I. TITLE OF THE INVESTIGATION STUDY
"Financial System: Internet banks, alternative to offer better products, reduce costs and be in the preference of the population"
II. AUTHOR'S NAME
III. PLACE WHERE THE THESIS WILL BE DEVELOPED
Lima Peru
IV. PROJECT DESCRIPTION
4.1. BIBLIOGRAPHIC BACKGROUND
The existence of the following bibliographic information has been determined:
a) Andujar Félix, Omar D. (2000) Electronic commerce as a tool to improve the flow of information between companies. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico. This work contains processes and procedures on how to safely use electronic commerce, therefore it will be useful for the research to be carried out.
b) Burgos Amador, Jedary (2001) The rise of Internet banking in commercial banks in Puerto Rico. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico. In this investigation, she realizes the great importance attained by Internet banking by the commercial banks of Puerto Rico, the same ones that have collected the experiences of the United States. It will be very important to consider this work
c) Cruz Casillas, Manuel (2001) Feasibility study for the implementation of a quality control system. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico. This work will be taken into account for the implementation of a quality control system. Internet banking must have a good quality control system to provide reasonable security to customers who use credit cards, debit cards, deposit and pay obligations through this instrument.
d) Sosa Varela, Juan Carlos 1998) Electronic commerce-challenges and effectiveness of the Internet in marketing strategies. Thesis presented to choose the Master's Degree in Administration at the Autonomous University of Mexico. This work highlights the efficiency and effectiveness of the Internet in the application of marketing strategies, such as sale of products, collection of products, various transfers, etc.
e) Thesis : “Strategic Management and Business Sanitation”; presented by Hugo Eduardo Jara Facundo to opt for the Doctor of Administration Degree at the Universidad Nacional Mayor de San Marcos. In this document, the author refers to the application of the instruments of strategic management, supported by a culture of values and with effective leadership, which facilitates competitiveness.
f) Thesis: "Benchmarking: Strategy for competitiveness"; presented by Roberto Fernández Rojas to opt for the Doctor of Administration Degree at the Autonomous University of Mexico. In this thesis, the author develops the philosophy, doctrine and methodology of benchmarking; It also develops the theoretical framework of the strategies and proposes benchmarking as a way to achieve competitive advantage in the context of business globalization.
g) Thesis: “ Benchmarking tool to improve and compete”, presented by Graciela Novoa Paredes to opt for the Doctor of Administration Degree at the Catholic University of Chile. In this thesis, the author develops the benchmarking process, the theory of continuous improvement and the competitive strategy of Michael Porter and then proposes benchmarking as the new tool of administration and finance to achieve business competitiveness. Many of the bank products come from benchmarking, that is, they are taken from other experiences. This is the case in all parts of the world, taking advantage of successful experiences.
4.2. DELIMITATION OF THE INVESTIGATION
SPACE DELIMITATION:
This research includes banking entities, because these entities need to exploit the internet, to facilitate products, reduce costs and be in the preference of the population.
TEMPORARY DELIMITATION:
This research is current and prospective, although information from the past will also be taken to analyze, synthesize and interpret it and on that basis be able to project it in a profitable way to offer better products, reduce costs and be in the preference of the population.
SOCIAL DELIMITATION:
As part of the investigation, relationships will be established with directors, managers, officers, workers and clients of banking entities.
4.3. PROBLEM STATEMENT
4.3.1. PROBLEM FORMULATION
Banks play an essential role in any country. Through them, the payment of a large part of the operations carried out in the economy (by check, credit card or electronic fund transfer) is made. Furthermore, they are the main vehicle for those who have surplus resources to save them so that they can be transferred to those who need them for productive investment or consumption. However, despite all this, it has been determined that banking entities have not been fully applying the services provided by the Internet.
Recent years have been characterized by rapid changes in technology and the introduction of corporate and personal banking services through the Internet. These changes have not been occurring to their full extent and as for the introduction of the Internet, it has not been consolidated, there are many technological problems. In our banking, we are not taking advantage of the experiences of unprecedented speed with which new technologies are being adopted, the ubiquity and global nature of electronic networks, the integration of e-banking platforms with previous systems and the increasing dependence of banks relative to third-party information service providers, they tend to dramatically amplify the magnitude of risks to which banks are exposed.
In our environment, banks must make a series of efforts to make the customer forget personal contact as the basis for transactions, here is a whole effort to make to sell the internet banking service that does not require direct contact, if not rather bet on virtual contact.
In the Peruvian reality, clients continue to consult balances, movements and charges directly and personally; also for the transfer of money between their accounts and to third parties of the same bank they have long and unnecessary queues. Clients carry their transfer programs in their personal agendas and without using the internet banking service. To buy or sell dollars, they continue to queue at the banks, without using a preferential exchange rate over the Internet: Companies and the workers themselves lose man-hours when they pay and transfer money from the CTS account; the general population continues to pay for electricity, telephone, cell phone, cable, schools, universities,and hundreds of other establishments in the traditional way and without using the internet banking or e-banking service; clients have not yet learned that they can apply for a Credit Card, a cash credit or a mortgage credit, via the internet. In good account we are losing time, money and also unnecessarily exposing our security by not using the internet banking service.
Banks have not been able to report that although the Internet banking service has its risks, but reasonable security can be obtained in favor of customers, to the point that the street is more insecure than conducting transactions online.
4.3.2. SYSTEMATIZATION OF THE PROBLEM
GENERAL PROBLEM:
How can banks use the internet to offer better products, reduce costs and ensure the preference of the population?
SPECIFIC PROBLEMS:
- In which framework should be considered the strategies of internet banks, to facilitate better products and cost reduction that benefit the population?
- What element of internet banking will facilitate competition, to ensure the preference of the population?
