Impact of E-Banking on Australian Economy
Added on 2020-04-07
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Running Head: ASSESSMENT 2 1Assessment 2Name:Course:Professor:Institution:Date:
Assessment 2 2Table of ContentsExecutive Summary.........................................................................................................................3Introduction......................................................................................................................................4Aims and Objectives................................................................................................................4Research Questions..................................................................................................................5Literature Review............................................................................................................................5Reasons for Using Internet Banking........................................................................................6E-Banking Services through Bank Websites...........................................................................7Security and Possible Risks for Online Transaction................................................................8Drivers of Change and Future Scopes......................................................................................9Research Plan and Methodology.....................................................................................................9Research Approach................................................................................................................10Sampling Technique and Approaches....................................................................................10Data Analysis and Findings...........................................................................................................11Discussion......................................................................................................................................12Conclusion and Recommendations................................................................................................13References......................................................................................................................................15Appendix: Interview Questions.....................................................................................................17
Assessment 2 3Executive SummaryThe federal government of Australia has taken a strong initiative to go cashless in themoney transaction process. In the last few years, the business growth and the number of users ofonline banking companies have increased notably. The government motivation is a big successfactor for the organizations within the Australian banking industry to offer the differentiated andquality online banking services. The government is trying to go cashless within the year 2025.There are several challenges of online banking activities, such as hacking of personalinformation, account information and data of the users which can create several ethicalchallenges. Integration of safer technological devices along with advanced informationcommunication technological devices will assist in securing the e-banking services.
Assessment 2 4IntroductionOnline banking industry in Australia is experiencing significant growth rate in the recentyears. Especially, during the last few years, the business growth and the number of users ofonline banking companies have increased notably. Most importantly, the federal government ofAustralia has taken a strong initiative to go cashless in the money transaction process. Therefore,the federal government of Australia is trying to create a strong awareness among the commonpublic regarding the use of online banking applications. The government is trying to go cashlesswithin the year 2025. Therefore, the government is motivating the public and private banksacross Australia to offer the online banking services to the common Australians. After thisinitiative, it has been identified that the percentage of the users of the online banking services hasincreased by 58 percent recently. This can be regarded as an impressive number. Prominentsecurity, easy accessibility and user friendly approaches are the major reasons behind theselection of the online banking services by the users. This is also essential to state that theorganizations within the Australian banking industry has significantly applied unique marketing,promotion and other differentiated strategies to make the online banking operation processsuccessful. Aims and ObjectivesThe major aim of this research work is to analyze and evaluate the growth of the e-banking industry in Australia. Moreover, the research paper will also analyze the impact of thegrowth of the Australian E-banking industry on the Australian economy. This particular researchwork will try to meet the developed objectives as follows:
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