Online Financial Services Essay Example

Online Financial Services Essay Example Online Financial Services Essay Online Financial Services Essay Introduction Services What are services? They are defines as concerned with performing tasks in and around households, business firms and institutions. Services industries are those domestic establishments which are providing some kind of services to businesses, governments and other organizations. FIRE, business and health services are the largest service industries. Business services include activities such as consulting, advertising, marketing and information processing. Categorizing service industries With these service industry groups, companies can be further categorized into those that involve transaction broking and those than involve a ‘hands on’ service. For instance, one type of financial service involves stockbrokers who act as the middle person in a transaction between buyers and sellers. Online mortgage companies refer customers to mortgage companies that actually issue the mortgage. In contrast, legal, medical and accounting industries perform specific hands on activities for their customers. In order to provide their service, these professionals need to interact directly and personally with their client. In this the opportunities for ecommerce are somewhat different. Currently doctors and scientists cannot treat patients over the internet but internet can at least assist their services by providing consumers with information, knowledge and communication. Features of service industries Knowledge and information intensity – With some exceptions such as providers of physical services such as cleaning, gardening and so on, and the most important feature of service industries is that they are knowledge and information intense. They process a great deal of information and employ people with the requisite skill and expertise. For example lawyers for legal services. However, financial services sector is not so knowledge intensive, but it requires much larger investments in information processing just to keep track of transactions and investments. In fact the financial services sector is the largest investor in information technology, with over 80% of their invested capital going to information technology equipment and services. For this reason, many ecommerce services are suited to ecommerce applications and strengths of the internet to collect, store and disseminate information and provide reliable and fast communication. Personalization and customization – Services differ in the amount of personalization and customization required in them to be delivered but still all types of services involve some amount of it. Services like legal, medical and accounting require extensive personalization – the adjustment of a service to the precise needs of a single individual or object. Others allow individual some personalization to choose from a restricted as in case of financial services. The ability of internet and ecommerce technology personalize and customize service or components of service is a major underlying the extremely rapid growth of ecommerce services. Further the amount of customization also depends on the ability of ecommerce or internet to do so. Online Financial Services The online financial services sector is a shinning example of an ecommerce success story. With the innovative, pure online firms have been instrumental in transforming the brokerage industry, the impacts of ecommerce have been somewhat less powerful in banking, insurance and real estate where customers are more likely to use the web for research, but conduct research for traditional suppliers. In addition, pure online financial firms are not yet profitable. The costs of marketing and technology have far exceeded the early estimates of experts. As in the retail marketplace, it is the multichannel financial firms who are showing the fastest growth and strongest prospects of long term revival. Online Banking and Brokerage Online baking was pioneered in the US by NetBank and Wingspan in 1996 and 1997 respectively. Traditional banks had developed earlier versions of telephone banking but did not use online services until 1998. Although late by a year or two, the established brand name banks have taken a significant lead in market share as measured by number of unique visitors. Same goes as true for the brokerage firms as well Early innovators such as E*Trade and Ameritrade had been displaced from their leadership positions by the financial industry giant Fidelity and discount broker pioneer Charles Schwab. Merrill Lynch, The largest brokerage firm in the United States did not develop an online presence until 2000, but it rapidly added new clients after going online. Online Banking Behavior and Preferences Any belief {or maybe even wishful thinking) that the Internet is just a passing fad seems to be laid to rest by a new survey from CashEdge in New York. The survey polled more than 400 consumers nationwide who use online banking. Eighty-five percent of the survey participants said they would bank only with an institution that offered online banking capabilities. In addition, 82 percent said they would use more online capabilities if offered to them. Other survey findings noted that 87 percent of respondents have more than one institution where they keep their money. Along those same lines, 71 percent said they would prefer not to have to use checks or cash, but would rather use online funds transfers. Online usage has also created more of a demand for speedier service. Seventy-four percent of those polled said they expect a new bank account to be available for use the same day that they sign up for it. The popularity of online banking has been based on both speed and convenience. A majority (66 percent) of those surveyed considered having to go to a branch to be a chore. At the same time, 88 percent said they tried to cut down on their visits to the bank while 75 percent said that if they could, they would never go for a branch and would instead do all their banking online. Granted, these are online banking customers being polled, so the results may be somewhat biased. Still, the numbers do show a growing reliance on the Internet as a means for banking. Finally, customers polled said they do have concerns regarding online banking. Close to 50 percent cited security as a main concern about conducting banking transactions over the Internet. In addition, 14 percent said the issue of security keeps them from banking online. Online Mortgage and Lending Online mortgage lending is a growing field that is starting to seriously compete with traditional ‘person lenders’. The process is relatively easy. The important thing to remember is to make sure your know the ins and outs of any and all online home mortgage loans prior to submitting your personal information. In some cases, youll find fees can be much cheaper than traditional in person lenders. Further, you may discover a greater range of mortgage loan programs available. Among the highlights of these programs may be lower rates of interest and flexible repayment terms. Also, borrowers with a bad credit history may find online mortgage lending to be the answer to their prayers. In most cases, web-based lenders offer more alternatives to those with less than desirable credit ratings. Finally, it can shave a ton of time off of the traditional in person route and having to wait (what might be several days) to be approved. The bonus here is if you dont get approved the first time, you can apply to another lender right away and like the first time; youll get your answer quick. Its important to realize that not all online mortgage lenders have representation in all states. Before taking the time to apply online, its in your best interest to make sure that the lender in question is represented in the state in which you reside. A big negative is unfortunately accountability. Its your job as the potential borrower to do your homework and keep on top of your application. Its wise to check out the company to make sure theyre legit and will be able to fulfill any promises they make regarding terms and interest rates. Unfortunately with both traditional and online mortgage lending, the mortgage loan programs offered may be more in lenders best interest than in yours. Again, its so very important that you do some research and comparison shopping. Just like with traditional in person lenders you want to make sure that it is in your best interest not theirs. Another possible negative is the fact that some lenders will charge you a fee prior to you learning whether or not your application has been successful. Please note that some