4.4. THEORETICAL AND CONCEPTUAL FRAMEWORK
4.4.1. THEORETICAL FRAMEWORK
4.4.1.1. FINANCE SYSTEM.
Interpreting Villacorta(2005), the financial system is defined as the set of institutions whose objective is to channel the surplus generated by the spending units with surpluses to channel them towards the units that have deficits. The transformation of the financial assets issued by the investing units into indirect financial assets, more in line with the demands of savers, is what channeling consists of. This is mainly done due to the mismatch between units with deficits and units with surpluses, that is, savers and investors. In the same way that the wishes of investors and savers are different, intermediaries must transform these assets to make them more suitable for the latter. The efficiency of this transformation will be greater the greater the flow of savings resources directed towards investment.The fact that the different economic units are positioned as surplus or deficit may be due to reasons such as: wealth, current and expected income, social position, whether they are family units or not, the general economic situation of the country and the interest rates (variations in these can lead to changes in behavior in the spending units). To summarize, the financial system is made up of: Institutions (monetary and financial authorities among them), Financial assets generated, The markets in which they operate. In such a way that the assets generated are bought and sold by this group of institutions and intermediaries in the financial marketscurrent and expected income, social position, whether they are family units or not, the general economic situation of the country and interest rates (variations in these may lead to changes in behavior in the spending units). To summarize, the financial system is made up of: Institutions (monetary and financial authorities among them), Financial assets generated, The markets in which they operate. In such a way that the assets generated are bought and sold by this group of institutions and intermediaries in the financial marketscurrent and expected income, social position, whether they are family units or not, the general economic situation of the country and interest rates (variations in these may lead to changes in behavior in the spending units). To summarize, the financial system is made up of: Institutions (monetary and financial authorities among them), Financial assets generated, The markets in which they operate. In such a way that the assets generated are bought and sold by this group of institutions and intermediaries in the financial marketsThe financial system is made up of: Institutions (monetary and financial authorities among them), Financial assets generated, The markets in which they operate. In such a way that the assets generated are bought and sold by this group of institutions and intermediaries in the financial marketsThe financial system is made up of: Institutions (monetary and financial authorities among them), Financial assets generated, The markets in which they operate. In such a way that the assets generated are bought and sold by this group of institutions and intermediaries in the financial markets
Analyzing Falconí(2000), we agree that the Financial System is the set of entities, people, policies, processes, procedures and other mechanisms properly linked for the fulfillment of goals, objectives, mission and vision. The entities of the Financial System are made up of multiple operations companies, specialized companies, investment banks, insurance companies and pension fund administrators. Among the multiple operations companies we have: banking companies, financial companies, Municipal Savings and Credit Fund, Municipal Popular Credit Fund, Small and Micro Business Development Entities, Savings and Credit Cooperatives authorized to capture resources from the public and the Rural Savings and Credit Banks. Within specialized companies, we have:Real Estate Capitalization Companies, Financial Leasing Companies; Factoring companies, surety and guarantee companies, trust services companies. Within insurance companies, we have: Companies that operate in one field (general or life risks), companies that operate in both lines (general and life risks), Insurance and Reinsurance companies. The financial system is also made up of complementary and related service companies: General Warehouses for Deposits, Transport Companies, Custody and administration of Numerary, Companies that Issue Credit and / or debit Cards, Service Exchange Companies and Companies of Transfer of funds. Law No. 26702, General Law of the Financial System, Insurance System,Administrators of Pension and Organic Funds of the Superintendency of Banking and Insurance, establishes all aspects for the entities of the system.
4.4.1.2. INTERNET BANKS
We agree with Alonso (2007), Ahumada (2007) and Azul (2007) when they indicate that Internet banks or Internet Banking or e-banking; It is the service that allows all banking operations to be carried out via the Internet, from the comfort of the home, office or wherever the person is, with the reasonable security that can be expected. This service may include, investments, credits, cards, insurance, payments, transfers, remittances, surcharges, changes, international services, etc.
According to Beltrán (2007), Internet banking, it is a very sophisticated electronic banking service. This bank also includes ATMs in all its forms, purses, telephone banking, balance dispensers, Wap banking. Banks, since 2000, have been developing electronic banking in order to make the latest technology available to their customers to carry out their banking operations in a simple way and guaranteeing their security and speed.
Horovitz (1990) says that internet banks or internet banking save natural and legal persons time and money.
The development of online banking is progressing at the same rate as the implementation of the Internet, according to Francisco Castells, head of this division at BBVA in Spain, coinciding with Larraín (2007), ensures that there are still many possibilities to discover through the Internet. 10% of Spaniards use the Network for their banking operations. The offer of financial products through the Internet is in Spain in full expansion. Although at the moment only 10% of Spaniards are users of online banking services, in 2008 that percentage will increase to 17.6%, according to a report by the Association of Internet Users (AUI) and the Carlos III University of Madrid.. The average profile of Internet users online banking is between 35 and 49 years old and their number of visits and the time they spend on banking transactions is increasing more and more. A recent study by consulting firm Nielsen / NetRatinghighlights the strong growth potential of Spanish banks that have financial sites on the Internet, with an estimate of some five million people in Spain as potential customers. For most entities, the frequency of use is between twice a month and once a week. Francisco Castells is 45 years old, has a degree in Physical Sciences and has been working for BBVA for six years as responsible for the commercial development of Distance Banking Services and Electronic Commerce in Retail Banking. In his opinion, online banking is a channel yet to be discovered that offers multiple possibilities to customers. The internet banking service or online banking is the possibility of carrying out a remote banking operation without requiring a face-to-face conversation, and yet,to be able to carry out banking operations. A bank sells an intangible, which is what allows this type of action. We have reached a point where all operations can be performed online. In any case, the vast majority of operations. They are no longer done not because it is impossible, but because of a problem of approaching commercial sense, of doing it coupled with the reality of consumers, who could be overwhelmed by the number of possibilities offered to them. You have to set limits and use logic. But except for what is the physical transmission of money, the vast majority of products offered by a bank can even be formalized with legal coverage - through the electronic signature - and operate after-sales. Perhaps the client feels more secure by maintaining some personal contact.There are times when the client does need personal contact, he likes to sign the mortgage with the notary in front, for example. But it always depends on the products. Thanks to the recent electronic signature law, which validates electronic transactions, physical presence is almost unnecessary. Online banking advances at the same rate as the rest of the information society technologies. For this reason, we must see how the implementation of the Internet in Spain is evolving. On the other hand, technological advances can be a bit expensive today. That is why we rely on certain multinationals such as HP, Microsoft or Telefónica, which combine the possibility of packaging and offering in an integrated way the computer, the software, the ADSL line and the banking services to offer a comprehensive solution,cheap to implement because all subsidies are used through the ministries and the autonomous communities.
