Report On Online Banking System Issue In HSBC And Integrated Approaches To Its Resolution

Description of the issue

Description of the issue

Analysis of current operations of the HSBC reveals the fact that the bank has suffered severe IT glitches and their clienteles have complained regarding their inability to log in to their respective banking accounts. Also, there were certain customers who complained as regarding receipt of error messages at the time of attempting to access both online as well as mobile banking accounts. There are also other instances of technical issues that have prevented different customers from acquiring admittance to the online banking service and withdrawing money. In addition to this, there are also examples of card as well as website issues, mobile application connection error, issues in personal internet banking and non-functioning of HSBC app on android application (Hanafizadeh et al. 2014). Furthermore, HSBC spokesperson informed that they have addressed the issue, apologised for the inconvenience caused and have added that the reason of the IT failure has not yet been ascertained.

Performance- The consumers possess the capability to undertake transactions online that were conventionally reserved for different tellers inside a specific branch (Sikdar et al. 2015). Essentially, teller transactions have turned down as users of internet have the handiness of transferring funds, presenting deposits and applying for withdrawals from personal computers.

Online system of banking leads to enhancement in criminal actions. In essence, personal information is also shared by means of online banking business transactions (Bell and Hindmoor 2018). The enhancement in online banking actions has acquired attention of different institutions outside conventional system of banking.

People Management Model (Guest Model): Human resource management model intends to be comprehensive since it attempts to contain six vital components of HRM namely, policy choices of HRM, outcomes of HRM, consequences of long term period and a specific feedback loop. The current model asserts that the human resource manager presents specific strategies that demand specific exercises and the time when executed can lead to particular outcomes. In essence, these outcomes contain behavioural associated, performance linked and financial rewards. As suggested by Chellapalli and Kumar (2016), the Guest Model also stresses the logical sequence of six different elements namely, practices of HR, outcomes of HR, behavioural outcomes’, performance outcomes together with financial consequences. Again, alternatively, financial outcomes rely on performance of employees that in turn can direct towards results of action associated behaviour of employees. Naheem (2016) asserts that behavioural outcomes can be considered to be the outcomes of commitment of employees, overall quality as well as flexibility that can consequently be influenced by varied human resource practices. Essentially human resource practices have the need to be in harmony with strategies of human resource that are invariably aligned to different strategies of business enterprises.

Over the last two decades, learners in Information and Communication Technology (ICT) have recommended several themes along with models to illustrate and forecast models of adoption of technology. Nonetheless, significant models take in “Theory of Reasoned Action, Theory of Planned Behaviour along with Technology Acceptance Model” (Aburub 2015).

Theory of Reasoned Action stems from social psychology and this recognizes varied determinants of conscious deliberate behaviour (Kilic 2016). This supposes the fact that individuals are rational and are constantly analysing pertinent behavioural principles in the procedures of structuring their attitudes towards the behaviour. In particular, the theme is founded on three different constructs such as behavioural intention, attitude as well as subjective rules. In essence, attitude can be regarded to be the sum of diverse faiths regarding a specific behaviour when analysing the specific behaviour. Kanno (2015) suggests that subjective rules can be the effects of individuals in social environment on behavioural intentions. Normally, this indicates towards faiths of individuals, weighted by the significance of attributes of each one of the viewpoints that can exert influence on one’s behaviours.

People

TAM proposed by Fred Davis asserts the fact that the theory was adapted from the theme of Theory of Reasoned Action (TRA). In particular, this model can be considered to be extensively utilized for exploring acceptance of different users of advanced technologies. As per this particular model, the utilization of information system relies on perceived ease of utilization and perceived effectiveness regarding the technology (Alalwan et al. 2016). Desirable otherwise undesirable attitudes towards any specific technology can be considered to be an important function of perceived simplicity of usage along with perceived effectiveness regarding technology. In particular, the first outlook, perceived effectiveness can be regarded to be subjective probability of users that can enhance job performance by implementation of particular application system. The second outlook indicating towards perceived ease of usage can be considered to be the degree and extent to which the user anticipates the target system to be devoid of efforts. Liang and Nguyen (2018) mention that perceived usefulness is said to be influenced by perceived ease of use. The strength of this kind of beliefs, attitudes as well as intention in forecasting actual behaviour of individuals principally relies on extent and degree of enumeration specificity attained. In a bid to implement these themes to the technology acceptance model, it is essential to enumerate beliefs concerning usage of technology in place of the technology in itself (Schoenmaker 2018).