traditional lenders also ask for a fee upfront. Borrowers beware there are many legitimate traditional and online lenders than dont insist on such a fee. Unlike any negative dealings you may have with traditional mortgage lenders, online mortgage lending isnt regulated by a governing organization in which you can complain to. The bottom line is that while online mortgage lending may be the way of the future, its also important to research the lender and ask the right questions. And, while applying for a mortgage loan online may seem like a great idea, dont discount the value of getting a comparison quote from a traditional in person lender. Financial portals A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. Financial portals are intended to give clients all the finance-related information they need. Often, the portals themselves will provide visitors with quotes, research, articles, analyst recommendations, etc. Financial portals may also provide links to various relevant sites that offer this kind of information. In addition, many financial portals provide email accounts, chat rooms and web forums. They provide their comparison with comparison shopping services, independent financial advice and planning. On the contrary, independent portal do not themselves offer financial services but act as steering mechanisms to online providers. They generate revenue from advertising, referral fees and subscription. Financial portals are a major source of visitors to major established financial services sites. For instance, about one third of visitors to Wells Fargo began their sessions at a financial portal. About 20% of visitors to established sites exit to portal sites. These have become so important to established online service firms that some providers like Charles Schwab and Citibank went ahead and have developed their own portals myschwab. com and myciti. om respectively, which permits users to personalize their financial web pages and provide account aggregation services. In general, financial portals do not offer financial services but instead they make their money from advertising and add to the existing online price competition in the industry. They are also a counter strategy of the large banking institutions to ensnare consumers into a single branded financial institution system with a single account and high s witching costs. Financial Portals are Hot, but for Whom? Suddenly-even by Internet time-the long sought one-stop financial portal has arrived. E-banking watchers are predicting that very soon, most big banks and some smaller ones will be sporting websites where customers can come to handle all of their financial affairs. Whats been missing until now is the ability to aggregate information and perform transactions that involve a customers accounts at rival institutions. Rich payoffs await the bank that can field a full-service financial portal. Its customers will likely visit he site more often, stay longer, and use more services. An early-adopting bank has the chance to become its best customers primary bank, where all financial information is consolidated into always-available net worth statements. For high-net worth customers, basic banking will likely evolve into online versions of what is now being called wealth management. Financial services industry trends The financial services industry provides four different types of services: sto rage and access to funds, protection of assets, means to grow assets, and movement of funds. These have been traditionally provided by separate firms. However, changing the institutional structure of the financial services industry has direct consequence for the online financial services. The trend contributing towards this cause is the industry consolidation or in other words movement towards integration financials services. Unlike in the traditional times, when banks were not allowed to operate in more than one area and industries like banking, insurance, brokerage were prohibited to from having significant financial interests in one another. Due to this concept only, some very small banks emerged in US in the past and it was also once called the most over-banked country in the world at that time. But this has long back faded into oblivion. Today the concept which is fast catching up is integration of financial services under one umbrella. Industry Consolidation and Integrated Financial Services Financial supermarket Most of the big online stockbrokers offer basic banking services like check-writing, automatic deposit, online bill payment and even A. T. M. cards. Now some companies are pulling out all the stops to convince customers to combine all their financial accounts with them, instead of keeping money at an assortment of institutions. This is called a financial supermarket. First, Bank of America announced that customers with at least $25,000 in traditional bank accounts - like checking, savings, money markets and certificates of deposit - could trade stocks free on the company’s brokerage Web site. Now some online brokers have sharply raised the interest rates they pay on checking accounts. Some time back, E*Trade Financial, based in New York, raised its top rate for checking to 3. 25 percent from 0. 8 percent. In late April, Charles Schwab bolstered its top checking rate to 4. 25 percent, from 2. 58 percent. Consumers have often preferred choosing their financial services a la carte - picking an interest-bearing checking account here, and a stock-trading site there. But financial services companies clearly have something else in mind. But there is dark side to it as well. Consumers should think carefully before combining their financial accounts with one company. The flip side to the convenience may be a decrease in investor privacy and data security. If a hacker broke into a company’s computers, then potentially they will know all of your sensitive information. People who combine their checking and brokerage accounts with one company should be prepared for cross-selling, the industry’s term for marketing many different financial products and services to customers. It is advised that customers should shop around before buying additional financial products, like mortgages and certificates of deposit, and not just to accept the rate at a company where they already have an account. Mortgages are a great example because the difference in cost over the life of a mortgage can be truly astronomical. The promise of internet and ecommerce technologies in the long rum would be to take the financial supermarket model one step further by providing a truly personalized, customized and integrated offering to customers based on their complete understanding in terms of his financial behavior, life cycle status, and unique needs. It will take time to accomplish this thing and also develop the technical infrastructure and consumer behavior toward a much deeper relationship with online financial service institutions. Online Financial Supermarkets. Dont bet on them. Big brokers would love nothing better, but consumers arent likely to bite At E*Trades Web site, you can buy shares in initial public offerings, do your banking, and get a 5% discount on a bottle of Le Parfum de Golf. At the American Express Co. site, you can pay your charge-card bill, trade stock, and book a flight to Kiev or Kuala Lumpur. Merrill Lynch Co. s ML. com will soon have $29. 95 stock trades, videos featuring Merrill market mavens, and an auction for diamond earrings. The Web sure is hip. But does anyone really want all this from a stockbroker? Financial-services companies have long wanted to create giant financial super markets. And financial services companies on the Web are no different. The goal has been to offer consumers banking, investments, insurance, loans, and financial planning in one convenient place. The strategy has failed for decades, and it will fail again online unless financial-services firms radically change the way they sell their products and learn to compete on price. The core difficulty for such would-be supermarkets is that they face a constant barrage of competition from companies pitching better products or services at lower prices. Just as online brokers squeeze commissions down to an average of $15 a trade, American Express offers free buy orders for customers with balances of at least $25,000. Just as portal Yahoo! Inc. popularizes a Visa card featuring 5% discounts for online purchases, startup NextCard Inc. offers similar shopping bargains plus a choice of cards with various rates and terms. And you can design the picture on your card yourself. For free. Funneling The truth is, it probably doesnt hurt to offer sideshows such as earring auctions