According to Levitt (2005), SMEs support the current business fabric. The efficiency of this sector is critical to the country's own survival. The objective of the trade is to sell more, reduce your costs and streamline your movements. And for that, distance banking and e-commerce services are essential because they save you time and provide you with comfort.
Analyzing Pérez(2007), the technologies necessary to access this type of services are a browser and a computer. And what is that? In addition to the usual hardware, a computer is a mobile phone, a PDA or a Point of Sale Terminal, which creates a totally mobile environment: I am taking the sale to the customer, and not the other way around, so you gain comfort and speed. You have to imagine that we are in a restaurant. We just ate and, instead of having to pay at the bar, the waiter comes to the Point of Sale Terminal and passes the card right there in front of us. This is also online banking. There are many advantages offered by online banking. What it is about is that the client carries out his operations when it suits him, not when the office is open. The online banking model is multichannel.Internet banking is one thing and office banking is another. What banks want is to provide customer service through different channels, always at their convenience, but without differences from one channel to another. There are still many other planes to discover: those in which banking operations are framed in a broader context, such as when investing in a product or making a major purchase.
We agree with Ortiz (2007), Segura (2007) and Hayes(1995), when they indicate that internet banking is a convenience for customers. Through this service they can carry out operations without leaving your Personal Computer (PC). They can perform safe and reliable operations, 24 hours a day, 365 days a year. Through Internet Banks you can carry out banking operations completely FREE. It is only necessary to affiliate the card corresponding to the Internet password (6 digits). Accounts are entered through the respective section to carry out operations totally FREE: Check your balances, movements and automatic charges; Money transfer between accounts and third parties of the same bank; participate in the program transfers to be made on the date indicated.You can also record the data of transfers and payment orders so that you can make them more easily and quickly; dollars can be bought or sold at a preferred exchange rate online; pay and transfer money from the CTS account; pay bills for electricity, telephone, cell phone, cable, schools, universities, and hundreds of other establishments; Pay the Credit Cards of certain brands. You can also apply for a Credit Card, an effective credit or a mortgage credit.You can also apply for a Credit Card, an effective credit or a mortgage credit.You can also apply for a Credit Card, an effective credit or a mortgage credit.
The Internet banking or Internet banking service allows you to join the automatic debit and the bank takes care of the monthly payments, free of charge; You can join the Bank's Notice and Alerts and receive account information in the email and / or cell phone; allows to affiliate the CTS account to the Bank card; You can join the credit card to the card that allows you to use the internet banking service.
The investment operations that can be carried out through internet banking are: Consultations of balances and movements of Investments; Mutual fund subscriptions and redemptions; Purchase and sale of shares.
Interpreting Concisa Corp (2007), the internet banking service works through the password system. The Internet Password (6 digits) has been created so that banking operations can be carried out through Internet Banking in the most secure way. This is a key that is only for use on the Internet. Those who are not affiliated with the Internet password (6 digits), can enter with the 4 digit password (the one they use in ATMs) and will only be able to make inquiries about their balances and movements and automatic debit inquiry. If you want to make payments, transfers between your checking accounts or to third parties, payment orders, download the online shopping card, among other operations, it is necessary to affiliate the card corresponding to the Internet password (6 digits). To join,you just have to go to any bank office with your ID and sign the affiliation contract for the Internet password (6 digits). If you have another identity document, you must bring the original and a copy. Then, you must enter the bank's portal and, in the online operations section, click on "generate your Internet password here". Enter the number of your affiliated card and enter your 4-digit password (the one you use at ATMs). Create your new password and, after the process, you will automatically have your Internet password (6 digits). The banking operations that you carry out through Internet Banks are secure and remain confidential and unalterable thanks to a sophisticated security system based on high technology: 128-bit encryption, which enables data to be encrypted and protected over the Internet,so that only the bank can read the information that the client sends. 128-bit encryption is the most advanced encryption technology used by banks worldwide. In addition, the Internet banking service facilitates security and monitoring of the bank's systems and network, through Firewalls and other security devices, to protect them against any unauthorized traffic. Online banks, carry out validation through the corresponding card number and secret key, for personalized access. The service carries out the affiliation of the cards corresponding to the Internet password (6 digits) that is only used for Internet use. The Internet banking service allows the use of the virtual keyboard to enter the password.This keyboard allows no numbers to be traced on the keyboard and also, each time the key is entered, the numbers on the virtual keyboard will be in different order, so that they cannot be deciphered by the usual position of the numbers on a keyboard. traditional.
