Archive for the ‘Banking’ Category

07.14
15

Are Time-honoured Offline Banks Really Better Than Online Banking-00-222

by como ·

With the omnipresent internet connection, you can conveniently organize your online banking transactions from the screen of your home computer, while in your office or even as you travel . The Internet as an over-the-top technological invention has so caused life to become easier for everyone including the business community, housewives, students and professionals. Notwithstanding, this new communication phenomenon people have not stopped patronizing the usual off line banks . The traditional banks will invariably remain in existence; most people still choose to transact in an actual bank in which they feel to the highest degree comfortable and secure.

The banks that are now online though provide same services yet , they have their advantages and disadvantages and. It’s actually up to you to decide the type of bank to transact your financial affairs with. What really count s is that you should know your financial demands so as to be able to actually be on the look out for the latest tendency in the banking industry and understudy them to see how it favors you. Even if you are loyal to your usual offline bank, you may also have the need to sometimes use the online banking service for an urgent transaction or when you are where the bank is not near by .

Established banks are still making use of the traditional writing materials for banking transactions off line while also maintaining an online presence whit computer, internet connection and keyboard as the writing materials . It is obvious that everyday several people go online to introduce internet-only banking business websites that compete with the traditional banks . Though these conservative banks cater mainly to their old customers, people who should know are advising them to also open online offices to serve the internet-savvy young people and by so doing attract more customers

Security and person to person interactions are the main reasons people maintain the use of traditional banks. A lot of people feel that human contact is a necessity in any bank transaction; they want to hand their hard earned cash over to real teller .

Banking on the internet brings about the same result as with an offline bank . The important difference is the replacement of bank staff, paper and pen with your computer and internet connection for making and receiving payments and statements reconciliations . You dont really have to worry about going to your local bank branch when you can do all the things necessary to effect a bank transaction in the comfort of your home with a desktop computer or laptop and internet connection.

A principal advantage that internet banking offers people who go for online banking is cost effectiveness. Certain banks are known to charge their customers lower fees if the bank online banking services.

07.2
15

The Importance Of Quality Banking Software

by como ·

Perhaps as never before, the necessity for excellent banking software has become evident. Retail banking requires a client-focused approach that will attract new customers and maintain them in a long term business relationship. One way to ensure customer satisfaction has been to guarantee rapid response to questions as well as information-gathering for business transactions. New banking software technology can provide broad retail functionality while it supports various multi-channel models simultaneously. Scalability and resilience are also important features in quality software for banking needs. New core banking applications need to be able to address and support merger and acquisitions activities.

A new concern has been raised by the recent financial collapses within the banking industry. Astute attention to collateral management might have played a positive role in averting some of the humiliating losses that occurred and adversely affected so many smaller banks and loan institutions as well as the customers they represented. Quality banking software is being developed to include systems that monitor collateral descriptions and types. It will have the capability of maintaining customer information, collateral data, and credit count relationships. This will be a significant part of any core banking application program.

Excellent financial software is also available for corporate and correspondent banking requirements. This software can introduce new business models as it responds speedily to ever-changing market conditions. It can reduce costs and identify and manage the risk factors at work, as well. In collateral management, this feature will assist in recognizing collateral shifts in value before they can cause significant damage. An excellent banking computer program will be flexible enough to include new products as they become available and should improve the overall efficiency of the banking business. All of these improvements should add value to the customer relationship which, of course, is paramount.

When one thinks in terms of universal banking, the amount of information that must be gathered, processed, re-calculated regularly, and stored is mind-boggling. More and more banks have chosen to simply out source some of this mass of data collections, including information in collateral management, rather than handle it in-house. New technology will allow for broader functionality in the banking service. Various different kinds of banking products will be able to move across all kinds of channels, especially on the international level. This agility will enable banks to compete with the large international financial institutions that venture into their markets.