and perfume discounts. The problem for the one-stop shops comes when they try to funnel online customers into high-priced, proprietary products, which may well alienate Netizens accustomed to saving money online. Those potential customers will click through and be on their way, and its not hard for them to find a better deal. At E-Loan Inc. , you can compare low-rate mortgages from countless lenders. At least a dozen sites offer insurance shopping services. And new firms such as VerticalOne Corp. and a host of others let you maintain multiple online financial accounts from different companies at one Web site. Internet or not, people dont want to be tied downsomething online brokers know all too well. Many customers use online trading as a mere adjunct to their primary accounts at full-service brokers. And if they arent satisfied with one online broker, theyll switch to anotherand complain about their problems on message boards for all to see. A Forrester Research study found that only 16% of consumers are willing to keep their assets in a single institution. And theyre not eager to give up choice, especially when new financial products and services pop up online all the time. The Web is a world where consumers are in charge, and they can move money in an almost frictionless environment, says Forrester analyst James Punishill. Its easy to understand why the financial industry is rushing to develop large-scale financial Web sites. Consumers want to consolidate their financial lives on the Webbut not with just one firm. Successful online companies wont try to pigeonhole customers into the same old proprietary products they sold pre-Internet. Theyll offer a broad selection, use the power of the Web to facilitate comparison shopping, and explain why a premium is justified for higher-priced products. In financial services, the Net has changed the rules. Account aggregation Account aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. This may include a database or may be provided through screen scraping where a user provides the requisite account-access information for an automated system to gather and compile the information into a single page. Usually this database resides in a web-based application or in client-side software. While such services are primarily designed to aggregate financial information, they sometimes also display other things such as the contents of e-mail boxes and news headlines. One of the first major account aggregation services was Citibanks My Accounts service, though this service ended in late 2005 without explanation from Citibank. Much has been said in the financial services and banking industry as to the benefits of account aggregation principally the customer and web site loyalty it might generate for providers but the lack of responsibility and commitment by the providers is one reason for skepticism about committing to those same providers. The service helps users to manage their money on the Internet (typical desktop alternatives include Microsoft Money, Intuit Quicken etc) in an easy to use manner wherein they get functionalities like single password, one-click access to current account data, total net worth and expense analysis etc. Multiple U. S. financial institutions and credit unions are providing the service, however most of the time a vendor, such as Yodlee or Vertical One, is the technology solutions provider. Both these are the leading account aggregators. They use the screen scrapping technology and software tools to pull information from upto one thousand different financial sites. A smart mapping technology is also used sometimes so that if the underlying websites change, the scrapping software can adapt and still find the relevant information. Account aggregation has evolved with single sign-on at most major banks such as Bank of America. With SSO (usually implemented via SAML) major financial institutions are now expanding their aggregation services into new areas. Rich Presentment (getting all the information about a bill that you owe) is a service that uses Aggregation extensively, and can be seen at AOL, using AOL Bill Pay. Aggregation also powers applications such as Funds Transfer, New Account Openings, Card Based Bill Pay and so on. Independent Financial Advisors are another group that account aggregators are beginning to focus their attention. Having seen increasing competition from the wirehouses and breakaway brokers, positioning themselves as their clients primary advisor is not as easy as it once was. Account Aggregation should be able to help many of these advisors gain the competitive edge by providing a look into their clients held-away and non-managed accounts. Aggregators such as Advisor Exchange and CashEdge specialize in working with the advisor industry and provide historical, transaction level data that is normalized and reconciliation ready The main consumer and regulatory issues generated by account aggregation services include: Disclosure including disclosure about the risk of using an aggregation service; Liability for unauthorised transactions it is important to determine for losses caused by unauthorised transactions. For example, under the current regime, a consumer who discloses their password or PIN to an aggregation service may lose the protection offered by the EFT Code if an unauthorised transaction occurs; Liability for other losses for example, losses caused by misrepresentations, inaccurate information, poor quality of the service, downloading software, interruption of the service, etc; Privacy – e. g. ho has access to personal information, and what will the information be used for; Security especially the security of any location where account information is stored by the aggregator; consumer education; Complaints and dispute resolution most aggregation services surveyed do not appear to provide internal or external complaints resolution processes; Cost of aggregation services, and debt recovery; Cross-jurisdictional issues for example, what are the implications if the ggregator is based in another jurisdiction; Regulation of aggregators should they be subject to the same pru dential supervision framework and other regulations that apply to deposit-taking institutions and/or other financial institutions? ; The implications of the Financial Transaction Reports Act, which is designed to deter money laundering and tax evasion. Security Understanding Consumer Preferences for Authentication Methods Would online banking increase if financial institutions provided their customers with ways to enhance security? A new survey TriCipher Consumer Online Banking Study, suggests that may well be the case. Conducted by Javelin Strategy Research, the survey found that 31 million U. S. consumers would begin banking online and another 39 million consumers would increase their online banking activity if offered free identity protection software by their banks. In fact, this authentication method was chosen by 53 percent of respondents. The second most popular authentication method- chosen by 33 percent of survey respondents- was biometrics, which uses a dedicated hardware device to verify such physical characteristics as a fingerprint. The survey also tracked consumers preferences of the following authentication methods. E-mail or SMS One Time Password (21 percent): An e-mail or text message is sent with a random second password. OTP Token (20 percent): A small electronic device provides a constantly changing password. Out-of-Band (16 percent): A call is made to a registered phone number, requesting that a user enter his or her password over the phone, Peripheral Device Recognition (15 percent): Connection of a removable device (e. g. iPod, cell phone) owned by the consumer Scratch-off Card (11 percent): A card containing several PINS that are scratched off one at a time Exploring the Electronic Vault With electronically signed documents growing in popularity, especially for processing mortgages, banks are facing the question of how to protect and manage them. Banks must provide airtight security, yet at the same time make the documents accessible to a broad range of personnel. Electronic vaults can solve the problem, according to ‘Advanced Electronic Vaulting Solutions. A white paper from eOriginal, a Baltimore based provider of electronic document solutions. An electronic vault, as defined in the companys white paper, manages the legally binding. Authoritative Copy of an electronically signed contract or other document, and possibly its related transaction documents, in a secure location where it is held and transitioned during the entirety of its lifecycle, Electronically signed documents have been legally viable since 2000, when President Clinton signed the Electronic Signatures in Global and National Commerce (E-SIGN) Act into law. When an electronic vault is in place, once a document has been e-signed, a final copy is immediately sent to an electronic vault, where access can be controlled. From then on, a log will keep track of anyone who accesses the document, including such functions as printing or copying. An electronic vault can provide additional benefits beyond chose of security and access. For example, using electronic vaults can demonstrate that an institution has an original, untampered document, which enhances the integrity of the document. In addition, the secondary market requires that documents be stored in a secure, closed system, and electronic vaults fit the bill. An effective vault system can even indicate the new owner of a loan document, without tampering with the original document in any way. When judging the effectiveness of an electronic vault system, financial institutions should consider several requirements: 1. All documents should be protected, encrypted and time-stamped. 