Ebanking on the Internet – a Preliminary Research Comparison of Australian and Indian Experiences in the Banking Sector. Essay

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Abstract Today, eBanking is being leveraged as a strategic tool by the global banking sector, to remain competitive and retain customers. eBanking has become synonymous with Internet banking. All the countries across the globe have not accepted the Internet evenly. Legacy systems within the sector, infrastructure problems, socio-cultural reluctance to adapt, and lack of regulatory reforms – all of these have contributed to slowing down the pace of growth in Internet banking. In this paper, we investigate the driving forces of electronic banking, with an emphasis on Internet based banking. We have synthesised the opportunities and challenges offered by electronic banking. Further, we take a closer look at the experiences of two disparate economies – Australia and India – to study the growth of electronic banking, from an evolutionary perspective. These findings are enriched by a cross-case analysis comparison of one instrumental case study from each country. Our findings reveal interestingly different reasons for electronic banking growth in the two economies. The ongoing empirical study is expected to uncover further, revealing factors to this growing phenomenon, in many economies. Key Words: Internet Banking, Australia, India, eBanking, electronic banking 2 Introduction The advent of eBusiness, technological innovations and globalisation are increasingly driving businesses to change their traditional modes of operation. The Internet offers many opportunities to financial services providers in terms of modified value chains and disintermediation, which, in turn, are redefining the financial services market place. Diniz (1998), for example, observes that financial institutions are using the Internet for information presentation, two-way communication, interaction with users, and

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