When considering the best in banking software, one must look at its “functional richness” as well as its scalability and flexibility. It must be adaptable to the latest in open technology, and it should include a system- connectivity with collateral management. Customers today want as close to real-time views as possible. They want quick access to their counter-party’s collateral and exposures. The ability to function with broad and sweeping informational strokes will strengthen the attractiveness and competitiveness of banking operations for the approaching years.

06.4
15

Land Banking A Great Investment For Long Term Capital Growth

by como ·

Land banking, over the longer term, has shown better average gains than either shares or property, and with less downside risk, with an average UK growth of 920% in 20 years!

Once the preserve of rich, today, even smaller, in the know investors are taking advantage of this opportunity to make substantial capital gains.

Land Banking – What is it? Land banking simply involves the acquisition of land, which does not enjoy planning consent, in advance of expanding urbanization.

With the granting of planning consent, the price of an open space parcel, not yet subject to urban development pressures, normally rises in value.

Land Banking in the UK In 2004 alone, agricultural land in the UK appreciated in value between 16% and 30%, depending upon its geographical location.

In fact, over the past 20 years, the AVERAGE increase in UK Land has been a staggering 920%! In many instances, investors who have bought land in the right place at the right time have exceeded these average gains.

Not only has land risen in value dramatically, it has risen in a smoother upward path with less downside volatility than either stocks or property.

UK Demand Exceeding Supply The UK is one of the most densely populated countries in Europe and has a rising population driven by a huge influx of migrants from overseas.

Two facts will illustrate the potential of land banking in the UK:

There is a need for up to 3,500,000 new homes over the next 15 years, rising to 4,400,000 new homes over the next 20 years.

Over the last 30 years, the demand for new homes has increased by 30%. In the same period, house-building rates have dropped by over 50%.

Supply must catch up with demand, and buying land in the UK therefore offers investors a great opportunity to make substantial capital gains.

Location is the Key! Under developed land, such as Greenbelt, agricultural and forestry, is cheaper than land that currently enjoys planning consent. The way to make big capital gains in land banking, involves buying land in specific areas in the hope of future development.

Pre-planning purchase of green belt, agricultural and forestry land is nothing new. Astute investors have been doing it for years.

Investors simply need to study specific areas for the likelihood of future planning permission being granted, which will lead to an increase in the value of the plot purchased.

How to Make Big Land Banking Capital Gains Every developer knows that each town and city must grow outward, and the land most available is agricultural, greenbelt and forestry.

Land without planning permission which is subsequently included in a local authority’s unitary development plan (UDP), will potentially benefit from a significant increase in value.

With the granting of a change of use, a site’s value can increase substantially. However, the change of use category granted, i.e. residential, commercial recreational etc, will ultimately dictate the change in value of the plot.

Land Banking Risks Any investor considering land banking needs to give careful consideration to site selection, and purchase sites which are within the path of progress and future urbanization, but also have a high probability of future development.

Land Banking is a long-term investment, as resale durations and amounts are variable.

Taking Advantage of the Land Banking Opportunity There are many specialist companies catering for international investors wishing to own UK land. An investment in land can be cheap, as many developers buy plots, divide them, and sell them in smaller parcels.

05.27
15

Banking Software Solutions To Increase Efficiency And Profitability

by como ·

Today the global banking industry is slowly recovering from the credit crunch and the subsequent financial crisis. Though the overall industry growth is considerably slower, profitability is showing a marked improvement. However, today banks are facing many stringent regulations and risk management standards, imposed as a way to restore the customer confidence in the banking industry. This (regulatory norms) coupled with the economic conditions have made the banking industry highly competitive.

Banks today are transitioning to a universal banking model as a means to control costs and increase profits. The universal banking model is a corporate structure where a financial services company offers both investment services and commercial savings and loan services together. Simply put, it is the marriage of retail banking with investment banking. Touted to be the best possible solution for the current problems of the banking industry, universal banking model changes banks to one stop source for all kinds of financial services. According to Bank of America’s Brian Moynihan, the model (Universal banking model) is the most important model there is because it gives consumers access to global information, capital markets, investment advice and basic banking all in one place. Hence, apart from doing their regular services such as checking, savings, and loans they would tread new terrains such as peer-to-peer lending, micropayments, collaborative financial planning, and social savings.

