Table of Contents
- Buy ERP in Banking paper online
- Benefits of ERP in Production and non-production
- Information on SAP
- Enterprises integration, merger and Acquisition
- Benefits of ERP (enterprise resource planning) to banks
- More customers
- Online Products and Services in Banks
- Broader Customer Base
- Attractive Rates and Incentives
- Cost Savings
- Related Economics essays
The dynamics of changing demographics and consumer purchasing patterns, coupled with ever stronger competition, are putting increased pressure on banks to adopt cutting edge technologies to meet the growing demands of the consumer. This has impacted a lot on the banks in America who have to devise new avenues for driving customer relations and develop distinct competencies that will ensure for their survival. Basically the adoption of ASAP in America banks has brought with it a number of benefits both to the customers and the banks. The scale of operations has improved and banking services in America have not only been made easier but have also recorded decline in general costs.
It can be seen that the adoption of ASAP in banking system within these banks rests on intention to grow or the desire to acquire the potential to grow. It may also be growth in desire to enhance competitiveness, effectiveness, turnover, profit, personnel, partners and networks, knowledge or innovativeness (Greiner 1972 p.13). Basically, every bank has distinctive personal characteristics, individual management styles, and their own personal goals, thus making each and everyone of them unique in their own sense. So what exactly is the driving force behind the successful adoption of ASAP and online banking within the operational culture of these banks, to the extent that they are able to develop and cultivate some niche and gain some market dominance in a given market or industry segment? Extant literature identifies “finance, marketing, market research and personnel management as the key skill areas associated with CRM online banking growth within these banks success” (O’Farral & Hitchens, 1988 p.17).
Enterprise Resource Planning (ERP)
According to Camillus, (1986 p.29),
ERP (enterprise resource planning) is an industry term for the broad set of activities that helps a business manages the important parts of its business. The information made available through an ERP system provides visibility for key performance indicators (KPIs) required for meeting corporate objectives. ERP software applications can be used to manage product planning, parts purchasing, inventories, interacting with suppliers, providing customer service, and tracking orders. ERP can also include application modules for the finance and human resources aspects of a business
Benefits of ERP in Production and non-production
Banks require high level of planning and efficiency in operations. In this process of planning, the application of ERP has come in handy since it has not only increased efficiency but also improved time management in the company both in production and non-production. The banking industry in America is very competitive and every player employs the best strategies not only to make profit but also to remain efficient in the market. In this regard, most banks are adopting the most recent technological needs which cope with the dynamic needs of customers in the market. This has resulted in the adoption of SAP ERP financial solution. A case study of bank of America for instance, r the bank selected SAP ERP to boost it efficiency and financial integrity in the banking industry. According to Chanaka & Paul (2000 p. 11),
Limited time Offer
As Bank of America’s technology needs evolve, our suite of financial systems has the flexibility needed to manage future change and provide constant value,” said Bill McDermott president and CEO, SAP Americas and Asia Pacific Japan. “SAP’s scalable platform will also ensure a non-disruptive path to further integrate the bank’s systems. Working together with Bank of America provides continued validation that banks are relying on SAP, and represents another significant milestone for SAP in the U.S. market.
The SAP ERP Financials solution includes unique features to support the bank’s long-term financial systems requirements, including:
- Enabling a unified, global financial management process
- A flexible operating model to quickly respond to changing regulatory mandates and shifts in the marketplace
- Incremental enhancement packages without comprehensive system upgrades
Information on SAP
SAP is the world’s leading provider of business software providing applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 47,800 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.
The Bank of America applies SAP Business Objects (EDGE solutions)
To ensure that the bank operate efficiently and economically viable, the bank applies the use of a comprehensive integrated and scalable business intelligence .This package is able to support 200-25000 employees of the bank in its various branches of the bank. This solution supports a comprehensive enterprise reporting, ad hoc query and analysis, dashboard and visualization, data management, planning, budgeting and strategy management.