The biggest challenge in the arena of banking segment is the leadership. Increase in online actions of banking gains attention of different institutions. Leader has the courage, potential and competency to carry out the transformation. These three barriers include regulation, culture as well as inheritance that generate fake barriers and are produced by leadership. A bank CEO can choose to sit idle and accomplish nothing. Majority of the bank can generate greater returns from shareholders than by investing in certain things (Rahaman 2016). A specific leader who is risk averse in nature can think about investing in the things that need to be carried out.

This generates a culture that is risk averse in nature and concentrates on doing things that need regulations. This necessarily calls for no regeneration of legacy. In essence, these banks acquire incremental augmentations and maintain equivalence with the segment; however, they do not attain anything unique.  Attaining something unique takes audacious leadership that necessarily contains a vision (Rahman et al. 2017). Also, implementing online banking system in a differentiated bank needs to have a vision, tough leadership and fortitude to make something come about.

As suggested by Al-Malkawi et al. (2016), Kurt Lewin along with his associates undertook studies that stressed on styles of leadership and identified two fundamental styles as mentioned below:

– Autocratic Style of Leadership:

An autocratic leader arrives at a decision, informs members of the staff regarding their part of responsibilities and keeps a close watch and thoroughly supervises the employees (Alese et al. 2018).

– Democratic Style of Leadership:

A democratic leader inspires engagement in diverse processes of decision making, functions with firms’ employees in a bid to decide roles of different members of the group and does not engage in the process of supervising different employees.

Models of Adoption of e-banking

In this context, it can be hereby mentioned that keeping in mind the issues of online system of banking, the management of HSBC Bank can consider implementation of employee centred style of leadership. Implementation of this leadership strategy can help administration of HSBC in concentrating in human necessities of different members of the staff of the organization while nurturing relationships (Umoren et al. 2016). In essence, the leader can stay sensitive to different sub-ordinates and effectively communicate for development of trust, for supporting and respecting while maintenance of welfare. This is a democratic form of leadership style where different sub-ordinates of the corporation HSBC can easily learn skills associated to decision making and adapt themselves to changed organizational circumstances (Sharma and Lenka 2017).  

Innovation implies making something new. Banks no longer limited themselves to conventional banking actions, but explored new avenues to enhance business and capture novel market. Within the Banking segment, Digital-only bank Ally introduced in the United States in the year 2008 and at the time, it was one of the first of its kind. But multiple new players have entered the scene in the last few years (Martins et al. 2014). In essence, these consist of Monzo, Tandem, N26, as well as Fidor in the area of Europe, together with Digibank in the India and B1NK in the segment Kazakhstan.

Essentially, these banks have important advantages over traditional institutions, such as freedom from historical tech restrictions and the fees associated with brick-and-mortar branches. And in many nations, financial regulations also help these banks flourish. In Europe, these digital-only banks will soon be able to access customer data from traditional banks. Internet/online banking also indicates towards online banking. As suggested by Siegal et al. (2018), virtual/web/internet banking can permit the users to carry out business transactions with the aid of internet. Essentially, internet banking delivers different functions that are delivered conventionally at a regional branch of a bank namely deposits of money, disbursement of bill and many others.

Way online banking system solutions positively influence financial aspects of the business enterprise

A conventional procedure of payment as well as settlement takes in a buyer to seller cash transfer or else payment information. The system of actual payment settlement occurs in the financial processing network. Cash payment calls for withdrawal of buyers from bank account, cash transfer to the seller and deposit of the seller to the account. Unlike the conventional system, the novel and sophisticated system of payment helps in appropriate transmission of currency as well as notes to necessarily data (Alkhatib and Alaiad 2017). Fundamentally, this transmission is carried out through telephone lines and transponders of satellite and this is known as e-payment mechanism. This online system of banking thereby helps in the process of online payment of bills, viewing transactions, transferring money between different accounts, mobile banking and syncing with different money applications.   