The implementation of new regulatory directives such as the Foreign Account Tax Compliance Act (FATCA) and anti-money-laundering rules has made regulatory compliance a critical factor in day-to-day operations.

Hence, today the banking industry needs banking software solutions to
comply with regulatory requirements
make business lines more efficient
understand their customers more greatly
increase profitability
reduce costs

Banks can tide over the issues of ageing technology, complex processes, and low efficiency by collaborating with industry experts who can help build and support banking software solutions. Such a move would help banks to
Leverage SaaS models to incorporate SOA best practices
Develop financial reporting products that implement XBRL standards, adhere to SEC norms and generate statutory reports
Design lending applications that integrate with credit bureaus and credit reports
Develop frameworks for fraud detection and prevention
Build financial analytics and business intelligence tools
Migrate legacy banking software to a Cloud Computing model
Ensure banking software compliance with MiFiD, Basel II, trading & broking KYC and anti-money laundering regulations
Develop mobile banking applications

Thus by embracing innovation, the global banking industry is looking towards changing the landscape of this sector.

05.12
15

The Banking Name You Can Trust Upon Canara Bank

by como ·

The Indian Banking system has undergone a sea change in terms of service and functions. The credit of maintaining trust and confidence goes to few banks who have endlessly served to provide their customers a classy service. Be it grievance handling or meeting standing orders the services have been commendable. One such bank upholding the trust of the clients is Canara bank. Canara Bank is one of the oldest financial institutions of India, started in 1906 in Karnataka. Nationalized in 1969, it has grown to be a huge financial conglomerate, owning many subsidiaries and joint ventures throughout the world. The bank has 3057 branches and over 2000 ATMs, as of 2010. It has been a pioneer of several banking and financial services like launching an exclusive Mahila Banking Branch, providing credit card facility to farmers, extending Agricultural Consulting Services, launch of exclusive IT consultancy subsidiary etc. It has subsidiaries in Financial Services, Securities, Asset Management, Venture Capital Fund, Factors, Computer Services and finance home. The bank also won the National Award for excellence in the field of Khadi and Village Industries in 2011.
Canara Bank has several objectives on the basis of which it aims at being a “Global Bank with Best Practices”. It promotes national interests, takes active part in rural development and has several training initiatives to enhance rural self-employment. It provides all essential banking services at all branches, including Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Internet and Mobile Banking (IMB) etc.
As a very customer centric bank, it has stringent grievance redressal policies. The Canara Bank Customer Care aims at resolving all customer issues promptly and systematically. All complaints can be filed online on the Canara Bank website or on various toll free numbers listed on the website, or in any particular branch, where the Branch Manager would deal with the complaints. To ensure fair settlement of all complaints against Canara Bank, the bank has a complete policy document that lists in detail how each type of complaint is to be dealt with, in how long, and what can be done in case the customer is still not satisfied, along with a list of alternative remedies. The document is available on the website.
All Canara Bank complaints are addressed within a maximum of 21 days, as against the time frame of 30 days stipulated by Ministry of Finance. The bank has a review mechanism for every complaint that would help in identifying and overcoming any kind of shortcoming on part of the bank or its employees. Employees are specially trained to deal with all sorts of complaints courteously. There are suggestion boxes, complaint books; Help Counters available at all branches for quick and easy registration of any grievance. The bank constituted a standing committee on customer service in 2005, which reviews and improves customer service periodically. Undoubtedly, the bank has fulfilled and fulfilling its promise of its slogan “serving to grow and growing to serve.”

