Exchange of Currency Have Proliferated Term Paper

Pages: 7 (2337 words)  ·  Bibliography Sources: 0  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

SAMPLE EXCERPT . . .
With ATMs, call centers and now Internet banking, customers have had more than 30 years to grow accustomed to electronic banking. They depend on 24x7 availability, and RBC Royal Bank strives to ensure that its systems meet its customers' demands. With more than 12 million customers, 2.1 million online customers and approximately 58,000 employees around the globe, Toronto-based RBC Royal Bank is determined to maximize the availability of its Internet banking Web site by all means necessary. RBC Royal Bank has offered Internet banking since 1995 and has been using IBM WebSphere MQ for almost as long to integrate its core banking systems with its Web-based front ends. RBC Royal Bank counts on the reliability of WebSphere MQ message delivery to ensure completed transactions and high Web-site availability.

The demonstration of a need to decrease the unexpected downtime of the website generated a company reorganization that better meet the needs of consumers to this benchmark online bank.

Phase 5 worked with RBC to develop a performance measurement framework and a comprehensive list of metrics to support it. The framework included tracking core business impacts, communication and branding and cross-channel impacts. To implement the measurement strategy, Phase 5 collected data both before and after the launch of the redesigned Web site. Information sources included online visitor surveys, usability testing and the analysis of internal traffic and sales data.

Here are just some of the benefits RBC Royal Bank realized from the engagement:

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A validation of the user-centred design process. By measuring before and after, RBC's Web marketing team was able to link increases in customer satisfaction, perceptions and performance on key metrics such as navigation and ease of use to the new design. The client also saw a significant increase in the number and quality of online applications after launching the new site.

A better understanding of site visitors in terms of their demographic profile, customer segment and financial institution affiliation.

An understanding of the events, needs and motivations that trigger visits to the site.

Term Paper on Exchange of Currency Have Proliferated Assignment

Insight into the effects the Web site had on usage of branch and telephone channels.

An advanced analytical model to help the client set priorities for future enhancements and allow them to predict impacts on key objectives.

A detailed assessment of the site's usability.

Comprehensive recommendations for increasing the value of the site to both customers and the bank.

RBC offers global services that most banks couldn't even dream of, as regulatory systems in play often reduce the ability of most U.S. banks to do business even across state borders within this country, RBC has a competitive edge over other online offerings of U.S. banks. Previously international availability of transactions was limited to only those larger corporate entities who could afford to pay the fees associated with international funds transfers and had the manpower to wade through all the abounding international red tape.

The debate of the nature of online banking as a classification of a stand alone service or an extension of services is a deep one, as many individuals and corporations become more and more aware of the options associated with the changes in banking over the last twenty years. For most companies and individuals online banking is an extension of the services already provided by their existing bank and yet consumers are also repeatedly being asked to review competitors through services only available online.

If a service is only available online, or feasibility of in person use is not within reason a niche is filled by only those banks or services who offer them and therefore availability of services and the marketing strategy of the system is crucially important to the ultimate growth success and profitability of an exchange system. Though most banks offer some form of online banking, access to accounts, bill pay technology and the like those who provide comprehensive services of this nature are clearly at an advantage and though consumers may be unaware of it, at this stage they could and often do offer services that would negate the use of a non-secure system, or uninsured system like PayPal. Yet, the individual who is unaware of a service is unable to use it and PayPal, and services like it are clearly at an advantage for marketing strategy, after all there are no banks whose link and logo automatically show up on more than 80% of all EBay auctions, and the partnership of PayPal and Wells Fargo Bank proves that some older infrastructures demand change and innovation as well as marketing strategies that meet the demands of a global market economy.

Computer Desktop Encyclopedia http://www.computerlanguage.com/at.html

Computer Desktop Encyclopedia http://www.computerlanguage.com/at.html

PayPal About Page http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/about-outside

Hoovers Online "Fact Sheet PayPal" http://www.hoovers.com/paypal/--ID__61321 -- /free-co-fin-factsheet.xhtml

Hoovers Online "Financials PayPal" http://www.hoovers.com/paypal/--ID__61321 -- /free-co-fin-factsheet.xhtml

Plander, B. "Credit Card Processing" http://www.west-wind.com/webconnection/MerchantProviders.asp

Phase 5 "RBC Case Study" http://www.phase-5.com/p5-case_studies/bank_tracking.php

Hoovers Online "Fact Sheet PayPal" http://www.hoovers.com/paypal/--ID__61321 -- /free-co-fin-factsheet.xhtml [END OF PREVIEW] . . . READ MORE

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