Thus, the online system of banking can financially help the banks by non-payment of overhead for different physical branches and wages to employees to staff the physical branches. This, cost advantages help the banks to pass savings of cost to their clients in the firm of higher rates of interest and at the same time low levels of fees. In this way, customers of the banks also get attracted to the set higher levels of yields and lower levels of fees delivered by the banks. This in turn as well enhances profitability of the banks. Whilst several customers get attracted to different higher amounts of yields and lower amounts of fees delivered by different online banks, these benefits also get tempered by the inadequacy of branch locations and restricted services provided (Sikdar et al. 2015). Based on personal banking habits developed by people, these kinds of tradeoffs might perhaps play an important facet in the process of decisions of deposit of funds with the online bank.

Leadership and management

The e-banking that helps in saving time in different banks, delivers ways for international banking, delivers banking all through the year, offers appropriately organized management of cash for essentially optimization of internet subsequently helps in development of business of the bank. In addition to this, e-banking also delivers convenience with respect to capital, labour, requisite time that is required in order to undertake transactions. Also, this e system of banking also helps in acquiring advantage of different assimilated services of banking and banks also help in competing in different novel markets and can acquire novel customers and develop share of markets (Shaikh et al. 2017). In addition to this, this delivers some kind of security along with privacy to different customers by utilizing high-tech encryption along with security technologies. Existence of different banks relies hugely on potential to attain economies of scale in minimizing overall asymmetry of specific information between different savers as well as borrowers. The main question in this regard is the way IT can help the banking segment to sustain economies of scale while transferring from physical banking to essentially online banking. The role of information and communication technology and its effect on financial segment can permit worldwide economies to establish a financial infrastructure system before instituting an entirely functioning financial infrastructure. As e-banking is comparatively cheaper, this involves lessened costs of processing for different providers and lesser search for diverse consumers (Tarhini et al. 2015).

Way the problem/solution influence marketing dimensions: Online Banking Affecting Marketing Decisions

Online banking delivers customers with a suitable mechanism of undertaking business from the comfort and

Banks differ in size as well as capabilities. There are varied small banks and that might have one otherwise more than one offices. There are several large commercial banks that might probably have thousands of office branches across the entire nation. Irrespective of bank size, each and every branch has the requirement to customize marketing stratagems to serve immediate area (Montazemi and Qahri-Saremi 2015). Essentially, this refers to tellers along with account representatives who speak English along with prominent language in the community.

Banking can be considered to be time-consuming while online banking can make the same easier for different entrepreneurs to manage most basic banking actions. Taking advantage of different online banking can permit the process of maximization of time and online security dimensions of different banks (Suvittawat 2015). This can necessarily protect different sensitive information.

Business owners can necessarily access different online accounts as often as required without the acquirement of concealed fees.  Online banking system makes it easy to access account information at anytime. This makes banking feasible and in this case it is important to access an online account (Bultum 2014). 

Internet banking can be considered to be the outcome of integrating conventional banking services as well as technology by means of different websites that different customers can utilize for accessing their accounts. HSBC can consider specific marketing strategies for internet banking:

– 4 Ps of Marketing: Product can be regarded as one of the most components of particularly marketing mix. Essentially, this applies to particularly product features namely, design of the product, overall quality of different products as well as others.  Essentially, without the specific product, the remaining of the marketing mix can be considered to be useless. In essence, the most elementary issue about a specific product is that it fulfils a specific want (Alhabash et al. 2015). The consumers have the need to purchase different products not only for satisfaction of wants but also for contentment, pleasure otherwise even for attainment of benefits they offer.

Product: In the current context of HSBC, it can be hereby mentioned that there are four different groups that include private banking, investment banking and global banking as well as commercial banking, wealth management as well as retail banking. This delivers its clients with list of different products as well as services that vary slightly from one nation to another (Bakshi et al. 2015). Commonly, overall product/service portfolio for the enterprise HSBC takes in personal banking, non-resident banking, financial planning services, corporate banking, business banking, cash and payment management, factoring services as well as trade, institutional banking, treasury as well as capital markets and custody and clearing.

