Competitive Advantage In The Banking Industry

Competitive Advantage In The Banking Industry Online banking is a self service technology that is used by customers of the bank to carry out in real time activities such as, payment of bills, check account balance and transfer funds. It is worthwhile to note that online banking can be used to reduce cost for banking institution. For instance Hernandez-Murillo et al (2010) suggest that the cost of a customer doing online banking transaction, in a brick and mortar bank in the United State is about one percent of the cost of the customer using the traditional banking method. Esser (1999) reported some of the advantages of online banking to the customers. The findings were: Customers can easily manage their accounts as they can access their accounts any time of the day. The customers do not also need to visit the bank premise to request for services such checking loan rates, view their transaction history etc. Customers can set up a standing order to pay bills and can also schedule new bills or stop payment of bills, when the need arise but this is subject to availability of the internet. Specialised services such as ordering for checks, changing user profile or address can all be done through the online banking. Messages are sent to customers via encrypted email. It should however be noted that the use of internet by bank is not seen just as an innovation and a convenient way for customers to use banking services, but also as a way to make more profit and to reduce operating cost for the bank (Arnaboldi and Claeys, n.d.). Internet banking services are expanding rapidly in the developed countries mainly due to the availability of computers and easy of access to the internet. Its adoption is developing countries was at a slower pace, until recently when banks in developing countries are offering internet banking against the limitation they face (Jenkins, 2007). Another noteworthy point is that online banking can also act as a disadvantage to banks, for instance a troubled bank that has low deposits and could not for borrow from the interbank, when the news of the banks distress leaked out, most the customers withdrew their deposits through the internet without facing the issue of queuing in the banking hall and opening time (Janson, 2009). This could not have been possible without the online banking facility. Customer satisfaction is affect by several factors that can hinder or improve the adoption of online banking by the customer. One of these important factors is personalisation, which demands politeness, courtesy, and friendliness from the employees of the bank toward the customer (Simmers et al, 2008). However, the self-service technology has made a remarkable change in the way the bank interacts with its customer (Simmers et al, 2008). Most of the researches on online banking explore the factors affecting the adoption by banks. The focus of their researches were on the usage of online banking by banks as a reaction to the adoption decisions of the industrys competitors (Hernandez-Murillo et al 2010). Hernandez-Murillo et al (2010) study the factors that determine the adoption of online banking by banks in United States during the period 2003-2006. The Multimarket Contact index was used by these researchers as a substitute of the strategic force required by banks to adopt online operations as a competitive reaction to the rivals actions. The authors results suggest that strategic consideration plays an important role in the adoption of online banking by geographically localised market. Tan and Teo (2000) base their study on studying the factors namely, attitudinal, social and behaviour control, that affect customersthe adoption of online banking in Singapore. The theories of planned behaviour and diffusion of innovations were used by the authors to evaluate their hypothesis. The authors argue that the consumers attitude, his subjective norms and his perceived behavioural control, all contributes towards his adoption of online banking. Amin (2009) examines the factors affecting the acceptance of online banking by people in Malaysia through the use of a technologically accepted model called a linear regression. He propose through the study that the qualities, perceived ease of use, perceived usefulness, perceived credibility and social norm were statistically important while perceived enjoyment was not important. Another factor affecting the adoption of online banking by customers is security of the account accessed through the internet. For customers to feel secure and make use of online banking, the bank must offer online security systems that protect customers assets and information (Smith, 2006). The research to examine the intensity of the impact of online banking on the financial performance of community banks carried out by Acharya et al (2008), both sampling and statistical procedures were used to build a broad online banking index. The basis of their study was on analytical frameworks which used both the structural equation modeling (second-order factor analysis) and multiple regression analysis. Internet banking seems to represent a possible means of allowing new entrants into the banking industry (Arnaboldi and Claeys, n.d.). Smith (2008) uses Porters five force model to analyse the competition within retail banking in an increasingly financially troubled environment. In his analysis where used data from 22 banks, Smith suggests that the barriers to entry identified may not prevent considerable number of entrants into the banking industry. He also observed that the true competition amongst banks may be found in the differentiation of their internet banking products. The paper is based on an exploratory research for a sample of nine banks from each country, a web survey is conducted to collect data for each internet bank using an analytical framework based on a three dimensional model. Both the advancement in technology and change in social trends, such as the increase in customers preference to