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E-BANKING AND MNC Flashcards

1
Q

These use of computers and telecommunications enables banking transactions to be done by telephone or computer rather than through human interaction.

A

E-BANKING/ ELECTRONIC BANKING

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2
Q

Features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments.

A

E-BANKING

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3
Q

Reduced the physical transfer of paper money and coinage from one place to another or even from one person to another.

A

ELECTRONIC BANKING

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4
Q

Relies on intricate computer systems that communicate using telephone lines.

A

ELECTRONIC BANKING

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5
Q

A method of banking in which the customer conducts transactions electronically

A

ELECTRONIC BANKING

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6
Q

A form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, checks, or other types of paper documents.

A

ELECTRONIC BANKING

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7
Q

TYPES OF E-BANKING:

A

INTERNET BANKING
MOBILE BANKING
AUTOMATED TELLER MACHINE
SMART CARDS
ELECTRONIC FUND TRANSFER
ELECTRONIC CLEARING SERVICES
TELEBANKING
DOOR STEP BANKING

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8
Q

also known as electronic fund transfer

A

ELECTRONIC BANKING

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9
Q

ELECTRONIC BANKING IS KNOWN AS?

A

ELECTRONIC FUND TRANSFER

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10
Q

It covers some electronic consumer transactions.

A

ELECTRONIC FUND TRANSFER ACT

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11
Q

known as net-banking or online banking, is an electronic payment system that enables the customer of a bank or a financial institution to make financial or non-financial transactions online via the internet.

A

INTERNET BANKING

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12
Q

Federal Reserve Wire Network, called Fedwire. This system allows participants to handle large, time-sensitive payments, such as those required to settle real estate transactions.

A

LARGE SYSTEM

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12
Q

ATM network, a set of interconnected automated teller machines that are linked to a centralized financial institution and its computer system.

A

SMALL SYSTEM

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13
Q

Brick and mortar:

A

TRADITIONAL

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14
Q

Click and Mortar:

A

MODERN/DIGITAL

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15
Q

bank of America as one of the First Institutions to Develop the Idea of Electronic Computers for Banking Tasks.

