Writing Assignment Module 1: Foundations of Electronic Commerce

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Writing Assignment Module 1: Foundations of Electronic Commerce It has been said that "in almost all cases, EC does not change some fundamental rules of banking." Contact a local commercial bank and explore the likelihood that this statement is true. Write a one-page report of your findings. I was at the State Employees Credit Union making a deposit the other day. After I completed my transaction, I was able to speak with a friend of mine that is employed there about this assignment. I explained the course basics and asked her thoughts about the statement “E-Commerce does not change some fundamental rules of banking” and her opinion on its validity. She told me that she did believe that this was a true statement. She stated that she thought that as the Internet continues to accelerate the rapidity of change in the years to come, many areas of banking will be changed and transformed, but the guiding principles of banking will always remain the same. In the present time, banks are using new technology that allows consumers to complete most all of their banking transactions online and without going into the institution. A consumer may even apply for loans, open new accounts, and many other things that they were once restricted to only doing inside the bank in the past. This makes the banking process faster, more efficient, and easier for everyone. The banking industry has surely adapted with the times and technology. Regardless of what occurs online in the banking industry, there still has to be a bank, and it still has to operate for there to be an industry. The bank still continues to be monetary, and money is really not electronic. There must be a place for the paper (or gold) money to back those electronic funds being used. The paper (or gold) has to be within the banking system in order for it to operate. This simply proves that Banking cannot

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