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End of form Banco de Crédito BCP 2007 all rights reserved / Security Policies If you have any questions or queries, contact Banca by Phone VíaBCP 311 9898 |
4.4.1.3. BEST BANKING PRODUCTS
Playing Beltrán(2007), it can be determined that the banking sector is very competitive, therefore these entities have to make determined efforts to present more and better products for their clients and for the population in general. Each bank product involves carrying out various services that the bank must present in the best conditions for the client. The General Law of the Financial System, in its Article 221, establishes the operations and services, understood as banking products, that must strive to sell to their clients. In this regard, the regulation indicates that companies may receive demand deposits; Receive term and savings deposits, as well as custody (Grant overdrafts or advances in current accounts; Grant direct credits, with or without guarantee); Discounting and granting advances on bills of exchange,promissory notes and other documents proving debt; Grant mortgage and pledge loans; and, in relation to them, issue securities, mortgage and pledge instruments, both in national and foreign currency; Grant guarantees, bonds and other guarantees, including in favor of other companies in the financial system; Issue, notify, confirm and negotiate letters of credit, on demand or term, in accordance with international customs and generally channel foreign trade operations; Act in syndication with other companies to grant credits and guarantees, under the responsibilities contemplated in the respective agreement; Acquire and negotiate certificates of deposit issued by a company, mortgage instruments, warrants and bills of exchange from commercial transactions;Perform factoring operations; Carry out credit operations with companies in the country, as well as make deposits in them; Carry out credit operations with banks and financial companies abroad, as well as make deposits in one and the other; Buy, keep and sell shares of banks or other foreign institutions that operate in financial intermediation or in the stock market, or are auxiliary to one or the other, in order to give international scope to their activities. In the case of the purchase of these shares, in a percentage greater than three percent (3%) of the recipient's assets, prior authorization from the Superintendency is required; Issue and place bonds, in national or foreign currency, including ordinary, convertible, financial lease,and subordinates of various types and in various currencies, as well as promissory notes, negotiable or non-negotiable certificates of deposit, and other instruments representing obligations, provided they are of their own issuance; Accept term bills of exchange, originated in commercial transactions; Take or provide coverage of “commodities”, futures and derivative financial products; Acquire, keep and sell instruments representing private debt and instruments representing capital for the negotiable portfolio, which are the subject of some centralized trading mechanism in accordance with the law of the matter; Acquire, keep and sell shares of companies whose purpose is to provide complementary or auxiliary services, to companies and / or their subsidiaries; Acquire, keep and sell, as participants,certificates of participation in mutual funds and investment funds; Buy, keep and sell securities representing public, internal and external debt, as well as Central Bank obligations; Buy, keep and sell bonds and other securities issued by multilateral credit organizations of which the country is a member; Buy, keep and sell debt securities of the governments of the countries whose relationship the Superintendency approves; Operate in foreign currency; Issue bank certificates in foreign currency and make international changes; Serve as financial agent for the placement and investment in the country of external resources; Enter into purchase or sale contracts for the portfolio; Carry out structured financing operations and participate in securitization processes,subject to the provisions of the Securities Market Law; Acquire real estate, furniture and equipment; Make collections, payments and funds transfers, as well as issue drafts against their own offices and / or correspondent banks; Issue cashier's checks; Issue payment orders; Issue traveler's checks; Accept and comply with the trust commissions; Receive securities, documents and objects in custody, as well as rent safe deposit boxes; Issue and manage credit and debit cards; Carry out financial leasing operations; Promote foreign trade operations as well as provide comprehensive advice on this matter; Temporarily subscribe first issues of securities with partial or total guarantees of their placement;Provide financial advisory services without implying money management of their clients or investment portfolios on their behalf; Act as trustees in trusts; Buy, hold and sell gold; Grant pledge credits with jewelry or other objects of gold and silver; Carry out operations on own account of "commodities" and derivative financial products; Act as originators in securitization processes through the transfer of personal property, real estate, credits and / or money, being empowered to establish special purpose companies.Carry out operations on own account of "commodities" and derivative financial products; Act as originators in securitization processes through the transfer of personal property, real estate, credits and / or money, being empowered to establish special purpose companies.Carry out operations on own account of "commodities" and derivative financial products; Act as originators in securitization processes through the transfer of personal property, real estate, credits and / or money, being empowered to establish special purpose companies.
Analyzing Flores(2003) banks can provide all other operations and services, provided they comply with the requirements established by the Superintendency through general regulations, with the prior opinion of the Central Bank. For this purpose, the company will communicate to the Superintendency the characteristics of the new financial instrument, product or service. The Superintendency will issue its pronouncement within thirty (30) days of the request being submitted by the company. Most of the aforementioned products are provided in a traditional way, that is, directly, in person, documentary and everything that traditional banking entails; which causes bank surcharges that are transferred to clients and great insecurity, because the client or the interested population has to be walking with their money, their securities,contracts and all the paraphernalia, being the target of criminals.
Unlike the above, the internet banking service facilitates transactions from the comfort of your home, office, plane, ship, train, from anywhere in the world, allows you to carry out transactions virtually, that is, using the Internet service. To date, the use of Internet banks is not yet massive, because this device is relatively new to our environment, but it has undoubtedly taken leaps and bounds and will surely materialize. To date, the best banks in our world only have the following products through online banks or online banking: Check your balances, movements and automatic charges; Money transfer between accounts and third parties of the same bank; participate in the program transfers to be made on the date indicated.You can also record the data of transfers and payment orders so that you can make them more easily and quickly; dollars can be bought or sold at a preferred exchange rate online; pay and transfer money from the CTS account; pay bills for electricity, telephone, cell phone, cable, schools, universities, and hundreds of other establishments; Pay the Credit Cards of certain brands. You can also apply for a Credit Card, an effective credit or a mortgage credit.and hundreds of other establishments; Pay the Credit Cards of certain brands. You can also apply for a Credit Card, an effective credit or a mortgage credit.and hundreds of other establishments; Pay the Credit Cards of certain brands. You can also apply for a Credit Card, an effective credit or a mortgage credit.
4.4.1.4. REDUCTION OF BANKING COSTS
Playing McGoldrick (1996) and Levitt (2005) and In a globalized world where the Internet has transformed the way of doing business, the financial system could not be left behind. New information technologies are incorporated in banking services, which are altering the traditional definitions of product, market and customer, and which have changed global banking, developing Internet banking, as a means of communication between banks and their customers. They are natural or legal persons, to carry out online transactions at a lower time and costfor its users, optimizing their resources better. Internet banking has significantly reduced barriers to entry, speeding up bank disintermediation.
According to Ortiz (2007), currently, studies show that the sector that is using information technology the most in the world is the financial sector. Initially, when banks opened their web pages, in order to align themselves with the new technologies that had already been accepted by their clients through e-commerce, they were not convinced of the profitability or potential of this business. Thus, the first pages had a complicated design, which prevented quick navigation and only repeated the same advertising messages from the branches. Subsequently, banks made large investments in technologies and marketing, which allow them today to offer a high range of free online services,from inquiries of savings account balances, transfers between accounts, payment of services such as electricity, water, telephone, cable, investments in mutual funds, payment of taxes, information on products and services for personal and business banking, among others, to which can be accessed from the comfort of home, business or anywhere. Furthermore, banks have already developed sophisticated structures that guarantee the privacy of operations and offer maximum security in identifying their clients through Internet access. On the other hand, although at the beginning of Internet banking, customers did not have confidence in this new medium; the ease of use, the speed of online service and the cost reduction it representsnot having to go to bank offices or long queues, are its most significant advantages, and the factors that explain its significant growth. Banks are making efforts to encourage the migration of their current customers to electronic media, as they are cheaper than the branch; as well as to attract new virtual customers to Internet banking. Although the statistics show that the number of clients that carry out operations through the Internet does not stop growing; Online banking does not have short-term returns, but rather long-term returns, since it is a new product in maturity, and it is necessary to establish a culture of use of this technology, so it cannot be known how long it will take to investment recovery (high start-up and advertising costs).