Place: HSBC can be regarded to have the greatest capacities in terms of potential. In a bid to function successfully, it has unlocked 6600 offices operating in around 85 nations. These operations can be considered to be active around the entire world in different territories that increase in different continents namely, South and North America, Africa, Asia as well as Europe. In essence, HSBC has also established innumerable number of banks in diverse nations under varied names. The bank has expanded branches worldwide in a bid to expand the network. HSBC permits internet banking services to customers and maintains approachability to diverse internet service delivered by the HSBC Bank 24*7 (Drig? 2014).  There are also ATMs established at strategic locations in nearly all the important points in order to ensure that customers can acquire benefit from diverse services. In addition to this, there are also trained guards who are recruited outside the ATMs as well as banks so that clients can gain a feeling of safety while carrying out business transactions.

Price Factor in the Marketing mix of HSBC: Since the bank operates in a competitive market, the system of pricing is necessarily subject to alteration as per the trends of the market and as per the policy alterations by different competitor banks. In this case, all these policies refer to improvisation at diverse levels and at any specific point in time. In a bid to do away with competition, HSBC can adopt aggressive pricing policy that includes acquirement by employment of available finances (Martins et al. 2014). Essentially, the bank considers value added system of pricing for varied services in a bid to maintain customer base.

As suggested by Mahdzan et al. (2017), HSBC has adopted a twin role in the area of pricing of products. The company has realised the fact that there is need to attract higher number of clientele in order to make certain that it becomes possible to buy several products as well as services delivered by the bank and thereafter generate revenue.

In a bid to generate awareness regarding banks and varied services provided, management of HSBC uses wide ranging promotional stratagem. In this context, it can also be said that advertising was the most significant tool for HSBC and thus management of HSBC has placed advertisements on billboards, business magazines as well as newspapers. Essentially, informative commercials were also telecast on a regular basis on the television to make certain that customers could become recognizable with the bank as well as its stratagems (Omonaiye et al. 2015). All the advertisements of the HSBC Bank can be said to be informative, stressing on varied products/Services provided. The bank has played the role of sponsors for varied incidents and exhibitions such as “Jaguar Racing Formula One”, “HSBC Women’s Champions”, “Telford Raiders” in the sport Rugby and many others. In order to generate a high-quality image of the bank, management of the bank has become an enthusiast of environmental as well as social reasons for example the bank is intending to shield just about 20000 plants from becoming died out. 

Political Evaluation: HSBC Banking can be said to be sheltered by diverse regulations along with policies designed by diverse government in different nations where they function. Essentially, the business enterprise can agree to diverse policies as presented by diverse governments along with different other governing bodies to make certain that the enterprise can accomplish business operations successfully and at the same time effectually (Bratawisnu et al. 2017). In essence, the enterprise HSBC also designs diverse defence stratagems apart from diverse government restrictions along with restraints.

Economic Evaluation:  As HSBC is one of the leading as well as completive businesses of the entire world in situations of both banking as well as finance, the bank HSBC is said to have a secure and at the same time successful economic power. Regardless of lots of dangers encountered, there is needed to go beyond these struggles and need to have superior economic situations and generate a shield against employment (Tarhini et al. 2015).

Social Evaluation: HSBC gets affected by different situations of the society where they are put to use. In addition to this, HSBC tries hard to make certain that each and every community is provided the same opportunities to acquire the advantages of the resources provided by the business enterprise (McNeish 2015). In this regard, it can be hereby mentioned that business corporation sticks to the idea of maintenance of high reputation, strong bond as well as relations in the community that can help in securing everything that is customary and can be maintained under control.

Technological Evaluation: The urgent situation of information technology, internet and by and large the enhancement of technology exerts impact on the way HSBC has been functioning in the last few years. The business enterprise looks for diverse systems and utilized internet to acquire their clients from across the world and aid the same in knowing the trends in the worldwide business. Apart from this, the business enterprise also utilizes unique facilities that help in advancing systems of productions and operations and make the same attainable (Krol et al. 2015). In essence, technological breakthroughs can develop industries that might prove to be dangerous to different presented business enterprises.

To sum up, PEST analysis examined business strategies in a bid to comprehend the entire environment in which the business is operating and to acquire advantages as well as benefits to minimize overall threats along with dangers for the enterprise.  