perceived convenience, have caused a high reorganisation of the financial institution. Banks have to re-examine their marketing strategies and also prompt growth in the adoption of self-service technologies (SSTs) (Loonam and OLoughlin, 2008). Very little research has explored the role of SST in a high involvement service such as that of financial investments. Customer satisfaction with banking services was researched with respect to their interaction with human and technology. It was discovered through the use of multiple regression that consumers overall satisfaction is predicted to be influenced more by human rather than technological encounter (Haytko and Simmers, 2009). While consumers show they are displeased with failure in transaction that involve a bank employee, they tend to accept responsibility for any kind of failure they come across during or after the use of online banking and may continue its usage (Haytko and Simmers, 2009). It should however be note that the focus group used in the research by Haytko and Simmers were students who already has high affinity for the internet. Liao and Cheung (2008) employ the use of service quality (SERVQUAL), Technology Acceptance Model (TAM) and transaction cost analysis to measure customer behaviour to the use of online banking. In their empirical studies, six elements of SERVQUAL namely, usefulness (USE), ease of use (EOU), reliability (REL), security (SEC), responsiveness (RES) and continuous improvement (IMP) , were used to relate to consumer satisfaction in internet banking services (CSIBS). The study was Laukkanen et al (2008) provides more insight to barriers erected by bank customers to the adoption of online banking. The researchers split the non-adopters of online banking into three groups namely the postponers, opponents and rejectors. They suggest, through survey papers submitted by some customers of banks in Finland, that psychological barriers are higher determinant of resistance to adoption than ease of use and its value. Bauer and Hein (2006) carried out another research to gain more knowledge about the consumers point of view in the adoption of online banking. They use micro-economics theory of consumer utility maximisation to model how consumers make decisions on adopting online banking. Simmers et al (2008) relatively examine how the impact of the human services and those provided by technology affect the consumers satisfaction. The authors through two studies both use the six-item and five-point Likert scales conclude that human encounter was initially more important than technology encounter until the convenience of banking online prevailed. The first study was carried out through the survey of some undergraduate students, with most of those that responded between age 19 and 21 years. The second study was carried out with as survey of 153 bank customers at the university, with most less the 24 years of age. It could be seen from these studies that students who have higher affinity to the internet are used for the two studies. It should also be noted that the research is carried out in US, but will most bank customers in UK score convenience higher than online banking security? Joseph and Stone (2003) investigated the customer perception of the impact of technology on service delivery in the banking sector. According to the findings of this research . . . high scores on the ability to deliver service via technology appears to be correlated with high satisfaction with services deemed most important to customers Hence, availability of internet banking services appears to be very important for banks for customer satisfaction and retention. However, availability of internet banking services itself is not a sufficient factor to increase customer satisfaction. User friendliness of the internet banking services appears to be an important factor for customers to use these services Research has been carried out on performance of the internet as an alternative or complementary channel used in delivering some bank services, like current accounts. For instance Gondat-Larralde and Nier (2004, cited by Arnaboldi and Claeys, 2008) carry out a research on the competitive process in the UK market for personal current accounts between 1996 and 2001. The rate at which the market shares changed with respect to price differentials between the brick and mortar banks and the direct banks that use the internet and telephone to operate. The results of the research point to the significance of customer switching cost as a key determinant of the competitive process in banking industry. Mukherjee and Nath (2003) suggest note that the physical separation between the bank operation internet service and the customer introduce an environment of insecurity. The authors develop a structural equation model, called Lisrel, and through empirical test carried out on 510 internet users in India. Nearly all research work refer to the US banking system and research attempts on the performance of online banking are few (Arnaboldi and Claeys, n.d.). IBM (2005) identify three shortfalls of customer satisfaction researches, the first one is that enough attention is not paid to the different behavioural segment customers belong, the research usually take a general view of the customer base. The next one is that most of the researches are not analytical as they fail to show the impact the different elements of the customers experience might have on the brand support and emotional link. Lastly how customer satisfaction is measured is a poor forecaster of to future behaviour of customers. This research differ from other studies in that it will be carried on banks in UK and as there are little research done on the use of online banking as a tool competitive advantage in the banking industry. The author will survey focus groups made up of bank customers in UK will be use to analyse the reason for adoption of online banking and finally the evaluation of satisfaction derive by the bank customers. Qualitative data analysis research will be