2. Privileged access rights to the documents should be maintained and enforced. . A complete audit trail should be kept for each document, including document access and transfer of ownership. 4. The document should be tested on a regular basis to determine whether any alterations have been made. 5. A vault system must be able to destroy an electronic original in the case where a paper copy becomes the legal version. Financial industry requirements for better authentication The success of this Web-based channel has bred new problems, pri marily in the orm of new types of online fraud, online versions of traditional fraud, or offline fraud that leverages vulnerabilities in online services. So far, the financial industry has been remarkably effective at controlling this fraud,1 but financial institutions cannot assume that current fraud-control measures will always be effective, and in any case the public visibility of fraud schemes such as phishing is eroding consumer confidence in the safety of on-line financial services, which troubles both financial institutions and their industry regulators. One fundamental issue is authentication. Consumers are not as sure as they should be of the legitimacy of the Web sites they interact with, while the ability of financial institutions to authenticate their customers is being undermined by phishing schemes and other attacks aimed at stealing passwords and other sensitive information. The net effect is that people are losing confidence in the safety of conducting their financial business on the Web, which will have a negative impact on the growth and adoption of online financial services no matter how effective the financial industry is in controlling actual fraud losses. Government regulators, of course, are also concerned about this trend. With these concerns in mind, the Financial Services Technology Consortium (FSTC) last year initiated a project aimed at defining â€Å"Better Mutual Authentication† practices for online delivery of retail financial services. This project has brought together major financial institutions from the banking and securities sectors, along with leading technology vendors, industry associations and observers from government agencies. New insights have emerged from this Project regarding the nature of authentication in a Web/Internet context, including the conviction that- although the necessary technology is largely available in theory- current Web authentication practices must be substantially improved if customer confidence is to be restored. FSTC’s BMA Project encourages and supports efforts by W3C to coordinate broad-based initiatives to improve Web authentication, and Project participants are likely to contribute to, or leverage, W3C’s initiatives. From the FSTC BMA Project’s perspective, requirements need to be addressed in the following eight areas: 1. Usability 2. Mutuality 3. Credibility2 4. Scalability 5. Availability 6. Interoperability 7. Flexibility 8. Adaptability For financial services, the first three- usability, mutuality, and credibility- are the core requirements. Usability is vital. Embedded in the hardware, operating system, browser, and internet services available today in the average computer is a truly impressive array of security technology, but it’s nearly impossible for the average consumer to make effective use of it, or even to determine if it is working correctly. Customer confidence in financial services can only be achieved if customers are able to confirm through trustworthy user interfaces that their Web interactions are safe. At the same time, customer safety depends on protection from impostors who may attempt to impersonate either the customer to the financial service, or the financial service to the customer; hence, the need for mutual authentication. Credibility2 of authentication requires that both customer and financial institution confirm the authenticity of the other party using something better than just passwords or other shared secrets. Beyond these core requirements, no authentication solution can be effective for retail financial services unless it can scale to support the entire consumer population. And consumers will resist adopting any new measures that impact availability of services, or that are too likely to break. Given the diversity of consumer needs, various authentication techniques will be required, and so interoperability is essential. Evolving consumer requirements indicate that flexibility is necessary to allow consumers to utilize multiple platforms in an anywhere, anytime online context. And, emerging threats and ever more sophisticated attacks from increasingly organized adversaries implies that viable solutions must be adaptable to a range of new threat scenarios. FSTC’s BMA Project participants recognize that the problems of Web authentication cannot be addressed by any one organization, or even by an entire industry acting alone. Instead, a coordinated approach is required involving: Operating System (OS) developers Providers of end-user computing platforms- e. g. PCs, mobile devices Browser developers/vendors Web server software vendors Vendors of authentication techniques PKI service providers Web content providers- e. g. , financial institutions Internet Service Providers (ISPs) Standards-setting organizations Industry associations Government agencies End users- e. g. , consumers, citizens W3C is well positioned to bring together many of these players to establish common objectives and align their respective strategies. Financial Industry Re commendations Leverage PKI More Effectively – PKI alone, as currently implemented, does not allow a user to distinguish between a financial institution Web site and one that, although belonging to an impostor, has nevertheless obtained some sort of certificate and supports https sessions One possible approach would be for the financial industry to establish new guidelines for a restricted subset of the existing certification hierarchy that would issue certificates only to financial institutions, and then to add new indicators to the browser â€Å"chrome† that would let the user know whether a site’s certificate is certified by this â€Å"strong† certification hierarchy. Engage End Users in Mutual Authentication Perhaps the greatest concern with current Web authentication practices is that end users- the customers of financial nstitutions- are severely handicapped in their ability to know if the Web site they are viewing is legitimate or an impostor. The financial industry would like to see new approaches to Web authentication that actively engage the user in authenticating Web sites (financial services) as well as providing stronger evidence of the user’s authenticity. This will require active, two-way communications with users that provide consistent, understandable interfaces into the complete authentication process. However, user engagement should not become an additional burden or hurdle to be overcome. Instead, users should, at the very least, be given a dashboard they can trust and that provides the information they need when they need it, including useful alerts or warnings. Achieve Synergies with Alternative Authentication Techniques The financial industry recognizes that reliance on passwords alone is no longer adequate, given the current threat levels. Furthermore, the industry must address new regulatory guidance3,4 that calls for use of alternative authentication techniques that protect consumers from password theft and abuse. Multi-factor authentication is widely viewed as one of the more effective alternatives available