Enterprises integration, merger and Acquisition
The need for market penetration and high profits in the dynamic banking market in US has necessitated a rapid paradigm shift towards merger and banking. According Chanaka & Paul (2000 p,17),
The role of Information Systems in Mergers, Acquisitions and integration becomes increasingly important and cherished among the most enterprise in the world over. A model for merger and integration in M&A is presented; this includes the categories and strategic objectives of external growth as well as consideration of the possible choices for the hardware and software configuration after completion of the M&A.
Benefit from Our Service: Save 25% Along with the first order offer - 15% discount, you save extra 10% since we provide 300 words/page instead of 275 words/page
The primary variables of merger and integration models are defined and the possible information system integration strategies are classified in a matrix. The IS integration model in American banks are divided into a descriptive model and a decision support model: the first one shows the relations among the involved variables, while the second provides a practical tool for decision-making. Both these models have been tested and found to be effective in American banks such as bank of America.
Benefits of ERP (enterprise resource planning) to banks
- It increases efficient operation in the bank and hence boosts the bank profitability.
- It makes planning and decision making easy and efficient hence high level of customer satisfaction.
A number of benefits and advantages have so far been registered by banks in their attempts to adopt modern technologies and widen their net and attract their customers. These efforts are effectively paying off to American banks. An analysis of the benefits American banks accrues from ASAP solutions; merger, acquisition, integration, CRM and online banking include more customers, availability of online only products and services, broader customer base, cost savings and attractive banking rates and incentives.
by Top 30 writers from - $10.95
VIP Support from - $9.99
Proofread by editor from - $4.33
extended REVISION from - $2.00
SMS NOTIFICATIONS from - $3.00
PDF plagiarism report from - $5.99
PACKAGE from - $29.01
Online banking services have made it cheaper and convenient for banks to effectively market their products. This has enabled banks to attract more customers into their base and improve on their profit levels. This fact is buttressed by Chanaka & Paul (2000 p.23) in stating that “through online banking, better service levels and strategic marketing initiatives, banks are able to reach out to more customers than possible through traditional banking through physical location branches.”
Online Products and Services in Banks
Described by Chanaka & Paul (2000 p.35) as “Leveragability--and amenability of new technologies, tools and widespread broadband Internet acceptance--has made it possible for banks to offer a whole host of online only products and services to customers, such as CDs, e-bank statements, financial calculators, and personal finance news feeds”. The online banking must have come to America at the opportune time. Customers have the chance and opportunity to sample from a variety of products available online and take advantage of promotions and incentives before the hustling in search of information for cheaper services
Top 30 writers
Your order will be assigned to the most experienced writer in the relevant discipline. The highly demanded expert, one of our top-30 writers with the highest rate among the customers
Broader Customer Base
The availability of user friendly internet has enabled the banks to deliver services to the customers faster and efficiently. This means banks have the capacity to reach out to a wider customer base beyond the confines of the traditional markets.
Attractive Rates and Incentives
Cutting down on physical staff and the advantages of better management practices has enabled the banks to deliver far superior quality banking services to the customers. In addition to that, consolidated practices handled by superior online banking software have also enabled Thai banks to operate above the normal and traditional forms of the market.
In the analysis of the advantage banks get from ASAP solutions, CRM and online banking services, Chanaka & Paul (2000), expounds that “banks save a significant amount of operational capital from not having to open brick and mortar branches in new locations and far-flung areas and these savings are passed onto the consumer in the form of reduced or no fees for inter-bank and even intra-bank money transfers, no fees for online payment of utilities' bills, and cash-back options on frequent use of online-applied bank credit cards”. This not only enhances customer relations and satisfaction but also increases the profitability of Thai banks.
VIP support ensures that your enquiries will be answered immediately by our Support Team. Extra attention is guaranteed.
The research paper has explicitly ascertained the role that ASAP solution, merger, acquisition, integration, CRM and online banking have contributed to the banking business in America and the world over. In the analysis, it is clearly demonstrated that CRM and online banking have significantly contributed to the overall growth of the banking industry and their role cannot be undermined. The dynamic and competitive banking market necessitate that bank adopt modern technology and business strategies to reap the economies of scale that come with efficiency.
Related Economics essays