Way the solution can influence on the supply chain/procurement/ and issues associated to operation management

Supply chain particularly financial supply chain gets affected by the conventional as well as modern system of payment, management of supply chain along with different other factors. A conventional procedure of payment together with settlement takes in transfer of cash otherwise payment information between buyer and seller (Carminati et al. 2015). In essence, the actual settlement of different disbursements in the bank occurs in the network of financial processing. Disbursement of cash calls for withdrawals of different purchasers form the bank account, transfer of cash to different sellers and deposit of sellers of disbursement to the account. Not like the conventional system, the modern along with sophisticated

Models for managing change and project management theories

Lewins’ Change Model: As opined by Krishnan (2017), change management model proposed by Lewin can be considered to be one of the most important and effectual models that make it feasible to comprehend organizational as well as structured alteration. In essence, this model was formulated and generated by Kurt Lewin during the year 1950 and is still observed to be valid. This model takes in three different stages namely: unfreeze, change and thereafter refreeze. The stages are explained in detail below:

Unfreeze: The first and foremost stage of the procedure of the change as per Lewin’s mechanism includes the preparation for the alteration. In essence, this implies that at this specific stage, the business enterprise has the need to prepare for the alteration and for the fact that change is crucial and is required. In essence, this stage is important as majority of individuals across the world attempt to resist change and it is crucial to crack the status quo (Montazemi and Qahri-Saremi 2015). The most important thing here is to illustrate the individuals regarding the reasons behind why things need to be altered and the way change can generate profit. Particularly, this stage also includes examining the business enterprise.

Change: This is the phase in which the actual transition otherwise change occurs. In essence, this process takes place since individuals normally spend time to embrace novel happenings, growth as well as alterations (Ayo et al. 2016). During this phase, appropriate leadership along with reassurance can be considered to be very vital as these facets not only lead to steer forward in the right direction but also make the procedure simpler for members of the staffs as well as individuals involved in the procedure.

Refreeze: The alteration has been widely accepted, embraced and executed by the individual; the business enterprise starts to become steady again. Essentially, this is the reason the phase is known as refreeze. Particularly, this is the time when members of the staff and procedures start to refreeze, and things start going back to standard place and exercises. This is the time when the members of the staff and procedures start to refreeze, and things start to go back to normal speed and schedule (Sharma 2016). In essence, this step calls for the assistance of individuals to make certain that changes are utilized all the time and executed even after the goal has been attained.

The three phases of change management can be appropriately illustrated by means of online banking system issue of the firm HSBC which was on the stage of failure of online banking system owing to issues associated to online system of transaction. The banking system that was encountered with the challenge of executing a radical transformation and turning around overall operations of HSBC, however by maintaining the resistance to transformation under control that was inevitable under such circumstances by generating cross-operational teams to suggest a robust scheme of change in diverse functional areas (Kazmi and Hashim 2015). For encountering the challenges of specific businesses, management of the firm can develop a change management stratagem and engaged the employees in the procedure of change management through effectual communication as well as reinforcement of desired behaviours. Again, for the purpose of refreezing behavioural alteration of different members of the staff, management of the firm can introduce performance based system of payment (Drig? and Isac 2014). This can execute a specific open mechanism of feedback for guiding and helping the members of the staff in accepting the novel trends and patterns at work. The management of the firm HSBC can execute the transformation by altering overall behaviour, attitudes, competence level and skills for operating in the business enterprise. This can be carried out by altering the subsisting structures of business enterprise, procedures as well as systems. Also, this can be undertaken by means of transformation of overall climate, trends and culture along with interpersonal style of the business enterprise.