to financial services providers. However, there are significant challenges with rolling out new authentication techniques that will adequately scale up to the many millions of consumers that already use online financial services. In particular, consumer adoption is a major concern. Improve Techniques for Managing Passwords No matter what new authentication techniques get deployed, the financial industry will continue to utilize passwords and other shared secrets that can be exchanged bi-directionally between customers and Web sites. Browsers already provide password management tools for users, and increasingly serve as the preferred â€Å"password vault† for end users. Unfortunately, this concession to user convenience also heightens exposure to potential abuses, and financial institutions are increasingly concerned about the mounting threats to their financial services and customer interests. Browsers also provide various means for end users to enter passwords through special-purpose dialogs, though all of these mechanisms are considered deficient in one way or another. The financial industry would like to see new password entry procedures incorporated into browsers that require prior establishment of TLS (SSL) sessions and that enforce effective security practices for use of passwords. Growing importance Small-biz adoption of online banking to surpass 50% More than half of U. S. small businesses will have adopted online banking by the end of 2007, according to a new research report. Small-business use of online banking grew dramatically from 1998 to 2007, and Tower Group, a Boston-area research firm focused on the financial-services industry, estimates a further 10-percent penetration by 2010. Despite the growth and revenue potential of small-business online banking many financial institutions continue to under-serve this vital market, Tower Group says its research shows. While 95 percent of banks in the U. S. offer a dedicated small business online-banking product. Many banks simply provide a re-branded version of consumer online offerings - rather than creating more advanced features that meet the unique needs of small businesses, the research firm contends. Small-business owners straddle the line between consumer banking and corporate cash management. They appreciate the simplicity of retail online banking, yet value the features such as multiple user access and electronic payments found in corporate online banking, Tower Group contends. Banks, credit unions and emerging non-bank competitors of all sizes are chasing the small business market in an effort to capture a share of this expanding segment, said Patricia Hines. senior analyst in the Wholesale Banking practice at Tower Group and author of the research. Highlights of the research include: In order lo retain existing small business customers, banks offering minimal features must expand online capabilities. Tower Group research found that less than 50 percent of banks include electronic payments in their small business online banking offering. At the upper end of the feature set, Tower Group expects banks to increase integration with other high-value online services such as employee payroll, merchant services, and investment management.

Forever Alone Pros of Celebrating Valentines Day Solo

Forever Alone Pros of Celebrating Valentines Day Solo Bunch of chocolate, cheesy cards, and flowers†¦who needs it? No one seems to care anymore that V-day is named after a Christian martyr that dates back to the 5th century! Here’s the gist: the most widely circulated story is that this guy, who the saints named Valentinus, was imprisoned and executed for ministering to Christians and performing forbidden weddings under the oppressive Roman Empire of that time. What does this have to do with Valentine’s Day cards, jewelry, dinner dates, and boxes of candy? There’s the forbidden wedding angle, okay, but what the holiday’s turned into and how it’s been commercialized should be an outrage! If you have the same opinion or just dont have a date to celebrate Valentines Day here are some reason to spend this day happily alone. You Can Spoil Yourself Guilt-Free Unlike all the couples in love you dont have to bother what to get your beloved one, how to organize the celebration. what to surprise them with. You can dedicate this day for you entirely. At the end of the day, you are your most valuable asset. Use this day to thank yourself for all the good things about who you are and about being you. There’s no one else in all the universe like you, and you are an absolutely mind-bogglingly extraordinary being; conscious, self-aware†¦you’re alive! However much cash you would’ve shelled out for a special someone, spend it on yourself instead. Imagine what you would do for someone that you’re head over heels in love with, selflessly, and do it for you! No narcissism needed, just good old fashioned self-appreciation. You Can Take Enjoy a Solo Date Valentines day is actually not about the gifts and declaring love. Its about spending good time together. So, why not do it on your own? Dont be such a boring couch potato, surprise yourself by taking yourself out on a date (no matter how ridiculous or pathetic it may sound). Dinner and movie? Zoo then the club? A day in a spa? How about the opera then a moonlit walk through the park? Whatever. Go hit the gym and workout extra hard as a reward and an acknowledgement of your prowess. V-Day can be the â€Å"all about me† day and there’s absolutely nothing wrong with that. You Can Meet New People Dont want to spend this day alone and all of your friends will be somewhere out with their dates? No problem, you can meet new people to hang out with. After all, 60% of breeding-age people in the modern world are single. Go to a single’s hotspot and mingle with all the other romantics who wish they were arm in arm with their one and only True Love. At least you will be sure you have one thing in common you are sing;e on Valentines day. Do your homework though and take this seriously. Investigate all the potential places to go and hang for a bit. You’ll likely end up focusing your resources on 1-3 places. Now, regardless of where you go, be sure you show up in your best outfit ready to celebrate being single. On Valentines day you will definitely have. You Can Throw an Un-Valentine’s Day Party! Instead of lovey-dovey movies and comic romances, how about action adventures or perhaps even horror? V-Day could be one of the best days for a â€Å"Die Hard† or â€Å"Lord of the Rings† party. These Un-Valentine’s day parties are increasingly common, so if you live in a bigger city or metropolis there’s likely a few going on within Uber, Cab, or driving distance. You never quite know what you’ll find when people put parties together to be the antithesis of V-Day. You Can Save Money and Even Profit Being a commercialized holiday, Valentines Day literally empties your wallet you buy gifts, cards, chocolates, pay for entries and dinner. Having no date cuts a half of these spending if you still want to have fun alone, or doesnt require any finances. What is more you can make profit of it. Here are some opportunities to make some money on valentines day: Buy roses en-masse and add a little margin Create and sell your own specialized V-Day cards Offer your services as a babysitter These are just some of the options, you can be creative and make up much more ways to benefit from this whole V-day idea. You Can Volunteer or Do Something for a Stranger Seriously, this will pretty much quench any of those icky feelings you may be experiencing. Go work at a shelter, read at a children hospital, make a new friend at a nursing home, or hand out free calories at a soup kitchen. This is actually, in reality, among the most appropriate ways to celebrate this day. If you want to take it one step further, you can do things for people anonymously. So, for example, you could anonymously pay the month’s utility bill for a poor family. You could send flowers anonymously to someone that just recently went through a bad heart-wrenching breakup. You get the idea. You Can Spend the Day with Your Dearest As we all know, romantic relationships and marriages can come and go. They DO come and go for most people these days throughout our lives. But family’s different. And, most of the time our best friends are different as well. Make the day about the people who love you. If you need, you can check out even more ideas on how to spend Valentines day if you are single. And there you have the cream of the crop solo-V-Day strategies to make it count. But, that’s just our opinion. If you’re going to be a solo act, what do you plan on doing this year? We’d love to hear!

