The value of electronic money transfer system in business process management in the banking sector: case study of commercial banks in Kenya
Getembe, Kepha N
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As we enter the twenty-first century, business conducted over the Internet (which we refer to as 'e-business'), with its dynamic, rapidly growing, and highly competitive characteristics, promises new avenues for the creation of wealth. Established firms are creating new online businesses, while new ventures are exploiting the opportunities the Internet provides. E-business has the potential of generating tremendous new wealth, mostly through entrepreneurial start-ups and corporate ventures. It is also transforming the rules of competition for established businesses in unprecedented ways. One would thus expect e-business to have attracted the attention of scholars in the fields of management information system, (Hitt and Ireland 2000) Indeed, the advent of e-business presents a strong case for the confluence of the entrepreneurship and strategy research streams, as advocated by, McGrath and Macmillan (2000). Yet, academic research on e-business is currently sparse. The literature to date has neither articulated the central issues related to this new phenomenon, nor has it developed theory that captures the unique features of virtual markets. The merge of the information technology and the web standards have formed the electronic business 'Eebusiness''. Succession in e-business will need organizations to revise their strategies and goals to meet market rules of demand and supply. Conversion of ordinary business into e-business has forced organizations to be redesigned and reshaped. E-business is a combination of economic, technology and market forces that reinvented strategies of traditional business. The business process is counted to use the power of computers and communication networks which are known as Internet. This can allow organizations to stay competitive and more efficient. Also, new business models have been introduced and implemented in a variety of ways. Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology as a substitute for checks and other paper transactions. EFTs is initiated through devices such as cards or codes that you use to gain access to your account. Many financial institutions use an automated teller machine (ATM) card and a personal identification number (PIN) for this purpose. The federal Electronic Fund Transfer Act (EFT Act) covers some consumer transactions. It offers different services like Direct Deposit, Automated Teller Machines, and Pay by Phone Systems etc.
University of Nairobi, Kenya