Impact Of Computers In The Banking Sector Homework Essay Sample

In the 21st century, more and more people are using the computer and banking system to manage their personal and business finances. Indeed, the blending of computer and banking has made the overall management of household and business finances far easier than it ever has been at any point in history. With the computer and banking, it is simple to keep track of various types of financial accounts. Indeed, all you need to do is log onto the computer and quickly access the program for computer and banking.

The Internet has also broadened the scope of computer and banking services that are now available on both the personal and business level when it comes to finances. The Internet allows a person to be in direct contact, if you will, with his or her accounts through computer and banking systems on the World Wide Web. A person now can readily pay bills and undertake other financial tasks via the Internet. The Internet truly has brought about a whole new age when it comes to the computer and banking. In the future, most experts estimate that the vast majority of transactions involving the payment of bills will take place via the Internet.

No longer will be have to mess around with writing checks and mailing in bill payments using land mail services. As an aside, most financial institutions have taken significant steps to ensure and provide for the security of their customers and their customers’ money when it comes to online computer and banking. Initially, people were reserved about the prospect of using online computer and banking services for fear that their accounts would be improperly accessed. While security measures are not flawless, they have become significant in recent years and do provide a hefty lot of protection to the consumer and the public.

With computers, access is fast, convenient, and available around the clock. Furthermore, customer’s application for electronic banking facilities is expanding as the cost savings on transactions over the internet are significant. The chances and threats that the internet symbolizes is no longer news to the present day banking sector. No traditional bank would dare face investment analysts without an Internet strategy. Moreover, business success is not guaranteed by a detailed and thoughtful approach to the internet.

The main intention behind the commencement of electronic banking services is to provide the customers with an alternative that is more responsive and with less expensive options. With options just a click away, customers have more control than ever. Their expectations are usability and real-time answers. They also want personal attention and highly customized products and services. This research intends to see how electronic banking has improved the efficiency and effectiveness in the bank, take a look at the security measures on ground and also proffer a solution that can eradicate fraud in electronic banking.

This field is heavily reliant on computers. The banking industry could not function without the speed and exactness that computers deliver. Computers have aided customers view real time balances and transactions on your account. With features like bill payment, you can settle bills such as Multichoice conveniently. It has also enabled faster transfer of funds between accounts. With the existence of computers, you can initiate and conclude payment from the comfort of your home or office to your suppliers, contractors or employees.

With the emergence of computers in the banking industry, most of the large banks now offer fully secure, fully functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for example, clients may be allowed to view account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, fully functional online banking likely will become as commonplace as automated teller machines. Computers in the banking industry brought along the following advantages: Reducing cost – virtual banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.

• Convenience – unlike your corner bank, online banking sites never close; they’re available 24 hours a day, seven days a week, and they’re only a mouse click away.

• Ubiquity – if you’re out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7. Transaction speed – online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.

• Efficiency – you can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site. • Effectiveness – many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.

For banks, it can provide a cost effective way of conducting business and enriching relationship with customers by offering superior services, and innovative products which may be customized to individual needs. For customers it can provide a greater choice in terms of the channels they can use to conduct their business, and convenience in terms of when and where they can use E-banking. The evolution of electronic banking (E-banking) started with the use of automatic teller machines (ATMs) and has included telephone banking, direct bill payment, electronic fund transfer and online banking.

According to some, the future direction of E-banking is the acceptance of mobile telephone (WAP-enabled) banking and interactive-TV banking. However, it has been forecast by many that online banking will continue to be the most popular method for future electronic financial transactions. Electronic funds transfer (EFT), refers to the computer-based systems used to perform financial transaction electronically. The term is used for a number of different concepts including electronic payments and cardholder-initiated transactions, where a cardholder makes use of a payment card such as a credit card or debit card.

The rapid advancement in Information and Communication Technology (ICT) has had a profound impact on the banking industry and the wider financial sector over the last two decades and it has now become a tool that facilitates banks’ organizational structures, business strategies, customer services and other related functions. The recent “IT revolution” has exerted far-reaching impacts on economies, in general, and the financial services industry, in particular.