05.9
15

Third World Countries Rising With Mobile Marketing And Banking -kenyas M-pesa The Unbelievable S

by como ·

You can success become wealthy, meet new people, and carry on our daily duties and everyday. From the their world countries and and even first world countries are all reaping the rewards.
The internet, mobile banking and marketing are changing, the way people do business around the world. First time gaving to sell your products and services without leaving or traveling miles. For those who are still living in the old methods of making money and marketing will get left behind if they don’t change the way they do things.
Living in cold weather condition and have leave your home to go work cleaning snow get in a cold is no joke. Doing some research I realize that third world countries are taking serious advantage of cell phone and mobile marketing to the next level while the first world countries are actually falling behind.

From Kenya To India Mobile Banking And Marketing Are Revolutionizing Ordinary People Lives.
First let’s talk about the success story of M-Pesa mobile payment system in Kenya that transforming Kenya economy according to World Bank. Below are some statistics and figures about how the mobile industry is changing Africa for the better.

M-PESA is a small-value electronic payment and store of value system that is accessible from ordinary mobile phones. It has seen exceptional growth since its introduction by mobile phone operator Safaricom in Kenya in March 2007: it has already been adopted by 11.9 million customers (corresponding to 54% of Kenya’s adult population) and processes more transactions domestically than other money transfer does globally.
Here are some key numbers (as of August 2010):
1. 11.9 million registered customers, of which the majority are active. This corresponds to 73% of Safaricom’s customer base, 54% Kenyan adults, and 31% of the entire population
2. 19,500 retail stores at which M-PESA users can cash-in and cash-out, of which nearly half are located outside urban centers.
3. US $415 million per month in person-to-person (P2P) transfers. On an annualized basis, this is equal to roughly 17% of Kenyan gross domestic product (GDP).
4. There are 27 companies using M-PESA for bulk distribution of payments. Safaricom itself used it to distribute dividends on Safaricom stock to 180,000 individual shareholders who opted to receive their dividends into their M-PESA accounts, out of a total of 700,000 shareholders.
Amazing success story, this one. The report rightly points out the success factors:
“The growth of M-PESA is a testament to Safaricom’s vision and execution capacity. However, Safaricom also benefited from launching the service in a country which contained several enabling conditions for a successful mobile money deployment, including: s
trong latent demand for domestic remittances, poor quality of available financial services, a banking regulator which permitted Safaricom to experiment with different business models and distribution channels, and a mobile communications market characterized by Safaricom’s dominant market position and low commissions on airtime sales.” This really good news for Kenya and Africa. Something different from the bad news we heard about news hear about these countries.

Even Remote Villagers Are Making Money With This New Technology.
From farmers to fishermen the list goes on. Taking advantage of moblie marketing and banking, to sell to their clients, villagers from all over Kenya and other African Countries are becoming economically self reliant and doing business efficiently on a daily basic. You can transfer money to a recipient cell phone without leaving your home to go to a transfer center and all you need a code giving to you that you can send to the other person and they will go and get the money with no obstacles. I just this think this revolutionary, something I haven’t seen in the U.S. pretty soon I heard ATM cards will be obsolete in Kenya because they have another technology developed called cashless Africa. I will do some more search about this new technology because I don’t know how that going to work.

You Can Also Dive Into The 5.2 Billion Cell Phones In The World To Create Wealth.
For those of you who have businesses to run and looking for ways to create flood mobile traffic there’s a good news for you too. There are so many opportunities in the U.S that you can tap into without leaving and become financially free. I think every second someone in North America starts a home business opportunities. Let me real true with here. The new economy will not be building big factories, hiring thousands of people to do labor work.

The new economy is in home businesses and the internet. It’s cheaper, free and convenient for people who can’ compete with the big guys. Another tools I came across is called the mobile money machine few days. After doing some research I realized this is good software to for ordinary people to make some real money on the internet and jump at it ready way. I think mobile marketing and banking is here to stay as it spread like viral worldwide. Take advantage before you get left in the dust. I hope you enjoy this article and take action on your future now. There’s no tomorrow. To learn more about mobile money machine visit: http://www.getmobilemoneymachine.net
Follow me @ http://www.twitter.com/princesamuels

04.29
15

Egyptian Banking System Expanding on Middle Class, Financial Meltdown Ineffective

by como ·

RNCOS, a leading market research firm, said in its new report -Egypt Banking Sector Analysis-, with the significantly low penetration and growing middle class segment, the total deposits at banks in Egypt are projected to grow at a CAGR of 14% from 2007-08 to 2010-11.