This paper aims to analyze the current situation, projections, risks and security measures of Internet banking services, referring to the Peruvian case.
However, the transition from traditional banking to Internet banking is slow, due in part to customer resistance to using the Internet to conduct banking. The Association of Bankers of Mexico (ABM) affirms that the number of Internet banking users grew from 700,000 in 2000 to 2.4 million in 2001 and it is expected that by 2008 it will reach 6.5 million, which shows greater confidence in consumers in the security of this type of banking services, the number of users is still minimal, as it corresponds to less than 3% of the Mexican population, the case being similar for Peru, according to the Association of Banks (ASBANK)
4.4.1.5. ASSURANCE OF THE POPULATION PREFERENCE
We agree with Larraín (2007) and Ortiz (2007), when they establish that a bank's greatest challenge is to ensure the trust of the general population, within which are its current and potential clients; therefore, it must make every effort to provide better products, among which is the internet banking or internet banking service. It is necessary that the internet banking service convinces and ensures a degree of trust on the part of the population, so that they can access this important banking product en masse.
With a continuous increase in the number of online banking users, the value of the bank's brand is shifting from a presence in physical branches to increased participation on the Web, according to a recent study by The Nielsen. Company, 32% of Internet users in the world make online deposits at least two or three times a week, while 14% of them do so daily. The study was conducted through 25,408 Internet users in 46 markets in Europe, Asia Pacific, America and the Middle East. It was based on knowing how often they use the Web to carry out various banking activities such as credit card payments and services. Additionally, they were also questioned about loyalty to their main bank.
Nielsen's survey found that almost a third of Brazilians and 30% of Portuguese carry out online banking on a daily basis, followed by 28% of Poles, 27% of Chileans and 25% of Germans, Kuwaitis and Estonians, the global average being 14% of the interviewees.
The incorporation of new technologies has meant great transformations for financial and banking activity, which highly benefit customers, but which mean changes for banks. Internet banking does not create new risks, but rather emphasizes those that already exist in a bank. It should be noted that there are different types of risks in addition to information security that must be taken into account by banks, but which in most cases are not highly considered. The risks to which financial institutions are exposed are classified into three profiles depending on the type of Internet banking services they offer: (a) Low Risk - Informative:Corresponds to financial institutions that offer information about the bank's products and services (“brochureware”); (b) Moderate Risk - Communicative: Refers to financial institutions that offer information related to savings accounts, and update data such as address, telephone, among others. As in this case the user is entering the main systems of the bank, the risk is material; (c) Higher Risk - Transactional: Corresponds to financial institutions that allow their clients to carry out financial transactions, which implies a higher risk.As in this case the user is entering the main systems of the bank, the risk is material; (c) Higher Risk - Transactional: Corresponds to financial institutions that allow their clients to carry out financial transactions, which implies a higher risk.As in this case the user is entering the main systems of the bank, the risk is material; (c) Higher Risk - Transactional: Corresponds to financial institutions that allow their clients to carry out financial transactions, which implies a higher risk.
In this context, the senior management of banks should be concerned with managing these risks and establish effective control over the risks associated with e-banking activities. Likewise, they must be aware of the role of Internet banking to achieve the entity's strategic goals, and that before implementing these services they must carry out a cost-benefit analysis, be aware of the importance of technical supervision and administration of risks.
Despite the increase and penetration of the Internet in households, more than half of the respondents (54%) require visiting a bank branch at least once a month, in this sense Mexicans (78%), Brazilians stand out. (72%) and Chinese (71%). A global average of 14% of respondents responded never to visit a branch, while a third do so less than once a month. In this regard, the Swedes are those who attend the least since 36% never attend, followed by the Dutch (34%) and the Norwegians and Russians (30%). Six of the first 10 countries that responded not visiting their bank branches are European, however countries such as Vietnam (29%), Argentina (26%) and Hong Kong (20%) also appear. Regarding loyalty to their banking institutions, Canadians were considered the most faithful with 59%,followed by the Czechs, the Danes and the French, of whom more than half claimed to be faithful to their bank. Counterpart and abruptly, the least loyal are the Japanese, as 29% of them claimed to have no loyalty whatsoever, compared to the global average of 6%. Globally, 46% of customers visit their branch occasionally but less than once a month, so banking institutions need to apply better tactics to maintain contracts with their users. It is important to mention that only 37% claimed to be loyal to their banks, because users are currently expanding their financial relationships through organizations that offer multiple services.For this reason, banks need to maximize their brand presence and the effectiveness of their online services in order to retain their existing clients and, on the other hand, gain new followers. With the migration of banking services from physical branches to the Web, the brand presence must focus on new promotional formats. They must also offer new services such as online shopping and payment of services via the Web, in order to ensure that they are meeting the needs of their customers and, on the other hand, strengthening the brand value of the online banking institution.They must also offer new services such as online shopping and payment of services via the Web, in order to ensure that they are meeting the needs of their customers and, on the other hand, strengthening the brand value of the online banking institution.They must also offer new services such as online shopping and payment of services via the Web, in order to ensure that they are meeting the needs of their customers and, on the other hand, strengthening the brand value of the online banking institution.
4.4.2. CONCEPTUAL FRAMEWORK
Types of Internet Banking:Online offerings from financial institutions can be broadly classified into three broad groups with different risk profiles: Informative - They offer information about the bank's products and services ("brochureware") and are low risk; Communicative - They offer information related to accounts and possibly also updates to static data (such as addresses), as access to the bank's main systems is allowed, the risk is material; Transactional - Allow clients to execute financial transactions and carry the highest risk, some transactional models carry higher risks, for example,if the customer has never visited a branch of the bank during their entire relationship and prefers to carry out all their transactions remotely (this is commonly the case with some online stock trading sites).