Within the financial services industry, the banking sector was one of the first to embrace rapid globalization and benefit significantly from IT development. The technological revolution in banking started in the 1950s, with the installation of the first automated bookkeeping machines at banks. This was well before the other industries became IT savvy. Automation in banking became widespread over the next few decades as bankers quickly realized that much of their labor-intensive information-handling processes could be automated with the use of computers.

The advent of ATMs helped both to improve customer convenience and reduce costs, as before ATMs, withdrawing funds, accounts inquiries and transferring funds between accounts required face-to-face interaction between bank staff and customers. Overall, technological innovation has brought about the speedy processing and transmission of information, easy marketing of banking products, enhancement of customer access and awareness, wider networking and, regional and global links on an unprecedented scale.

Matching Human Resource Requirements And Potential Human Resource Availability Analysis

Aligning human resources with current and future needs is a significant challenge for organizations. There is a level of inflexibility in terms of development and utilization of human resources. The average employee’s recruitment, selection, placement, and training can take several months. However, when it comes to upper management personnel, this process may extend to years in order to nurture the candidate and establish a clear succession plan.

Decisions pertaining to recruitment and development are crucial, as they can have far-reaching impacts if the right individuals are selected. Hence, it is essential for management to forecast the demand and supply of human resources as a component of the organization’s business and functional planning processes. Setting long-term human resource requirements is closely linked to strategic business plans, which should serve as a foundation for developing human resources plans.

Management should take into account the labor availability of the organization when creating a strategic business plan, as plans and decisions are heavily influenced by employees, who are commonly referred to as the driving force of the business. The accompanying figure depicts the intended reciprocal relationship. [pic] (Alpander, 1982:79)


Management must estimate future labor availability when establishing business plans. To evaluate the supply of labor, companies should consider both internal and external sources. Additionally, they need to anticipate the future demand for the quantity and types of employees needed. It is recommended to separately conduct supply and demand analyses within the organization and externally (Walker, 1980). This separation is essential because internal supply forecasts primarily depend on organizational variables like turnover, retirement, transfers, and promotions.

Demand forecasting depends on market external factors and involves uncertainties related to consumer behavior, technology, the economy, and the environment. There are various techniques used for demand and supply forecasts that can be classified as qualitative and quantitative methods.

Choosing a Forecasting Method

Forecasters can choose to use qualitative or quantitative techniques, or a combination of both, assuming that there is a relationship between labor supply and demand and a pattern. When selecting a forecasting technique, it is important to consider the following factors. These factors indicate that different organizations may adopt different approaches. By considering elements such as the organization’s environment and size, perceived uncertainty in labor markets and the economy, and competition, the Miles and Snow typology can help determine appropriate forecasting techniques for an organization.


Forecasting in defender organizations relies on stable and simple environmental conditions. Defenders typically operate in predictable product markets, face high barriers to entry, and experience minimal product variation. This enables them to engage in less environmental scanning and focus more on long-term forecasting and planning. Defenders can utilize advanced techniques like regression analysis to forecast labor demand and supply. Internal labor-market forecasts are given priority, allowing defenders to maintain a defensive stance by pursuing low-cost operations.

The success of defenders relies on their production efficiency and tight business controls. Defenders typically have highly specialized jobs within vertically differentiated units, resulting in a stereotypical bureaucratic structure characterized by formalization and specialization. On the other hand, prospectors operate in a dynamic environment with rapid advances in technology, product development, and market shifts.

In this organizational configuration, long-range forecasting and planning are challenging due to the rapidly evolving market and changing demands influenced by technology and the economy. The environmental constraints faced by prospectors further complicate short-term demand forecasting. Likewise, forecasting labor supply is equally difficult, leading to the utilization of qualitative techniques like nominal groups and the Delphi technique for labor demand and supply forecasts.