As per the report, banking penetration is quite low in Egypt and most of the Egyptians are still unbanked. This is evident from the fact that only 10% of Egyptians currently have a bank account, and only 4% had a debit card as on end of 2007. But the growing middle class population (due to increasing income) and rising awareness level is enabling this unbanked population to access banking services like bank deposits facility. Thus, prospects of the banking sector are reasonably bright as the emergence of middle class population will support the rising demand of banking services like saving and current account deposits and related services like payment cards.

But the most astonishing fact about the Egyptian banking industry is that it will remain unaffected by the ongoing economic meltdown. As per a Research Analyst at RNCOS, -We do not see any significant impact of global financial turmoil on the deposits as the Egyptian system is dominated by state-owned banks. Otherwise also, the system is enjoying a high-support environment, with the country’s authorities having historically demonstrated both their willingness and their ability to intervene and prevent a banking default by any of the Egyptian banks, irrespective of their size or relative importance to the system.-

-Egypt Banking Sector Analysis- provides a comprehensive research and prudent analysis on the banking industry of Egypt. This extensive research will help the clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the banking industry in the country. This study gives an overview on the various factors driving the banking industry, together with the forces that are blocking the growth of the industry.

This research supplements the past and current information on the Egyptian banking market with forecast on various important industry aspects, including population, consumer durables (television, refrigerators and washing machines), Internet penetration, mobile subscribers, passenger car registrations, banking deposits, loans with the possible sub-categories and net interest income.

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.

For more information visit: http://www.rncos.com/Report/IM155.htm Current Industry News: http://www.rncos.com/Blog/

04.21
15

Effective Features Of Breeze Mobile Banking

by como ·

One of the most interesting things about technology is that when developers introduce different applications to the public, they mistakenly believe that the more features and the more complex the features, the more impressed customers will be. Unfortunately, many uninformed consumers are sucked into buying products because they are loaded with what appear to be incredible and robust features. However, these people soon discover that all the fluff is just that, meaning the features are usually over-rated and rather than making the experience smoother, they actually make things more complicated and time-consuming.

When Standard Chartered Bank developed Breeze, the online and mobile banking solution that runs on iPhone and iPhone, they wanted bank customers to have a genuine, user-friendly application with features that added true value to the overall experience. The final product rolled out to beta testers in Singapore and Malaysia achieved the banks goal.

However, for the primary features seen on other mobile banking applications, the bank developed Breeze so these were enhanced. In addition, Breeze provides bank customers with new features, one in particular called eCheques, which is the worlds only electronic check processing system. Along with these features, Breeze has something unexpected in the form of functional but also fun features.

Some of the standard features that have been made more robust on Breeze include things like viewing account balances and transferring funds. Along with the new eCheques feature, Standard Chartered Bank also incorporated an ATM finder, which makes it possible for people to find the closest ATM anywhere needed in a matter of minutes. Instead of making unnecessary phone calls or driving around aimlessly, the information can be pulled up using Breeze with no effort at all. Standard Chartered Bank will also be introducing new features as time goes by to meet growing customer demand.

The entire online and mobile banking application enhances the customers banking and financial experience but the designers and developers added a few fun features just because they were just that fun. When people look at the enhanced conventional features, the revolutionary features, the future features, and the fun features, it is clear that Breeze is unlike any other mobile banking application ever created.

One of the fun features is the background of the iPhone when Breeze is downloaded. During the day, the background is bright, sunny skies that represent daytime but then at night, the background changes to a dark sky filled with shiny stars. Although the application is not necessarily something that adds value, it is fun.