Internet Banking Risks. Internet banking does not open new categories of risks, but rather accentuates the risks that any financial institution faces. The board and senior management must be aware of these risks and deal with them appropriately. These risks, which sometimes overlap, can be briefly described as follows:
Strategic Risk - This is the current and prospective risk to earnings and capital arising from adverse business decisions or improper implementation of business decisions. Many managers do not fully understand the technical and strategic aspects of Internet banking. Stimulated by the pressures of competition and their peers, banks can seek to introduce or expand Internet banking without previously carrying out an adequate cost-benefit analysis. The organization's structure and resources may not have the skills to manage Internet banking.
Transaction risk- This is the current and prospective risk to earnings and capital arising from fraud, error, negligence, and inability to maintain expected levels of service. There may be a high level of transactional risk with Internet banking products, due to the need for sophisticated internal controls and constant availability. Most Internet banking platforms are based on new platforms that use complex interfaces to link to previous systems, thereby increasing the risk of transaction errors. There is also a need to ensure data integrity and non-repudiation of transactions. Third party providers also increase the risks of transactions, as the organization does not have complete control over the third party.In the absence of a smooth process and connections between the bank and the third party, there is a high risk of transaction errors.
Compliance Risk- This is the risk to earnings and capital that arises from violations of, or non-compliance with, laws, regulations and ethical standards. Compliance risk can lead to decreased reputation, actual monetary losses, and reduced business opportunities. Banks need to carefully understand and interpret existing laws as they apply to Internet banking and ensure consistency with other channels such as branch banking. This risk is amplified when the customer, the bank and the transaction are in more than one country. The laws, tax procedures and conflicting information requirements between different jurisdictions are added to the risks.The need to maintain the privacy of customer data and seek their consent before sharing their data contributes to the risk of compliance. Clients are very concerned about the privacy of their data and banks need to be seen as reliable custodians of such data. Finally, the need to consummate transactions immediately (directly with processing) can lead banks to relax traditional controls, which attempt to reduce compliance risk.the need to consummate transactions immediately (directly with processing) can lead banks to relax traditional controls, which attempt to reduce compliance risk.the need to consummate transactions immediately (directly with processing) can lead banks to relax traditional controls, which attempt to reduce compliance risk.
Reputation Risk - This is the current and prospective risk to earnings and capital arising from negative public opinion. A bank's reputation can be damaged by poorly executed Internet banking services (eg, limited availability, problem software, poor response). Customers are less forgiving of any issues and consequently there are more rigorous expectations regarding the performance of the Internet channel. Hypertext links may link a bank's site to other sites and may reflect an implicit endorsement of the other sites.
Information Security Risk - This is the risk to earnings and capital that arises from lax information security processes, which expose the institution to malicious internal or hacker attacks, viruses, denial of service attacks, theft of information, data destruction and fraud. The speed of change in technology and the fact that the Internet channel is universally accessible makes this risk especially critical.
Credit Risk - This is the risk to earnings or capital that arises from a customer's failure to meet its financial obligations. Internet banking allows customers to apply from anywhere in the world. Banks will find it extremely difficult to verify the customer's identity if they attempt to offer instant credit over the Internet. It is also difficult to verify collaterals and to perfect security agreements. Finally, there could be questions about which country (or state) the transaction applies to.
Interest Rate Risk - This is the risk to earnings or capital that arises from movements in interest rates (eg, differential interest rates between assets and liabilities and how they are impacted by changes in interest rates). Internet banking can attract loans and deposits from a large set of clients. Also, since the comparison of rates between banks is facilitated, the pressure on interest rates is greater, accentuating the need to react quickly to changes in the market.
Liquidity Risk - This is the risk to earnings or capital that arises from the inability of a bank to meet its obligations. Internet banking can increase the volatility of deposits and assets, especially of customers who keep their accounts just because they are getting a better rate. These clients tend to cut their relationship if they get a slightly better rate anywhere else.
Price Risk - This is the risk to earnings or capital that arises from changes in the value of traded portfolios or financial instruments. Banks may be exposed to price risk if they create or expand deposit marketing, loan sales, or securitization programs as a result of Internet banking activities.
Foreign Currency Risk - This arises when assets in one currency are founded on liabilities in another. Internet banking can encourage residents of other countries to trade in their home currencies. Due to the ease and low cost of transactions, this could encourage clients to take speculative positions in different currencies. Large holdings and transactions in non-domestic currencies increase currency risk.
4.5. JUSTIFICATION AND IMPORTANCE OF WORK
4.5.1. JUSTIFICATION
4.5.1.1. THEORETICAL JUSTIFICATION
Internet banks present two concepts of this service, banks that only exist and offer their services on the Internet, without having physical customer service offices; and banks whose offices physically exist and which also have a service distribution channel via the Internet. The Internet banking service can be defined as the set of technological tools that banks offer for their clients to carry out operations through their Internet connection. This service has a wide range of uses, since it allows operations such as account openings, balance inquiries and transaction movements, funds transfer, electronic transfer payments, among others.The main advantages that the client obtains from the use of this service are the convenience of having access to their bank 24 hours a day, the versatility, since a single channel allows them to offer multiple services; and accessibility, since its own infrastructure breaks with geographical barriers, allowing customers to have contact with their bank, no matter where they are. Likewise, as a counterpart it must be taken into account, the disadvantages of it, such as the issue of security in the Internet network, the problems of connection speed, and especially the difficulty of adapting the traditional management of customer service to the electronic medium.since its own infrastructure breaks with geographical barriers, allowing the client to have contact with their bank, no matter where they are. Likewise, as a counterpart it must be taken into account, the disadvantages of it, such as the issue of security in the Internet network, the problems of connection speed, and especially the difficulty of adapting the traditional management of customer service to the electronic medium.since its own infrastructure breaks with geographical barriers, allowing the client to have contact with their bank, no matter where they are. Likewise, as a counterpart it must be taken into account, the disadvantages of it, such as the issue of security in the Internet network, the problems of connection speed, and especially the difficulty of adapting the traditional management of customer service to the electronic medium.
