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Technology on the Banking Industry

What is needed, today, is to determine whether EDI and its interactivity is creating a new concept of value wherein traditional roles of buyer and seller change into one of partnership.

When a bank embarks upon electronic commerce, (EDI or (Electronic Data Interchange) and the problems inherent in reorganizing the company's operations, the end result, it is hoped, would be to create a perception of "value" in the minds of both the customers and suppliers (Radding, 1998). The primary idea is to provide a procedure where the bank's computer would process electronically-received orders from the customer.

One could easily argue that the issue here is to what extent will customers pursue their dreams? Just as easily it could be argued that customer service is the key to a purchase decision. On the other hand, it could be argued that today's retail scene is maddeningly complex and sometimes irritating to customers.

All of those issues, though, are really sub-issues of a much broader and more important issue with deeper philosophical overtones: Specifically, is there a need for coordination between the marketing efforts for a product (creating the want) and the channelization for that product (establishing a fulfillment system)?

Some confluence of events--sales messages, word of mouth, formal marketing--must conspire before a bank can, and will embark on such an endeavor. And when it does, there are several possible alternatives (Radding, 1998).

The curious thing about this banking and e-commerce is that the analysis of alternative solutions must be done within the framework of the retail construct itself, rather than any problem-solving efforts on the part of the upper management.

For it is the end customer (whether individual or corporate) that is the prime mover. These customers know what they want. They know what they want to pay.

What must now occur, and can occur if the bank adopts a program of E-commerce, is...

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Technology on the Banking Industry. (1969, December 31). In LotsofEssays.com. Retrieved 23:20, December 17, 2014, from http://www.collegetermpapers.com/viewpaper/1303377784.html
 
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