Prospectors, in their pursuit of innovation and adaptation, often operate in an inefficient manner, especially when compared to defenders. Their focus lies on investing in research and development, aiming to earn significant profits through the creation of uniquely designed products. To achieve this goal, prospectors must adopt a flexible organizational structure that avoids rigidities and inflexibility typically associated with formalization. Analyzers, on the other hand, incorporate traits from both defenders and prospectors.

Like the defender, this configuration aims for efficient operation but also has an interest in exploring new products and markets. As a result, the organization may grow in size as it engages in both mass production and R&D. The analyzer is also skilled at closely monitoring competitors for fresh ideas and responding promptly by developing efficient production methods for the most promising ones. In coordinating its work, the analyzer faces the challenge of distinguishing between innovative activities and formalized ones.

One resolution to this issue is the establishment of two distinct organizations. One organization is structured like a prospector, while the other mirrors a defender. The analyzers, which are typically large organizations, are governed by headquarters and divided into separate sub units or divisions. Some divisions adopt defender characteristics, while others function as prospectors. The tasks carried out by headquarters personnel are far from mundane; they necessitate creative responses to complex and ever-changing circumstances.

Forecasting tools at this level cannot rely on uniform data required for quantitative estimations, leading to the use of qualitative techniques for demand and supply forecasts by managers at headquarters and prospector divisions, and quantitative techniques within defender divisions. Prospector divisions prioritize forecasts of external labor markets while defender divisions focus on internal markets; headquarters to some extent analyze both internal and external markets. Conclusion.

Forecasting is essential for effective human resource management in a company as it aids in predicting the quantity and quality of employees to be recruited. This enables the company to hire the most suitable candidates for each position at the optimal time, which is crucial for competing in the global market. One recommended approach, suggested by Miles and Snow, involves comprehending the typology of the company and using a specific forecasting method to align requirements with available resources.

“The Scarlet Letter” By Hawthorne

The Puritan society persecutes Hester Prying for committing adultery, while the persecutors themselves are guilty of hypocrisy. Hawthorne exposes the true two-faced mind-set of the Puritans through their regard of corporal punishment: “[The] society shall have grown corrupt enough to smile, instead of shuddering at it” (39). Hawthorne inserts his own commentary, averring that the society is “corrupt enough to smile” at Hester punishment. He even mentions that it is more common to “shudder” (tremble) at such a scene, rather than view it as a form of entertainment.

The author’s style is very straightforward in criticizing the Puritan culture. Thus, the Puritan society is hypocritical in punishing Hester Prying because they themselves are not acting with Christian charity. In her own mind, Hester Prying is not guilty of the crime for which she is being punished. To her, love is not a sin, but a right. She is a free soul, and she does not believe that the society’s laws are right to punish her for following her heart. Hester unrelenting love for her fellow adulterer is portrayed in the quote, “II will not speak! Answered Hester, turning pale as death, but responding to this voice, which she too surely recognized” (47). Here, she refuses to denounce the name of her lover and sacrifices herself to spare him the punishment. Hawthorne employs the simile “pale as death” to stress Hester fear of the inquisitor. In fact, the author also states that Hester “too surely recognize[s]” his voice. Thus, he foreshadows that the questioner, Arthur Timescale, is in fact Hester lover. Hester believes that the freedom to love is greater than any law of society.

Hester is a heroic figure in the Puritan society because she turns her offense onto a virtue. She demonstrates her compassion by aiding those in need. The connotation of the scarlet letter goes from a derogatory one to a positive one due to her helping hand in the community, as revealed through the passage, “The [scarlet] letter was a symbol of her calling… Many people refused to interpret the scarlet A by its original signification. They said it meant to be Able; so strong was Hester Prying, with a woman’s strength” (1 11).

Here, Hawthorne displays Hester strength in overcoming the degradation of the scarlet letter. His sentence structure is inverted at the end of the sentence, emphasizing the appositive “so strong was Hester Prying”. The emphasis on this vibrant quality gives the impression of a supportive tone toward Hester newfound virtue. The new meaning of the scarlet letter upon her chest is symbolic because it reflects the goodness she demonstrates toward society. Hester is the embodiment of strength in the commune, even after undergoing the most degrading treatment by society.

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