The use of this type of technology as a service distribution channel has an impact on customer service; It is observed that the fact that the client is attended through the computer can result in a feeling of coldness and impersonality. This is added to other factors such as trust, which goes beyond the credibility of the bank itself and its products, involving the communication strategies that the bank uses to justify the client's decision to provide its services through such a public medium.; the security that makes it necessary to use tools such as secret keys,security of servers and digital certificates to reduce the user's concern to make their transactions over the Internet and the accessibility that offers the customer greater ease of comparing prices and services of different banks. The result of the above is a new profile of clients, more demanding and less loyal, with access to more information and seeking better conditions and greater benefits, which necessitates an adaptation of traditional models of customer service, oriented more than never to quality of service. This has led banks to develop new customer service platforms that allow for faster and more personalized interaction, taking more into account their specific needs, strengthening the scope and depth of the relationship, for example,the client who connects to verify their balance and at the same time is informed of the best way to obtain the best return on their deposits, or receives a limited offer to special clients. The success of these platforms depends on the implementation of immediate response systems and priority monitoring of customer requests, taking advantage of the interaction offered by the system to constantly capture the preferences and perceptions of each customer, preventing the real service from disappearing and disappearing. turn into virtual service.The success of these platforms depends on the implementation of immediate response systems and priority monitoring of customer requests, taking advantage of the interaction offered by the system to constantly capture the preferences and perceptions of each customer, preventing the real service from disappearing and disappearing. turn into virtual service.The success of these platforms depends on the implementation of immediate response systems and priority monitoring of customer requests, taking advantage of the interaction offered by the system to constantly capture the preferences and perceptions of each customer, preventing the real service from disappearing and disappearing. turn into virtual service.
Internet banking is one of the best examples of how banks can take advantage of new technologies, resulting in benefits for both companies and individual customers. Without a doubt, the Internet aims to become, in the not too long term, one of the main tools to offer better products, reduce costs and ensure the preference of the population.
4.5.1.2. METHODOLOGICAL JUSTIFICATION
The investigation starts from the existing problem in the banking entities that are components of the Financial System. On this situation, theoretical approaches and experiences on the subject are presented, with the purpose of solving said problem.
This work will analyze internet banking; Then it will explain how to offer better banking products, how to reduce costs for the benefit of bank clients and, finally, how to achieve the preference of the population.
4.5.1.3. PRACTICAL JUSTIFICATION
The massive, technical and safe use of internet banking will allow the banking entities that make up the financial system to specify better products, reduce costs and ensure the preference of the population.
The Internet banking service is favorable for the companies that provide the service and especially for the current and potential clients of the banks.
4.5.2. IMPORTANCE OF WORK
This work will be of great importance for banks, because it will allow them to take into account that the personalization of remote customer service is the only element that will allow them to face competition, which becomes even more aggressive in such a medium. public like the Internet.
Financial institutions should pay primary attention to the aspect of fully satisfying their online customers, in order to survive those that only see this channel as a means of saving costs, increasing the scope of their operations and the volume of their customers. To achieve this, banks must remember that service quality standards do not lose validity in this channel, since it presents higher demands due to its particular nature. You should avoid repeating the mistakes made in adapting previous technologies, forerunners of remote banking services such as ATMs and telephone banking.
The interactivity that this service allows between the client and its bank, is an aspect that should not be missed in order to build a close relationship with its clients. It should not be forgotten that we are dealing with a segment of clients who understand that the satisfaction of their needs is not guaranteed by obtaining services through personal contact.
For this reason, banks must make use of all the communication tools that technology offers and the new ones to be developed. It is not enough to subscribe to the use of emails, you must take advantage of technologies such as text conferencing (chat) and IP telephony, which, in addition to being convenient, help to dissipate the impersonality of the service.
It is necessary for banks with an Internet presence to make the user feel that being connected to their Internet page allows them to obtain the same or better attention than in any traditional agency.
V. OBJECTIVES
MAIN GOAL
Determine how banks can use the internet to offer better products, reduce costs and ensure the preference of the population.
SPECIFIC OBJECTIVES:
1. Stipulate the framework in which the strategies of internet banks should be considered, to facilitate better products and reduce costs that benefit the population.
2. Establish the element of Internet banking, which will make it easier to prevail over the competition, until ensuring the preference of the population.
SAW. HYPOTHESIS FORMULATION
6.1. MAIN HYPOTHESIS
If financial institutions use the internet banking service or internet banking or e-banking; Then they will be able to offer better products, reduce costs and ensure the preference of the population (current and potential customers) within a framework of competitiveness and globalization of the economy.
6.2. SPECIFIC HYPOTHESES
- If financial institutions consider the strategies of internet banks in the framework of optimal management; Then they will be able to provide better products and also reduce costs for the benefit of the population (current and potential customers).
- If financial institutions take into account the reasonable security that the Internet banking service must have; then they can prevail over the competition and ensure the preference of the population (current and potential customers).
6.3. VARIABLES AND INDICATORS
1) Independent Variable:
X. INTERNET BANKS
Indicators:
X.1. Optimal management
X.2. Reasonable security
2) Dependent Variable:
Y. Better products, cost reduction and assurance of the population's preference
Indicators:
Y.1. Strategies
Y.2. Competition
VII. METHODOLOGY
7.1. KIND OF INVESTIGATION
This research will be of the applied type, since all aspects are theorized, although its scope will be practical to the extent that they are taken into account by banks.
7.2. INVESTIGATION LEVEL
The research to be carried out will be at the descriptive-explanatory level, since internet banking will be described in all its aspects; and it will explain how to obtain better products, reduce costs and ensure the preference of the population.
7.3. INVESTIGATION METHODS
The following methods will be used in this investigation:
1) Descriptive.- Because all aspects of online banking will be described; emphasizing the management and security of transactions.
2) Inductive.- To infer the information of the sample in the research population.
7.4. DESIGN OF THE INVESTIGATION
This work includes the methodological approach and theoretical approach of the investigation. The methodological approach highlights the formulation of research problems, objectives and hypotheses. In the theoretical approach, the development of the variables and indicators of the research in relation to the problems, objectives and hypotheses formulated stands out.