A

1950s

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16
Q

New York City Banks Test At-Home Banking

A

1981

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17
Q

Bank of Scotland Institutes First UK Internet Banking Services

A

1983

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18
Q

NetBank is Founded

A

1996

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18
Q

Stanford Federal Credit Union Offers U.S. 13 Internet Banking

A

1994

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19
Q

Bank of internet USA is founded

A

1999

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20
Q

Bank of America has 3 million Online Customers

A

2001

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21
Q

80% of US Banks offer internet banking

A

2006

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22
Q

Ally Bank is launched

A

2009

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23
Online banking is standard practice
2018
24
Online Baking is growing faster than the internet
2010
25
When is “National Online Bank Day”
OCTOBER 14
26
BEST BANKS IN THE PHILIPPINES 2023 ¬– FORBES
CIMB PNB BPI UNION BANK BDO LANDBANK PSBANK RCBC MAYA BANK ROBINSONS BANK
27
business owners, accounting staff and other approved employees can routine access banking activity such as deposits, cleared checks and wired funds quickly through an online banking interface.
BUSINESS ACTIVITY REVIEW
28
e-banking leads to productivity gains. Automating routine bill payments, minimizing the need to physically visit the bank.
IMPROVED BUSINESS PRODUCTIVITY
29
banking relationships and costs are often based on resource requirements.
LOWER BANKING COST
30
REASONS WHY ONLINE BANKING IS IMPORTANT IN TODAY’S TIME
SECURITY ASSURED ACCESS: NO PROBLEM NO HIDDEN FEES CONVENIENCE GUARANTEED MONITOR YOUR ACCOUNTS CLOSELY
31
automation of payments, wires or other consistent financial activities ensures payments are made on time and may prevent errors caused by keyboard slips or user error.
REDUCED BANKING ERRORS
31
encryption client identity system guarantee authenticity, legality, and effectiveness of the customer information to prevent theft account, identity risk.
The System of Encrypting Client Identity
32
WHAT ARE RISK CONTROL OF ELECTRONIC BANKING
1. Access to Electronic Banking Market Must be Strict 2. Strict Approval of Electronic Banking 3. Follow the Termination Rules of Electronic Banking 4. Improve the Risk Management System of Electronic Banking
32
increased scrutiny of corporate finances through audits and anti-fraud measures requires a high level of visibility for all financial transactions.
INCREASED SCRUTINY AND REDUCED FRAUD
32
criminalizes unlawful activities such as graft and corrupt practices, fraudulent practices, robbery and extortion, swindling and plunder, amongst other activities
ANTI MONEY LAUNDERING ACT OF 2001 OR RA 9160
33
the system of encrypting client identity safety assessment measures
RISK CONTROL OF ELECTRONIC BANKING
34
the information disclosure system urged the bank to keep customer protection and privacy laws and regulations, it can help to restrict bank legal risks and reputation risks.
Information Disclosure System of the Bank
35
electronic equipment safety is the unity of applied and the in ternal control system, its function is to ensure the integrity, authenticity and confidentiality of the data and the operation process.
Electronic Equipment Safety Measures
35
bank and the customer have the law relationship of financial service, the electronic payment service agreement between the bank and its customer can improve safety consciousness of the customer, prevent the comprehensive business risk.
SERVICE AGREEMENT
36
safety evaluation refers to in process of developing electronic banking business electronic banking safety strategy, financial institutions should inspect and assess the safety test and control ability on the safety strategy, internal control institution, risk management and the consumer security.
Safety Assessment Measures
36
acompany that does business in select few countries around the world and operates facilities such as warehouses or distribution centers in at least one foreign country
MULTINATIONAL COMPANY
37
An enterprise that is headquartered in one country but has operations in one or more countries.
MULTINATIONAL CORPORATION
38
according to the possible risk due to internal procedures, service, product transfer caused by abnormal condition, the bank should ensure that emergency measures.
Emergency Treatment Measures
39
have a strong presence in their home country.
DECENTRALIZED CORPORATION
39
4 TYPES OF MNC
DECENTRALIZED CORPORATION GLOBAL CENTRALIZED CORPORATION INTERNATIONAL COMPANY TRANSNATIONAL ENTERPRISES
40
where decision-making authority, operations, and management are spread across different locations or subsidiaries, often with a significant degree of autonomy.
DECENTRALIZED CORPORATION
41
a central administrative office in the home country. They may outsource production to developing countries to save time and production costs while making use of local resources.
GLOBAL CENTRALIZED CORPORATION
42
characterized by a centralized management structure that makes key decisions and controls operations from a single headquarters or main office.
GLOBAL CENTRALIZED CORPORATION
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conducts business activities in multiple countries, but it does not necessarily have a strong integration or coordination of operations between these countries. Each country's operations may function relatively independently
INTERNATIONAL COMPANY
44
utilize the resources of the parent company to develop new products or features that will help them gain a competitive edge in local market
INTERNATIONAL COMPANY
44
have a narrower focus, which is regarding a particular market in a country or region.
TRANSNATIONAL CORPORATION
45
may only produce goods or services that can be sold in a specific market, such as cotton products, snacks, etc
TRANSNATIONAL CORPORATION
46
Countries with the most number of MNCs based there;
USA CHINA JAPAN UK (UNITED KINGDOM) AUSTRALIA CANADA INDIA TAIWAN SOUTH KOREA FRANCE SWITZERLAND SWEDEN GERMANY HONGKONG
47
Challenges of Multinational Companies
Cultural differences Different political and legislative Environments Long supply chain Managing geopolitical and economic risk competition in the global market currency fluctuations
48
This refers to difficulties in the localization of products, marketing strategy, and corporate culture
Culture Differences
49
MNCs have to adapt to different regulations affecting their
Different political and legislative environment
50
Coordinating transportation from one country to another can be very complex and time-consuming.
long supply chain
51
This refers to the political and economic stability of the host countries
managing geopolitical and economic risk
52
Competing with other global companies can be more challenging
competition in the global market
53
MNCs are affected by changes in exchange rates of multiple currencies
currency fluctuations
54
Culture is what shapes us, it is the reason we have certain beliefs, influences how we behave and is what gives us our identity
cultural diversity
55
Other cultures perceive time as cyclical and endless. More importance is placed on doing things right and maintaining harmony, rather than worrying about getting things done “on time”
attitudes towards appoinments and deadlines
56
a promise to give yourself, your money, your time, etc., to support or buy something: Try the product for two weeks with no commitment to buy.
attitudes towards agreements and commitments
57
FACTORS WHICH CONTRIBUTE TO THE GROWTH OF MNCs
Market expansion Market Superiorities Financial Superiorities Technological Superiorities
57
ADVANTAGES
Access to consumers Access to labors Overall development Technology Research and development Exports and imports MNC's to help in curbing local monopolies
58
DISADVANTAGES
Laws Intellectual Property Political Loss of local business Loss of natural resources Money flows Transfer of capital
59
Multinational enterprises based in the Philippine
Jollibee San Miguel Corporation SM Max's Group
60
DIVERSITY CREATES LACK OF COHESION
a. mistrust b. miscommunication and language barriers c. work stress

GLOBAL BANKING (2 decks)

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