aspect of banking are the notion that electronic banking and payments will grow rapidly, more or less in tandem with proliferating electronic commerce; industry projections that Internet banking will cut banks’ costs, increase banks’ revenue growth, and make banking more convenient for customers; and some vexing public policy issues. Chaven (2013) adds that internet offers customers faster access, more convenient and around the clock access to banking irrespective of the customer’s location and time. Salawu et al. (2007) adds that internet offers faster delivery of information from the customer and service provider, this adding to the importance of internet banking.
In the macroenvironmental environment Google faces opportunities and threats. In the political environment a big opportunity is globalization. Because of globalization there is a higher demand for online advertising. There is rapid growth in developing countries. When these countries are developing they will have more to spend, this is an opportunity for Google, they can use this for global expansion.
Consumer Buying Process In any business, traditional or online, the trading situation is important for planning business and marketing and business objectives. Due to drastic changes in technology, the attitude of consumers towards the Internet has changed drastically too. In an online marketplace, the number of people buying comfortably is increasing (Palmer, 2007). Digital technologies have been enabling consumers to be more informed when making purchasing decisions (Chaffey & Ellis-Chadwick, 2012). According to (Doherty & Ellis-Chadwick, 2010), as the consumers get more informed, the more they become demanding.
Today the Internet is the best way, was a supply channel and distribution complete and walking in consumer-oriented in the forefront of this development is the electronic applications of financial products and services. Due to the rapid spread of cyber EFT is an alternative channel for the provision of banking services and products. In Sri Lanka, the banks are now online services and ETF as head of the Bank of Ceylon, Sampath Bank Commercial Bank of Sri Lanka, are beginning to appear. Electronics is now considered a strategic weapon and will revolutionize the way banks operate, deliver and compete with each other, especially when the competitive advantages of traditional branch networks is rapidly eroding (Nehmzow, 1997; Seitz,
Increasing level of dependencies between local and global business processes, development of new technologies, higher competition between markets caused entrepreneurs of sales and delivery companies to look for new ways of decreasing costs and maximizing profits. The rapid evolution and adoption of the Internet as a logistic tool have introduced the idea of “Electronic Commerce” to market transactions. Changes like shorter time of order’s realization, global delivery, and new methods of payment possibilities happen with development of client needs and expectations. The Internet already has a great impact on how firms make business and logistical decisions. Nowadays everyone is in possession of electronic device by which is able to connect to
We are living in the rapidly developing world of new technologies where every day new efficient solutions incorporated. Few years ago it could seem fantastic that amount of internet based transactions would reach such a high level among customers all over the world. Moreover, the electronic commerce itself has become more than just a process of exchange, but a complicated online process, which include such actions as marketing, servicing, and management of workflow and personal information of the customers. It is important to note that e-commerce systems are strongly dependent on resources of internet and other information technologies. The introduction of e-commerce has diminished the effect of geographical barriers.
The McKinsey report “Global Flows in a Digital Age” states that there are two major forces accelerating the growth and evolution of global flows - the increasing global prosperity and the growing pervasiveness of internet connectivity and the spread of digital technologies. The analysis showed that the developed economies currently are more connected than emerging markets, with the latter growing rapidly. Knowledge-intensive flows increasingly dominate global flows and to increase share in these flows, emerging economies are speeding up efforts to build skilled labor forces, develop innovative platforms and improve internet infrastructure. Rising incomes and the expansion of the middle classes in the emerging economies are creating new centers of consumer demand, global production, trading of commodities and cross border travels. Emerging economies are fast becoming significant consumer markets for global businesses and locations for manufacturing production, where production facilities closer to demand improves speed and reduce costs and wastes.
One of the reasons for this growth is related to the ever growing global need for an educated workforce combined with financial constraints of established educational systems. Distance education offers life-long learning potential to working adults and will play a significant part in educating societies around the world. Distance education will become of far greater importance in the United States in the years ahead because it is cost efficient and because it allows for independent learning by working adults. If society is to cope with this growing need for an educated workforce, distance education must continue to make its place in the educational community. Commercial companies are increasingly supporting the online infrastructure of universities, and universities are becoming more corporate.
Introduction While our world has always experienced change, the rate of change is speeding up (Becky, 2010). The rapid changes in the world today have had a tremendous impact on human behaviour, market trends and the economy. Under the general trend of increasing global economic integration, informationisation and networking, the rapid advances in science and technology have been the central driving force behind economic growth and development. It is important for every business to be able to identify its strengths and weaknesses and to overcome any shortcomings through reforms and innovations while also developing its own competitive advantages. Innovation is crucial to the electronics industry because if an electronics company can move to
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.