Another fun feature of the Breeze application is the ability for users to personalize their accounts by using different icons, colors, and even avatars. Some people appreciate the ability to add a little personality into the way their account appears while others are not as concerned but either way, this feature is fun. Then one of the most interesting features is moving money by shaking the iPhone. Standard Chartered Bank wanted customers to enjoy the experience with Breeze while also having a mobile banking solution that would save time and effort when managing accounts.

04.11
15

Addressing Common Misconceptions About Ethical Banks and Credit Unions

by como ·

Thanks to the all-too-common misconceptions and half truths circulating about alternative banks, ethical banks, credit unions and building societies, many otherwise socially and financially responsible people are choosing to avoid this type of financial institution. Finding an ethical bank is something that most people want to do, and too few people make the effort to actually accomplish. Lately, credit unions and ethical banks have gotten an ill-deserved bad rep. Here’s a look at some of the common misconceptions regarding these alternative banks, as well as some tips and tricks for switching your current accounts over.

Ethical Banks Have Too Many Restrictions

Your money belongs to you – you worked hard for it and, chances are, you like the idea of being firmly in charge of your finances. When it comes to ethical banks and credit unions, many people assume they come with extensive membership restrictions and fraternity-like enrollment. Once upon a time, when credit unions and building societies were first popping up across the UK, this may have been closer to the truth.

Today, there are fewer restrictions on joining credit unions and ethical banking institutions, and opening a current account there is just as easy as setting up your finances at a traditional bank.

A Credit Union or Building Society Isn’t Regulated

This is probably one of the biggest fallacies about ethical banking being circulated today. Governing agencies regulate credit unions in much of the same way as they do corporate banks – and in some case even more so. The money in all of your current accounts is safe and secure at any one of these institutions.

Also, because your ethical bank or credit union reports directly back to you and your fellow consumers – and not to a board of faceless trustees – there is much more transparency when it comes to the kinds of projects and business ventures your money is funding.

A Credit Union Won’t Offer as Many Services as a Traditional Bank

When a consumer is looking to open a bank account, they will inevitably choose the financial institution that offers them the most services and competitive rates. Credit unions and building societies wouldn’t continue to stay in business (and to grow at a fast rate) if they didn’t offer the same things as the big banks.

In fact, most ethical banks offer better interest rates on individual savings accounts and mortgages than their corporate counterparts.

There’s a Fee to Join

Just as with any other bank that you’d open a bank account with, you’re usually required to have a minimum opening balance for new bank account at an ethical bank. Some credit unions will also require you to keep a minimum balance in your checking account at all times, or your account will be closed. Again, this is no different than traditional banks. Others will charge a monthly fee for not complying with the rule. Opening an account isn’t any more expensive either.

You Can Only Use Your Ethical Banking Institution Locally

While it’s true that most credit unions aren’t available across all of the UK, most are part of groups that allow you to do your banking from wherever you are. Also, a bigger online presence will allow you to tackle the majority of your banking needs from your computer, laptop or smart phone.

Only Employees of Companies Associated with Credit Unions Can Join

A long time ago, this was true. But this was before there were a lot of people interested in joining credit unions. Now that credit unions have gained in popularity, they have let go of that restriction, so that anyone can join. There are a few sprinkled throughout the UK that have chosen to stick to that rule, but it’s easier now than ever to find a credit union or alternative bank that you can easily join.

Credit unions and ethical banks may have gotten a less than stellar reputation over the course of the years, but there’s no reason not to give them an honest chance. With member benefits, competitive rates and a positive social influence, ethical banks and credit unions are an excellent alternative to traditional banks.

03.31
15

The Benefits Of Electronic Commerce

by como ·

WHAT ARE THE BENEFITS OF ELECTRONIC COMMERCE
Customer care has benefited from various in e-commerce, EC also e-business continue to pay dividends as long as the benefits as reported by e-commerce site.wordpress.com (nd) are still achievable. Reduction in cycle time, staff empowerment and cutomer support are just a few of the benefits. Efraim Turban et al (2008).