As recommended by Montazemi and Qahri-Saremi (2015), things that can be carried out for management of change include resolving, solving or else dissolving things. The soft factors that can be adopted in this regard include understanding significance of individuals involved in the situation, significance of business enterprises as an entire system and comprehending significance of organization as a particular learning corporation. In this context, management of the enterprise HSBC can adopt the soft system that involves doing action research. The varied stages of implementing change include the following:

– Diagnosing the present situation, developing a specific vision for undertaking change

– Gaining commitment to the specific vision and the requirement for alteration. The specific procedure of acquiring commitment for undertaking change need to take in functioning at the level of group of the business enterprise (Krishnan 2017)

Way the same can prove to be suitable to the present project

Analysis of the current situation reveals the fact that people are more accustomed to conventional habits of banking as people are quite used to the same and it can take time for different individuals to dissolve habits. The soft side of management of change entails management of people side of transformation that can necessarily prove to be the most challenging part of carrying out transformation (Sikdar et al. 2015). The adoption of the soft strategy can help in properly treating different members of the staff of the business enterprise effectually and as the most important resource of the enterprise and a source of competitive benefit. In actual fact, employees of the firm can be trained about the pros and cons of online system of banking, issues faced by the firm in executing the changes and at the same time it is important to comprehend the needs of the employees. This can help the management of the firm to concentrate on human resource management, focus on necessities of members of the staff of the firm (specially, their needs, motivation factors along with their reward systems).

The current report emphasizes on the implications of e banking on the consumer behaviour and performance of banks that have been studied in relevant literature, various journals and articles and existing practices of e banking. One of the objectives of this paper is to determine whether the banking institution has delivered high quality services and earned higher income due to the adoption on technological system compared to traditional method (Krol et al. 2015). In addition to this, the response of customers towards the new technology diffusion has also been examined.

As mentioned by McNeish (2015), the primary advantages of internet banking are necessarily cost saving, attaining new sections of the entire population, level of efficacy, augmentation of reputation of banks and superior customer service and degree of satisfaction. In addition to this, operating costs associated to conventional system of banking stand for approximately 50% to roughly 60% of firms’ earnings, costs of running of enterprise internet is approximated to lie between 15% -20% of firms’ earnings. The overall costs associated to electronic business transactions can be considered to be dramatically less if carried out online at a specific branch. In essence, the most significant driving force that is behind the execution of entire service internet banking by different banks is the requirement to generate strong barriers to different clients exiting. Tarhini et al. (2015) argue that when a customer shifts to full service mode of internet banking, the probability of the client transferring to another financial institution is significantly decreased. A survey conducted in the area Denmark argued that factors of internet banking might perhaps be effective for strengthening cross selling and differentiation of price. Essentially, online banking can be considered to be effective and powerful implies that directs towards development as well as growth of banking. Essentially, this aids in augmentation of overall competiveness of different institutions.

However, there are also different disadvantages of online system of banking. The primary issues of the online system of banking include:

– Conventional system of banking: Regardless of different advantages of online banking, there exists a huge percentage of population that still do not participate in the online system of transactions. In essence, this is mainly owing to the fact that conventional system of banking is what majority of individuals are used to and can require time for individual to break habits and customs (Bratawisnu et al. 2017). Therefore, online marketers of banking can concentrate on different ways in order to convince individuals to break their conventional habits of banking. In essence, these efforts of marketing need to highlight the reason why online banking is superior to traditional banking.

In addition to this, security can be regarded to be one of the most important challenges for online marketers of banking. This is mainly because in case if a robber decided to steal savings of a person’s bank, that person could have to break into the vault of the bank and perform a daring get away with the stolen money. This in fact can be considered to be extremely difficult prospect and engaged a lot of danger as well as risk. Omonaiye et al. (2015) suggested that cyber criminals primarily call for the necessity to determine specific personal information. This can break into someone’s personal account and take away their money. Particularly, it can be considerably difficult and at the same time consuming to deposit otherwise withdraw money

There are several start ups have the need to operate and undertake marketing budgets before growing to a large size. Particularly, this can prove to be a big challenge. In case if the marketing budget is petite, then there is necessity to concentrate on the most significant aspects (Mahdzan et al. 2017). The inbound marketing stratagems for generation of optimization of search engine website, creating accounts for biggest networks of social media and establishing a blog need to be prioritized.

In conventional banking exercises, customers have the right to use banking products as well as services by means of daily physical contact with tellers of bank. Fundamentally, this definite approach of presenting banking services generated a mismatch essentially between customer demands and potential of bank as clients could only gain access to financial services at particular locations and during banking hours. However, with the advent of technological innovation, banks such as HSBC can now present both products/services to their clientele at any point of time and from anywhere around the world by using different communication media namely internet, ATMs and mobile networks among many others. Essentially, these innovative mechanisms of presenting different products else services of banks utilizing different electronic channels of communication can be considered to be e-banking.