Genetics In Life Essay -- essays research papers fc

Genetics In Life Genetics is the study of the patterns of inheritance of specific traits (Poretto). This knowledge could be used to alter the course of a future human life. This knowledge could even be used to stop a potentially painful life before it starts. Genetic engineering, like any other science, is a tool. Like any other tool Genetic Engineering is neither inherently positive nor inherently negative. Genetic engineering’s benefits outweigh the potential negatives, and in spite of some people fearing that it is immoral; genetics needs to be continually developed. The first step in eliminating superstition about a topic is to understand that topic. The origins of genetic history lay in the ancient techniques of selective breeding to yield desired characteristics in offspring. This is a form of genetic manipulation by "employing appropriate selection for physical and behavioral traits" (Gert 2). The work of an Austrian monk by the name of Gregor Mendel established the quantitative discipline of genetics using garden peas. Mendel's work explained the inheritance of traits can be stated by factors passed from one generation to the next; in other words, â€Å"genes†. The complete set of genes for an organism is called its genome (Congress 3). Traits are inherited through single or multiple genes. The development of these traits can be explained by environment variables (Congress 3). Mendel also correctly surmised that two copies of every factor exist and that one factor of inheritance could be dominant over another (Murphy). The next major step in genetics was deoxyribonucleic acid or DNA. DNA, as a part of genes, was discovered to be a double helix that encodes the blueprints for all living things (Congress 3). DNA is made of nucleotide chains made of four bases. Any ordered pair of bases makes a sequence. These sequences are the instructions that produce molecules and proteins for cellular structure and biochemical functions. DNA is packed into chromosomes, of which 23 pairs exist in each cell of the human body. One chromosome of each pair is donated from each parent. Any location on a chromosome where inheritance can be identified and tracked is a marker (Murphy). Markers can be expressed areas of genes (DNA) or some segment of DNA with no known coding function but an inheritance can still be traced (Murphy). Genetic mapping requires the use ... .... Genetic research is the present and future of medical science. Fear should not be allowed to stop the development of genetic research. Works Cited Bibliography Congress of the United States. Office of Technology Assessment. Mapping Our Genes: Genome Projects, How Big, How Fast?. Johns Hopkins UP: Baltimore, 1988. d’Usseaux, Francesca Brunetta. â€Å"Wrongful life and wrongful birth cases: a comparative approach.† N.D. 28, Sept. 2002 . Feinman, Michael. â€Å"Preimplantation Genetic Diagnosis - PGD.† April 2000. 24 Sept. 2002 . Gert, Bernard. Morality and the New Genetics: A Guide for Students and Health Care Providers. Sudbury: Jones and Bartlett P, 1996. Kassirer J. P., Rosenthal N. A. â€Å"Should Human Cloning Research Be Off Limits?† N Engl J Med 338:905-906 (1998). 15 Oct. 2002 Lee, Thomas F. The Human Genome Project: Cracking the Genetic Code of Life. New York: Plenum P, 1991. Murphy, Timothy F, and Marc Lappe. Justice and the Human Genome Project. Berkeley: U of California P, 1994. Porretto, Denise. â€Å"Genetics and Your Baby† N.D. 1, Sept. 2002 Sowers, Leslie. â€Å"Genetic Testing Can Hold Keys To Your Health† 4 Sept. 1997. 1 Oct. 2002 .

