The difference between UK and China in E-Banking

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TABLE OF CONTENTS

CHAPTER 1: INTRODUCTION1

Background1

Problem statement2

Purpose3

Research aims and objectives3

Research questions3

CHAPTER 2: LITERATURE REVIEW4

Online Banking4

History of Online Banking4

The Importance of Online Banking7

A Comparison of the Banking Systems of China and the United Kingdom8

Merits and Defects of the Chinese Banking System:8

The Merits and Defects of the British Banking System:10

CHAPTER 3: METHODOLOGY13

Ethical Considerations15

REFERENCES16

CHAPTER 1: INTRODUCTION

Background

In recent years, the advancement in technological developments in information technology has lead to the evolution of e-banking in the banking industry. The evolution of e-banking has fundamentally transformed the way banks traditionally conduct their businesses and the ways consumers perform their banking activities. Today e-banking has experienced phenomenal growth and has become one of the main avenues for banks to deliver their products and services. E-banking reaps benefits for both banks and its customers. From the banks' perspective, ebanking has enabled banks to lower operational costs through the reduction of physical facilities and staffing resources required, reduced waiting times in branches resulting in potential increase in sales performance and a larger global reach. From the customers' perspective, e-banking allows customers to perform a wide range of banking transactions electronically via the bank's website anytime and anywhere. In addition, customers no longer are confined to the opening hours of banks, travel and waiting times are no longer necessary, and access of information regarding banking services are now easily available (Armitt 2005 3).

There is common recognition that the organization of banks and the employment of uniform banking practices occupied an important place in the development of our modern world. In the establishing of industries and in the evolution of world commerce, banking has played a key role, so much so, in fact, that the availability and integrity of a banking system have come to be regarded essential to the development and progress of any modern country.

A nation's attempt to establish itself and thereby gain world recognition involves what is primarily an economic problem. In spite of differences in political systems which a nation might adopt, it is quite obvious that any nation must utilize its natural resources, increase its productive strengths, and perfect its financial organization, if it would prosper. Therefore, a country must not fail to provide a workable system of economics, a provision which so vitally concerns the general welfare of its people. In the instance of the Chinese nation, no matter what might be our viewpoint in considering the economic status of that nation, it is immediately apparent that the reorganization of the financial system might be one of the strategic objectives of China's economic development.

Problem statement

Generally speaking, modern banking is the creation of the industrial world. Banking and industry are so closely bound together in the rise and decline of their fortunes that the success of a banking enterprise is in many respects dependent upon industrial prosperity. Unfortunately, a study of Chinese economic history of the past fifty years does not make clear to what degree Chinese banking and investment methods stimulated industrial development, nor is ...