Nevertheless, compatibility can be considered to be a factor to which firms’ innovative strategies can be perceived to be hard to comprehend, learn else wise operate. Particularly, an innovation with considerable intricacy calls for higher levels of technological skills and requires greater execution and functional efforts to augment likelihood of adoption. The issues identified in the HSBC bank indicate that instances of technical issues that have prevented different customers from acquiring admittance to the online banking service and withdrawing money.

There is said to be a common and extensively identified obstacle to different electronic commerce adoption. Also, there is said to be inadequacy of security along with privacy over internet. This can demonstrate risk as a supplementary dimension in the areas of diffusion along with adoption. Particularly, this can direct towards internet commerce as a risky affair.

As illustrated in the previous segment of the current study, there are diverse effects of e-banking on people, leadership and management, creativity and innovation, financial aspects, marketing notions, business stratagems, external environment, operations and project management. Keeping in mind, the effects of the e-banking on the above mentioned facets, it is important to take into consideration important and pertinent models as mentioned therein.

IT issues can exert influence on businesses. At the time when an IT issue starts to influence on clients, the fall pout can be considered to be dramatic. This goes beyond the immediate inconvenience to clients and generating a rippling impact of negative media exposure. The greatest bank of Britain HSBC can be considered to be the latest in a relatively long business line to present the headlines due to IT issues. Essentially, the bank has experienced issues with different online systems of banking. There are certain banking clientele who are incapable of logging on for 2 days, leaving the ones who utilize internet banking incapable to examine the balances and disburse payments online. In essence, there are numerous banking clients who face problems associated to reporting of accounts asserting slow progress.  

In this context, it can be hereby highlighted that banking segment can be said to be rapidly transforming and the biggest shift that has taken place is the digitization of banks. Digital banking undoubtedly has several advantages over conventional banking institutions. However, digitised banks like HSBC also encountered major issues as identified in the current study.

The management of HSBC have resolved the issues, however, the event can be considered to be an important example that shows the extent and degree to which reputation of a business enterprise can cause damage. These issues do not necessarily take place in reality and management of HSBC have not validated the problems and particularly the sources of the identified problems.

The first segment of the current study has analysed the effect of the issues of e banking on the banking. In order to undertake a thorough analysis of prior body of academic literature, the models take into consideration include Guest Model, Theory of Reasoned Action and Technology Acceptance Model. The Guest Model can help in understanding strategies of HRM, HRM results along with consequences of long term period and feedback. Reference to the guest model can help in understanding different practices that are in harmony with stratagems with policies of human resource aligned to strategies of companies. The issues faced in HSBC can be resolved by means of implementation of Guest Model that can help in repairing online system of banking. Also, theory of reasoned action, theory of planned behaviour along with Technology Acceptance Model can also be referred to in this case. The models of adoption of new technology can also be referred to in this case as this can help in comprehending behavioural intentions and enumerate beliefs regarding using technology. Also, leadership and management also get affected by the issues of online banking system.

The leading challenge in the ground of banking section is the leadership. Enhancement in online activities of banking gains notice of diverse institutions. In this regard, it can be said that leader has the potential and capability to undertake the change. The main barriers in are regulation and rulings, culture with inheritance that create fake barriers. In this context, the first segment of the study draws reference to the theories on “Styles of Leadership”. The first section of the study illustrates about the autocratic style of leadership and democratic style of leadership. In this regard, it can be hereby mentioned that execution of leadership strategy can aid management of the firm can handling and nurturing relationships, undertaking communications, developing beliefs and trust, upholding and at the same time respecting whilst maintaining welfare. The management of HSBC can be said to have adopted the best option by considering implementation of the democratic leadership.