CYCLE TIME
The cycle time for an organization refers to the time it takes to complete a transaction; also turn around time, speed of operation etc Internet banking is one of the ways Nigerian banks increase customers satisfaction and cycle time. More transactions are done on the internet, ATMs, POS machines, through patnerships with card companies like MasterCard, Interswitch, VisaCard and the rest of them. It is easy to find all these in almost all Nigerian banks now because the management wants to minimize cost while maximizing profit. Trading equities used to take a very long time before orders can be successfully effected before but can now be done by just one click on the right button in the right website. The same is applicable for purchasing University of Liverpool recommended textbooks. Inputting my mastercard details makes the process of search and final purchase shorter and easy to accomplish for me. EC has brought to the world the likes of ebay, amazon.com and others responsible for online auction. Time is money, so instead of driving all about looking for a shop that stocks what I need to buy, I would rather go to the internet search for it and purchase it immediately.

EMPLOYEE EMPOWERMENT
Organizations now allow their staff to take certain steps that were not possible without electronic commerce. Booking of Consumer loans used to be on paper before in Oceanic Bank until recently when the bank designed an online procedure that empowers staff to issue more loans per hour. The reason for this is not far fetched; a soft copy consumer loan file needs little or no correction since the already inputted formulas are there to do the correction. Checking the consumer loan can now be done at a very high speed because there are software for testing if the excel file followed the desired procedures or not. With the bank empowering their staff in EC, more value is added because staff now sees themselves as important participants of the bank as well.

Electronic Commerce makes it simple for online tutors to detect malpractices amongst students unlike in offline Universities, where Doctors and Professors have to read the hard copy assignments submitted by various students, there will always be cases where collution and plagiarism will not be detected. Students will surely copy themselves knowing fully well that the instructor might not get to know. This is not the case in an EC committed University where all assignments are submitted online through software like Turnitin and safe assign.

FACILITATE CUSTOMER SUPPORT
Customer support was taken to another level through highly specialized customer relationship management; Norton allayed fears that my monthly internet bill is exorbitant. It all started when my hard drive crashed and I lost a recently purchased Norton antivirus. I was frustrated and had to chat online with customer care representative of Norton through their chat software. As if that was not enough, the agent I spoke with blew my mind when he told me that he was going to install the software into my laptop from his remote location. I thought to myself this must be a joke until I saw my mouse moving and clicking certain menus on my desktop. It was a wonder then, I thought I was looking at a Norton miracle, he put my laptop in order within five minutes and still told me thank you. I replied as many times as possible and fell in love with purchasing my antivirus solutions from Norton because I feel that their EC investments have paid off after all.

CONCLUSION
Every good idea has to develop through changes, the world never stayed in one place. What might be perfect today might be faulty tomorrow, no wonder Polaroid felt comfortable until the digital imaging swept their business away. Holycoast.com (nd) It is very correct to say that EC has come to change the world and it is doing just that real well and fast too. The value of improvement that has met the organizations cannot be overemphasized and thus will continue to draw the attention of other corporations to invest in new ideas, innovations and technologies.

REFERENCES

E-commerce site.wordpress.com (nd), Benefits of E-commerce [Online] Available at: http://ecommercesite.wordpress.com/2008/06/14/reduction-of-cycle-time-improve-employees-empowerment-facilitate-customer-support-through-e-commerce/ (Accessed on 5th July 2009)

Efraim Turban, David King, Judy McKay, Peter Marshall, Jae Lee, Dennis Viehland, (2008) Electronic Commerc – A Managerial Perspecive ISBN 9780135135440 Intl Ed. Pearson Education Ltd. London

Thompson A, Strickland A, & gamble J (2008). Crafting & Executing Strategy: The Quest for competitive advantage, Concept and cases. 16th Ed. Boston: Mcgrraw-Hill Irwin.