Effects of Electronic Banking to the Global Economy

Question: Write about the Effects of Electronic Banking to the Global Economy. Answer: Introduction Advancements in the area of technology have increased the level of competition in the market for customers. This calls for the players to come up with strategies that will ensure that they remain relevant in the highly competitive market. Financial institutions are not an exception in this competition. To cope with the competition in the market, banks have embraced the use of electronic banking systems (Guriting Ndubisi, 2006, pp.6-15). Through electronic banking, banks have improved the efficiency of services offered to their customers across the world hence increased the number of people who have access to banking services. Through financial institutions, individuals are able to obtain loans to set up business as well as expand their business. These activities contribute to the global economy as the individuals are able to pay tax enabling various nations to collect revenue (Gerrard, et al. 2006, pp. 160-168). Hence electronic banking systems have affected positively the global economic growth. This is a proposal of a research that will be conducted across the world to assess the effects of electronic banking to the economies of various nations of the world as well as to recommend measures that should be implemented to increase the usability of electronic banking systems as a way to improve the global economy (Guriting Ndubuisi, 2006, pp. 6-15). Literature Review Financial services play a crucial role to the growth of any given economy in the world. Any move to improve access to financial services in the present world have been encouraged since access to financial services is a mong the key drivers of the global economy. One of the notable areas of advancement that has been embraced in the financial sector and contributed to the growth in the global economy is the use of the electronic banking systems (Riquelme Rios, 2010, pp.328-341). Due to the immense benefits that have come as a result of the use of electronic banking systems, various researchers across the world have conducted researches in this area with the aim of improving the usability of electronic banking. For instance, Thulani (2009) conducted a research to assess the contribution of the electronic banking systems to the global economy. Thulani points out that the use of electronic banking systems has seen customers shift from using traditional methods which were slow and inefficient such as letters, faxes and original signatures to access bank services. This system has indeed transformed the banking sector and improved accessibility to financial services.(Yee-Loong, et al. 2010, pp. 267-287). He Thulani maintains that through the use of electronic banking systems, modern banks are able to access and offer its essential functions of communication, transactions as well as receive and disseminate information. Cisco (2009), also points out the importance of electronic banking systems to the global economy. He further maintains that the modern customers is more aggressive and wants to be given an opportunity to determine factors such as where, when and how to access banking services. Through online banking, customers are able to access banking services at their convenient locations and time. This has in turn encouraged many people to have access to banking services which contributes to the positive growth of the global economy. Methodology To enable collection of both qualitative as well as quantitative data, this research will employ the use of both primary as well as secondary data collection methodologies. The research will also use data collection techniques such as research philosophies, research approaches, research design as well as the sampling data collect the relevant data able to address the research problem. To be able to collect data that will enable the research to make contributions to the existing theories and generalizations about the topic of study, this research will use an inductive research approach. Moreover, the research will use an interpretive research philosophy to collective, analyse and interpret the data to answer the research questions. A survey questionnaire will be used to obtain information from respondents that will answer the research questions. To obtain credible data, the research will employ the use of a sampling process to select respondents that represent the heterogeneous popula tion. Respondents will be selected randomly to represent the larger population and to fill in the questionnaire (Vatanasombut, et al. 2008, pp. 419-428). Respondents from across the world will fill in the survey questionnaire online. The research will also use secondary research methodology to collect secondary data that will address the research problem. Some of the secondary sources of information that the research will use include, books, journals, articles as well as internet sources such as Google Scholar. The data collected from the research will be analysed using the SPSS system as well as Cronbachs alpha coefficient. Ethical Statement The research will be carried out with objectivity, transparency, honesty, integrity and confidentiality. For ethical reasons, all information collected will only be used for the purpose of this research and the researcher will ensure that they observe a high sense of responsibility in the publication of the data collected during the research process. (Kuisma,et al. 2007, pp. 75-85). The information given by the respondent must be treated with a high degree of responsibility and ensure that the privacy of the respondent is respected and protected at all times. Any information can only be collected with the permission of the respondent. Research Limitations During the research process, the researcher is likely to face a myriad of challenges such as; Financial factors; costs will be incurred in the collection of data such as internet charges to access respondents online. Language barriers; there will be communication problems due to the use of unfamiliar languages by some of the respondents. Time Frame It is proposed that the research be conducted within a period of one month beginning 1st April 2018 to 1st May 2018. Bibliography Amin, H., 2009. An analysis of online banking usage intentions: an extension of the technology acceptance model. International Journal of Business and Society, 10(1), p.27. Gerrard, P., Barton Cunningham, J. and Devlin, J.F., 2006. 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