Palestinian Islamic Jihad (PIJ) Term Paper Example | Topics and Well Written Essays - 1500 words

Palestinian Islamic Jihad (PIJ) - Term Paper Example Palestinian Islamic Jihad (PIJ) is one of such organizations. This paper will discuss PIJ within the context of its organization, origins, ideology, goals, and objectives. In addition, it will discuss its leadership, funding, and capabilities such as physical bases or support/operating location(s), communications methods, training programs, and personnel strengths. The paper will finally provide a description of suspected and known lethal agents/weapons and delivery methods, as well as surveillance methods, propaganda, procedures in prior attacks, and significant dates/events that may be used in planning attacks. The PIJ was founded in the late 1970s by three radical Palestinian students, Bashir Moussa, Fathi Shikaki, and Abdul Aziz Odeh, who were studying in Egypt (Alexander 2002). This group was an offshoot of the Muslim Brotherhood, an Islamist and Sunni religious movement which origin lies in Egypt. It aims at seeking broad moral, political, and social reforms based upon the Islamic principles (Hatina 2001). The founders of this group believed that the Muslim Brotherhood had abandoned the Palestinian cause and that they had become very moderate. The formation of PIJ was inspired by the Shi’a Islamic revolution that had taken place in Iran. He PIJ blended Sunni Islamic fundamentalism, Shi’a revolutionary thought, and Palestinian nationalism into its ideological agenda. The United States has designated this group as a Foreign Terrorist Organization (Rashid 2003). This group believed that the liberation of Palestinians and annihilation of Israel are prerequisites for the creation of a pan-Islamic empire. The group further stressed that the conflict between Israel and Arabs is over a fundamentally religious conflict and not so much over territory (Cook 2009). It is against this background that the group rejected any diplomatic activity or political arrangements aimed

The Effects of Time, Distance, And Shielding in the Chernobyl Nuclear Research Paper

The Effects of Time, Distance, And Shielding in the Chernobyl Nuclear Accident - Research Paper Example The fight to contain the effects and ward off a bigger catastrophe eventually involved more than 500,000 employees and a cost estimated to be in the region of 18 billion rubles. At the time of the disaster itself, 31 people died, and it had short and long term effects (Mara, 2011). One of the short term effect was the immediate hospitalization of 203 people and 31 of them died, 28 of those who died was because of being exposed to acute radiation. Most of them were the fire and rescue workers who were trying to contain the disaster to have it under control. They did not know the danger of being exposed to the radiation (coming from the smoke). Another short term effect was on the workers who were involved in the cleanup and recovery after the disaster (Mara, 2011). They picked up doses of radiation in high quantities. Mostly, they were not armed with personal dosimeters to ascertain the amount of radiation they received leaving experts with the only option of estimating their doses. People were also evacuated around the area of Chernobyl by the Soviet authorities after the second day of the disaster. A month later, everybody who was living inside the range of 30 km radius of the plant had been moved to a new place. Zone of alienation is the name given to the area. However, the environment over a wider scale than the enclosed 30 km radius area was affected by significant radiation (Lüsted, 2011). Some children in the affected regions were unprotected from the great amount of the doses, mainly because on taking of radioactive contaminated milk that was produced locally. Research has shown that thyroid cancer suffered by children in Russia, Belarus, and Ukraine has increased greatly since the disaster. A big forest of swath of pine was killed by the radiation. Farm animals were also taken away at the time of human evacuation. Levels of radioactivity have been observed in different

Charlie Wilsons War

Charlie Wilsons War Phase II: Synopsis In the year 1979 the Soviet Union took over the Afghan capital city of Kabul and started a war that devastated the people and land of Afghanistan. A congress man of Texas took it upon himself to help the Afghanistan people suffering from the Soviet Union invasion. Congressman Charlie Wilson, with the help of Gust Avrakotos and Joanne Herring, fought with stubborn politicians, nation leaders, and endured career damaging stories in order to give the people of Afghanistan a fighting chance. With the budget for the war effort being only 5 million, Congressman Wilson, with the help of an anonymous donator, raised the fund to more than 1 billion dollars. The Afghan war effort, set on an equal playing field with the Soviet Union, was able to overcome the Soviet Union and take back the Afghanistan peoples homes. Phase III. Analysis The movie Charlie Wilsons War takes place from 1979 to 1989 and tells the story of how the biggest covert operation in America happened. Charlie Wilson, a Texas congressman, who, with help, raised the necessary funds needed in order to give Afghanistan weapons that could help throw out the invading Soviet Union forces. Based on a true story the movie sticks to the facts and realistically portrays the main character, Charlie Wilson, and the events that lead to the freedom of Afghanistan. The film shows the importance of what happened and how it changed future events. Charlie Wilsons War described the proceedings from 19 years ago that shaped the way events have happened today. The movie focused