Immanuel Kant’s Philosophy Essay

If a billionaire were to leave behind all his fortune but makes a dying request to donate $1 million to his favourite football team when the same can be used for a better cause, what would one do? Donating it to charity would seem like the right thing to do, but the answer to it, according to Kant would be quite the opposite. Here, it’s not the consequences that determine the rightness of an action. Rightness is in accordance with morality. According to Immanuel Kant’s views, a supreme moral principle must entail an absolute necessity and should be done out of duty. He believes that, only actions that emanate out of a sense of duty are moral actions and any act performed keeping one’s own self-interest in mind are, regarded as actions that are not born out of morality. For an example, consider a shopkeeper who is at the liberty of pricing his goods. He could over charge the customers and attain increased profits but that would be an act contrary to one’s morals. He could also choose to price his goods inexpensively, in order to increase the sales. However, in this case, he is acting is a way to ultimately benefit himself and not out of morality. Morality ultimately rests not on sense, experience or feelings, but on reason. If the same shopkeeper, sets fair prices merely because it’s the right thing and not for the fear of getting caught, then he is fulfilling his duty to morality. Furthermore, Kant feels morality is something one ought to adhere to, unconditionally, that is, without doing so to gain any reward or merit. For example, if one senses the possibility of a robbery occurring, one must report it to the police out of a sense of duty as he is in a position to do so. Then his action is a moral one. However, if he were to do so, with hopes of making the headlines and getting rewarded, then in this case, he acts out of self-interest and such an action is not considered a moral one. According to the Kantian philosophy, the one thing that’s good in itself, without qualification, is good will. He believes in the existence of an element of certain common sense in the foundation of moral law, which arises out of good will. Morality is valuable in its own right and not based on the fact that it has instrumental value. All other intrinsic goods, moral or intellectual, can serve the vicious will and accord to evil deeds. They are only morally valuable, if accompanied by a good will. Honor can lead to pride. Not even success and happiness is good in themselves. Thus, a good will is good not in virtue of wanting to bring about happiness, but in virtue of wanting to obey the moral law. For Immanuel Kant, motive is the antecedent of all moral worth and not consequences. He argues that one must perform moral duty solely for its own sake i. e. , duty for duty’s sake. Some conform to the moral duty they presume it in their own enlightened self-interest to be moral. Rightness of actions is determined by their accordance with morality. In order to decide order to decide whether an action was moral or not it is not enough for one to simply help the person in need, but their intention behind providing the aid has to be known. Even if one were to provide aid to someone in need out of a sense of compassion, it would not be considered a moral action according to Kant as it was motivated by emotion. For example, a father playing baseball with his son, should do so out of a sense of duty and not because he loves him. For Kant, the only acceptable motive for a moral action was a sense of duty. The reason is that the consequences of an act are often beyond our control and hence cannot be used to gauge the morality of an action . For Kant, an unsuccessful attempted murder is as bad as a successful one because they had identical motives. It didn’t matter to Kant, if an act was act performed improperly or left unfinished. For example, if a fire-fighter in an attempt to save a man from reducing into ashes, accidently gets him killed having performed the act erroneously, such an act would still be considered a moral one by Kant as the fire-fighter was carrying out his duty. Consider another illustration, Two soldiers volunteer to cross enemy lines to contact their allies on the other side. Both start off and do their best to get through the enemy area. One succeeds; the other doesn’t and is captured. But, aren’t they both morally praiseworthy? The success of one in no way detracts from the goodness of the other. Kant considered the duties that instigate moral actions as absolute. For him, moral duties are said to have imperative nature and they were to be followed irrespective of the consequences. And this is termed as ‘Categorical imperatives or duty’ and this can be categorized into two: where in the examples of ‘Hypothetical’ duties included, â€Å"If you want a good job, get good education. † Whereas, ‘Categorical Imperatives’ suggests the intrinsically right thing to do like, â€Å"Tell the truth. † But Kant believed that, for an action to be moral, the motive behind the action and the principle underlying the action (maxim) must be universally applicable. For example, one is expected not to honk near hospitals, one must be kind to old and disabled etc. Categorical or unqualified as they recognize the imperial status of moral obligations, unlike Hypothetical. Any actions done in violation of Kantian theory would be considered immoral. Kant also persuades people not to view others as a means to an end and degrade the value of human life. But to respect them for the person they are. For example, one should be polite to people they meet without anticipating any favour, in return. On the other hand, he feels all that choices should be autonomous as every single person is capable of reason. Our natural inclinations and influences shouldn’t limit our choices. This very briefly summarizes Immanuel Kant’s view on Morality. Kant’s views outline a clear structure of moral judgments but firstly, he fails to provide us with guidelines as to how go about taking rightful moral decisions when faced with tough situations. For example, if one has to lie about a friend’s presence in order to save his life, to choose between speaking the truth and protecting the friend leaves one in a fix as the universal maxims seem to conflict each other. Further, Kant disregards the emotional aspect that is involved in everyday decision making process, by expecting people to alienate feelings like compassion, pity etc. He also seems to completely ignore the consequences of one’s actions, which is quite impractical when looked at, from a practical point of view. Finally, there is no mention of how certain acts are clearly immoral while he strongly advocates the following of universally applicable maxims. As much as his views bear an influence, his principles find very little effectiveness and practical applicability in one’s daily life. Bibliography – BOOKS AND WEBSITES AND MORE – 1) Stanford Encyclopedia of Philosophy – plato. stanford. edu 2) Encyclopedia on Philosophy published by Macmillan. 3) Kant’s search for the Supreme Principle of Morality by Samuel J. Kirstein 4) Ethical theory of Immanuel Kant – bellevuecollege. edu.

How Are Elements Named

Do you know which element is Azote, with the symbol Az? Element names are not the same in every country. Many countries have adopted the element names that have been agreed upon by the International Union of Pure and Applied Chemistry (IUPAC). According to the IUPAC, elements can be named after a mythological concept, a mineral, a place or country, a property, or a scientist. If you look at the Periodic Table, youll see some of the higher numbered elements either have no names (only numbers like 118) or else their names are just another way of saying the number (e.g., Ununoctium). The discovery of these elements hasnt been sufficiently documented for the IUPAC to feel a name is justified yet, or else there is a dispute over who gets credit for the discovery (and the honor of selecting an official name). More Element Facts What Is an Element?What Are the Elements in the Human Body?What Letter Is not on the Periodic Table?What Is the Most Expensive Element?