At the end of the research work, first the specific objectives will be contrasted with the general objective of the research. The contrasted specific objectives will be the basis for issuing the partial conclusions of the investigation. The partial conclusions will be the basis for issuing the general conclusion of the work.
Finally, an interrelation will be established between the general objective and the general conclusion until the general hypothesis of the investigation is contrasted.
7.5. POPULATION OF THE INVESTIGATION
The research population is made up of the directors, managers, officials, workers and clients of banking entities.
7.6. INVESTIGATION SAMPLE
The sample for this work will be made up of directors, managers, officials, workers and clients of Banco de Crédito and Banco Scotiabank, entities that have indicated their willingness to provide information. To define the sample size, the probabilistic method has been used and the statistical formula for populations less than 100,000 has been applied.
Where:
| n | It is the size of the sample to be taken into account for the field work. It is the variable that you want to determine. |
| P and q | They represent the probability of the population to be included or not in the sample. According to the doctrine, when this probability is not known from statistical studies, it is assumed that p and q have a value of 0.5 each. |
| Z | Represents the standard deviation units that in the normal curve define an error probability = 0.05, which is equivalent to a 95% confidence interval in the sample estimate, therefore the Z value = 1.96 |
| N | The total population. This case 620 people considering those people who have elements to answer for the research topics to be carried out. |
| EE | Represents the standard error of the estimate, according to the doctrine, it must be 0.09 or less. In this case 0.09 has been taken |
Substituting:
n = (0.5 x 0.5 x (1.96) 2 x 620) / (((0.09) 2 x 619) + (0.5 x 0.5 x (1.96) 2))
n = 100
STRATIFICATION OF THE SAMPLE OF THE INVESTIGATION:
| Institutions | DIR | GER | FUN | TRA | CLIE | TOT. |
| UNFV | 3 | 10 | 10 | twenty | 7 | fifty |
| UNMSM | 3 | 10 | 10 | twenty | 7 | fifty |
| TOTAL | 06 | twenty | twenty | 40 | 14 | 100 |
NOTE:
DIR: Directors; GER: Managers; FUN: Officials; TRA: Workers; CLIE: Customers.
7.7. DATA COLLECTION TECHNIQUES
The techniques that will be used in the investigation will be the following:
1) Surveys.- It will be applied to obtain information on the research topics.
2) Documentary analysis.- It will be used to analyze the norms, bibliographic information and other aspects related to the investigation.
7.8 DATA COLLECTION INSTRUMENTS.
The instruments that will be used in the investigation are the following: questionnaire and document analysis guide. The questionnaire will be used to carry out the survey. The documentary analysis guide is applied to organize and define the theories that will be taken into account for the theoretical framework of the research.
7.8. ANALYSIS TECHNIQUES
The following techniques will be applied:
- Documentary analysis Inquiry Data reconciliation
· Tabulation of tables with quantities and percentages
· Understanding graphics
7.9. DATA PROCESSING TECHNIQUES
The following data processing techniques will be applied:
- Sorting and classification Manual registration Computerized process with Excel Computerized process with SPSS
VIII. SCHEDULE
| ACTIVITIES | FEB | SEA | APR | MAY | JUN | JUL | AUG |
| THESIS PLAN: | |||||||
| Data collection | X | ||||||
| Formulation | X | ||||||
| Presentation | X | ||||||
| Approval | X | ||||||
| THESIS: | |||||||
| Data collection | X | X | X | X | |||
| Organization of info. | X | X | X | ||||
| Information processing | X | X | |||||
| Thesis writing | X | ||||||
| Presentation | X | ||||||
| Lift | X | ||||||
| Approval | X |
IX. BUDGET
| EXPENSE BUDGET | |||||
| ITEMS | QUANTITY | UNIT | UNIT PRICE | SUBTOTAL | TOTAL ITEM |
| I. ASSETS: | 770.00 | ||||
| Goods | 4 | THOUSAND | 25 | 100.00 | |
| Pencils | 5 | DOZENS | 10 | 50.00 | |
| Computer ink | 10 | UNITS | 30 | 300.00 | |
| Floppy | 3 | DOZEN | twenty | 60.00 | |
| CD | one | DOZEN | 60 | 60.00 | |
| Other assets | 200.00 | ||||
| II. SERVICES | 3,480.00 | ||||
| I support statistical work | 1,000.00 | ||||
| Secretarial support | 1,000.00 | ||||
| Mobility | 300.00 | ||||
| Viaticals | 500.00 | ||||
| Telephone | 200.00 | ||||
| Prints | 180.00 | ||||
| Photocopies | 100.00 | ||||
| Various | 200.00 | ||||
| TOTAL | 4,250.00 | ||||
| INCOME BUDGETS | ||
| Own resources | 4,250.00 | |
| Donations | 0000.00 | |
| Other sources | 0000.00 | |
| Total | 4,250.00 |
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THESIS:
1. Andujar Félix, Omar D. (2000) Electronic commerce as a tool to improve the flow of information between companies. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico.
2. Burgos Amador, Jedary (2001) The rise of Internet banking in commercial banks in Puerto Rico. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico.
3. Cruz Casillas, Manuel (2001) Feasibility study for the implementation of a quality control system. Thesis presented to choose the Master's Degree in Administration at the University of Puerto Rico.
4. Sosa Varela, Juan Carlos 1998) Electronic commerce-challenges and effectiveness of the Internet in marketing strategies. Thesis presented to choose the Master's Degree in Administration at the Autonomous University of Mexico.
5. Thesis : "Strategic Management and Sanitation of Companies"; presented by Hugo Eduardo Jara Facundo to opt for the Doctor of Administration Degree at the Universidad Nacional Mayor de San Marcos.
6. Thesis: "Benchmarking: Strategy for competitiveness"; presented by Roberto Fernández Rojas to opt for the Doctor of Administration Degree at the Autonomous University of Mexico.
7. Thesis: “Benchmarking tool to improve and compete”, presented by Graciela Novoa Paredes to choose the Degree of Doctor of Administration at the Catholic University of Chile.
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