on the funds, and how they were gathered, that gave the Afghan fighters the weapons and training that they needed. Congressman Wilson, with the help of others, raised the governments budget for the Soviet-Afghan war from a few million to 750 million. With a new flood of money and weapons to help in their fight, the Afghanistan people were armed and inspired to fight the invading Soviet Union forces. As a reward for making it possible to defeat the Soviet Union, Congressman Wilson was given the stinger tube that shot down the first enemy aircraft. Something about the events of the film that has to be noted is the impact that the events of the past had on our present. Had America not interfered, Afghanistan would have been taken over by the Soviet Union which could have lead to them eventually controlling Pakistan and the stores of oil. Allowing the Soviet U nion to take control might have prevented the conflict we have with the countries in the Middle East now. However, allowing both Afghanistan and Pakistan to fall into the hands of the Soviet Union would have meant that we would surrender the supply of oil Pakistan held. Charlie Wilsons War is a film of importance, showing scenes of historical events that have come to dictate the way both Afghanistans and Americas people live. Based on a true story, Charlie Wilsons War holds several historical events which should be noted. Inspired to help the refugee situation in Afghanistan after reading an Associated Press report, Congressman Wilson began to help build funds that would allow the Afghan people to fight the invading Soviet Union. Elected to be on the House Appropriations Subcommittee of Defense, Congressman Wilson was able to request, and receive, a doubled budget for the Afghanistan war. With the help of both politicians and private citizens, Congressman Wilson was able to raise enough funds to support the Afghanistan war effort. This covert operation, named Operation Cyclone, was the largest covert operation to ever happen in the history of the CIA. After ten years of fighting the Soviet Union, Afghanistan became the first country to ever defeat the Soviet Union. The Clandestine Services organization gave the Honored Colleague award for the first time to a citizen, Charlie Wilson, for his efforts in the Afghan War. The historic events in this film shaped many peoples opinion about the situation in Afghanistan. The war in Afghanistan 19 years ago resulted in opposing political views in the United States each having valid reason for helping or not helping the situation in Afghanistan. The side I agree with would be the people who were for supporting Afghanistan in their fight against the Soviet Union. Giving The United States a valid reason to support Afghanistan with a covert operation and giving more than 5 million as funding, would hide the fact that we were are in no way friendly towards Russia. Another reason for the U.S. to intervene would have been that we are a nation who stands for justice and the massacres and other atrocities happening in Afghanistan demanded our attention. In helping Afghanistan we also helped ourselves, not only did we get the satisfaction of seeing the Soviet Union beaten, we also kept something far more valuable than, our oil supplies, out of their hands. In the movie the Afghan leader talking to Congressman Wilson said that the only reason the Soviet Union wa s attacking was because of their location relative to Pakistan. By controlling Afghanistan the Soviet Union would have a direct road to Pakistan and where they could control the flow of oil. The Soviet Union had control of the oil it would have led to serious economic problems for the United States. Many people who know how we helped Afghanistan say that by our contributing to their war effort in the past we just gave them weapons to use against us now. Although there may be some truth to our own weapons being used against us, the fact remains that in the past we did not know this and we could not ignore the suffering people of Afghanistan. Helping Afghanistan was to our benefit in the past and I agree with the decisions made by people like Congressman Wilson and Joanne Herring who raised the necessary funds. Every film has good moments and bad moments, although Charlie Wilsons War is not exempt from this, it is one of the movies that almost perfectly shows the true story. Most films that are based off a true story stick to the very basics and add to the movie to make it interesting or dramatic. This movie however, tells the true story with very little the added fiction. Charlie Wilsons War accurately describes the events that occurred in the late 1900s. The meeting with Gust Avrakotos was not how the actual event happened; however, Congressman Wilson did eventually meet with Mr. Avrakotos when he went to the CIA to learn more about weapons for Afghanistan. Although the movie does focus on the serious nature of what is happening, it also adds comedy providing a break from all of the technical names and political scenarios. Though I could have done without the nudity in the movie, it helps to show the reason Congressman Wilson was called Good Time Charlie. Despite some of the flaws in the film I still recommend this film to anyone who wants to watch a great story. Charlie Wilsons War is a fun and historically accurate movie that shows the difference one man can make. The movie has love, conflict, courage, sorrow, and comedy which will keep its viewers captivated until the final scene is finished. I give Charlie Wilsons War four and a half stars for the ability to stick to the truth and still keep the audience involved. I highly recommend it to anyone wanting to learn a little more about American history.

Open-Economy Macroeconomics Notes

Ch28 â€Å"Open-Economy Macroeconomics† FOREIGN TRADE AND ECONOMIC ACTIVITY Imports ? goods and services produced abroad and consumed domestically Exports ? goods and services produced domestically and purchased by foreigners Net exports ? defined as exports of goods and services minus imports of goods and services Net foreign investment ? counterpart of net exports Denotes net US savings abroad and is approximately equal to the value of net exports ? ? ? appreciation in the exchange rate and a corresponding decline in net exports; monetary easing does the opposite. The impact of changes in interest rates on net exports reinforces the impact on domestic investment In a full-employment closed economy (always holding other things constant), higher government spending, lower taxes, or lower desired private saving will raise the real interest rate and lower equilibrium saving and investment net exports are determined by the difference between national saving and national investment, which is determined by domestic factors plus the world interest rate changes in exchange rates ? re the mechanism by which saving and investment adjust Domestic expenditures ? equal to consumption plus domestic investment plus government purchases Examples of open-economy saving-investment theory in the small open economy an increase in private saving or lower government spending will increase national saving; this will lead to a depreciation of the exchange rate until net exports have increased enough to balance the increase in domestic saving an increase in domestic investment, say, because of an improved business climate or a burst of innovations, will lead to a shift in the investment schedule; this will lead to an appreciation of the exchange rate until net exports decline enough to balance saving and investment. In this case, domestic investment crowds out foreign investment an increase in world interest rates will reduce the level of investment. This will lead to an ncrease in the difference between saving and investment, to a depreciation in the foreign exchange rate, and to an increase in net exports and foreign investment (this would be a shift along the investment schedule) integration of a country into the world economy adds an important new dimension to macroeconomic performance and policy o the foreign sector provides an important source of domestic investment and a potential outlet for domestic saving o higher saving at home— whether in the form of higher private saving or higher public saving will lead to higher net exports o a country’s trade balance is primarily a reflection of its national saving and investment balance rather than of its absolute productivity or wealth ? The volume and value of imports will be affected by domestic output and the relative prices of domestic and foreign goods – Marginal propensity to import ? the increase in the dollar value of imports for each $1 increase in GDP ? Because a fraction of any income leaks into imports in an open economy, the open-economy multiplier is smaller than the multiplier for a closed economy. OPEN ECONOMY Multiplier = 1/ (MPS + MPm) Where MPS = marginal propensity to save and MPm = marginal propensity to import ? ? – Real exchange rate ? corrects for movements in the price levels in different countries Overvalued currency ? one whose value is high relative to its long-run or sustainable level High mobility of financial capital ? hen financial investments can flow easily among countries and the regulatory barriers to financial investments are low ? Foreign trade produces a new and powerful link in the monetary transmission mechanism when a country has a flexible exchange rate. When m onetary policy changes interest rates, this affects exchange rates and net exports as well as domestic investment. Monetary tightening leads to an ? o o adjustments in a country’s trade accounts require a change in domestic saving or investment in the long run, adjustments in trade accounts will be brought about by movements in the country’s relative prices, often through exchange-rate changes ptimal currency area ? one whose regions have high labor mobility or have common and synchronous aggregate supply or demand shocks. In an optimal currency area, significant changes in exchange rates are not necessary to ensure rapid macroeconomic adjustment European Monetary Union ? one of history’s great economic experiments. Never before has such a large and powerful group of countries turned its economic fortunes over to a multinational body like the European Central Bank. Never before has a central bank been charged with the macroeconomic fortunes of a large group of n ations with 325 million people producing $16 trillion of goods and services. While optimists point to the microeconomic benefits of a larger market and lower transactions costs, pessimists worry that monetary union threatens stagnation and unemployment because of the lack of price and wage flexibility and insufficient labor mobility among countries. The financial crisis of 2007-2009 is the first major test of this new monetary system. Stable macroeconomic climate ? taxes are reasonable and predictable and that inflation is low, so lenders need not worry about inflation confiscating their investments ? promoting economic growth in an open economy involves ensuring that business is attractive for foreign and domestic investors who have a wide array of investment opportunities in the world economy. The ultimate goals of policy are to have high rates of saving and investment in productive channels and to ensure that businesses use bestpractice techniques. Achieving these goals involves setting a stable macroeconomic climate, guaranteeing dependable property rights for both tangible investments and intellectual property, providing exchange-rate convertibility that allows investors to take home their profits, and maintaining confidence in the political and economic stability of the country Success for the countries of North America and Western Europe: robust economic performance o rapid and sustained economic growth emerging monetary system o conduct independent monetary policies with flexible exchange rates, while smaller countries either float or have â€Å"hard† fixed exchange rates tied to one of the major blocks reemergence of free markets Competitiveness ? refers to the extent to which a nation’s goods can compete in the marketplace; this depends primarily upon the relative prices of domestic and foreign products Productivity ? easured by the output per unit of input, fundamental to the growth of living standards in a nation; to a first approximation, a nation’s real income grows in step with its productivity growth ? conclusion on productivity and competitiveness ? as the theory of comparative advantage demonstrates, nations are not inherently uncompetitive. Rather, they become uncompetitive when their prices move out of line with those of their trading partners. The surest route to high productivity and high living standards is to expose domestic industries to world markets and to encourage vigorous domestic competition with foreign companies that have adopted the most advanced technologies –

Leadership And Management Research Management - 2651 Words

Running Head: LEADERSHIP AND MANAGEMENT RESEARCH Leadership and Management Research By: Carlos Steward Instructor: Dr. Tyron A. Woodard MNGT 5670 Managerial Leadership May 14, 2015 SectionI: Breadth Management practices have definitely changed over the last hundred years. This is vastly due to a result of amplified understanding of human and organizational behavior, the economic environment and historical framework, and the modifications in generations over a period of time. There are three eras of management and they are Classical, Humanistic, and Science and Knowledge. Management is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and†¦show more content†¦Frank and Lillian Gilbreth were a husband and wife team that contributed to the scientific era. It was their goal to find a way to reduce the number of steps workers used to complete a task. Gilbreth started a lifelong search of the â€Å"one best way† of performing any given task (George, 1968). Henry L. Gantt suggested the â€Å"task-and-bonus† system. Gantt fixed the pay amount based on the situations of the shop, and if the worker finished their jobs for that particular day, that worker was paid a bonus. With that being said, if the worker did not finish his or her job within the designated day, he or she was not punished for it but only paid the day s wage. This occurrence convinced Gantt that having concern for worker morale was one of the most significant elements of management (George, 1968). From the 1950s to the 1960s, organizations continued to grow and became more complex during this timeframe. This is the beginning of the Science and Knowledge Era. The Human Resources movement appeared and managers recognized how important people actually were when it came to production and productivity. Goal setting, job performance evaluations as well as job descriptions were important tools that came about during this time (Business Matters, 2015). In the 1970s, the focus quickly changed from measuring function to resource allocation. Strategic planning processes were created during this timeframe. SWOT Analysis and Growth Share Matrix were tools thatShow MoreRelatedLeadership and Change Management Research6578 Words   |  27 PagesRunning Head: LEADERSHIP AND CHANGE MANAGEMENT RESEARCH Leading and Change Management Research MBA 520 University of Phoenix Leadership and Change Management Research Introduction The purpose of this analysis is to gain knowledge about key concepts reviewed in the MBA 520 coursework coupled with recognizing application of these concepts in several industries. 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