Fundamentally, this style can be regarded to be the best alternative for resolution of the issues associated to the identified system of banking. Adoption of democratic style of leadership can help in highlighting and guiding the management regarding teams as well as departments whilst accepting diverse inputs from individual members of the staff of the business enterprise. The chosen leaders can reserve the authority to arrive at the final decisions; however can inspire feedback, thoughts along with suggestions from different employees. () mentions that participative leaders normally have considerably more satisfied workforce, as each and every individual has contribution in the area of decision making.

As suggested in the first segment of the current study, the online system of banking exerts impact on decisions of marketing. The relevant theories referred to in this case are 4 P’s of marketing and PEST analysis. The marketing mix can be regarded to be a set of four different decisions that needs to be undertaken before introducing or resolving solutions for identified online systems of banking. The internet can be regarded to be a unsettling innovation that has affected the operations of banks. This means a lot for businesses and marketing departments of banks to function in the digital world. () suggests that effectual marketing along with brand management can be considered to be a vital differentiator of both successful along with unsuccessful units of business for several decades. The expansively networked world has become extremely challenging and for these appropriate marketing policies is essential for handling the change. In spite of diverse advantages of online banking, there exist numerous distinctive issues along with challenges in the online banking segment.

The traditional model of retail banking business has been distorted by the technological innovation and such distortion has enabled the banks to distribute and produce the financial services that can be separated into several businesses by breaking the chain of traditional value creation. For the internet banks, most of the banking products, securities and insurance are distributed but not produced by them. Adoption of internet presenting in the context of economics has been attributable to the reduction in overhead expenses brought by the elimination and reduction of physical branches and the cost associated with it. This particularly applies to and is said to be pertinent for the banking system of Spain that is regarded as one of the greatest over branched one in the area of Europe. Apart from this, () asserts that bank subsists owing to their capability to attain economies of scale for minimizing overall asymmetry of information between diverse savers as well as borrowers. It has been stated that economies of scale is generated in excess by the internet delivery channel compared to distribution channels that are traditional. Furthermore, it is also stated that the existences of banks lies in its ability to minimize asymmetry of information between savers and borrowers due to economies of scale. Compared to traditional banks, there is a more rapid fall in unit cost of internet banking due to growth in balance sheet resulting from increase in output. Some undependable evidences have been found from several studies that lower unit cost of transaction results from the internet distribution channel as against telephonic and branch distribution channel for any particular type of transactions.

The competitiveness and existence of banks depend upon their ability to minimize the asymmetry of information between borrowers and savers by way of economies of scale. The central question faced by management is about the sustenance of economies of scale of banking with the help of information technology whilst shifting banking to online from mortar and bricks banking. It is mentioned that the emerging countries are offered with the opportunities of leapfrogging due to e commerce platform. Such countries irrespective of their weak and poor financial structure and system might benefit due to the use of latest technology by building the financial intermediation infrastructure. There are some prospects that have resulted in motivation of e banking such as maximization of operating revenues and minimization of operating costs. It is revealed by the evaluation of online and emerging market development that the developed market results in higher revenues and lower costs. Furthermore, it has also been found that internet banking has resulted in efficiency gains and cost cutting and despite of such benefits, very few banks have switched on the internet banking platform. With increasing number of customers going online, for reaping the benefits of internet banking, banks should adopt such platform. It has also been added that global economies would be able to set up a system of financial infrastructure prior to the establishment of financial infrastructure brought by the role of ICT in financial industry. The cheaper e financing comes with several benefits such as lower switching cost and less research for customers, lower processing cost and smaller transactions to the borrowers having low income mainly in remote areas.  The main role of government in addition to this is to make the promotion and improvement in enabling environment.

Some of the contributions were made by other researcher in terms of advantage of leapfrogging in emerging markets.  This particular fact has been suggested by benefits provided by e finance is in terms of financial industry development by increasing the quality and span broadening the access to the financial markets and lowering costs.

It has been from the research that has been conducted in determining the performance of banks due to e banking in the market of Australia, Europe and Australia. Evidences have been found in determining linkage between profitability of bank and internet banking offering. In this regard, it has been found using click and mortar business model that higher return on equity has been generated by federally chartered US banks along with observing that internet banking is adopted by profitable banks. Furthermore, it has also been found that the profitability of the banks is not usually impacted by the e banking. However, from the research conducted in US, there were no evidences to ascertain the difference in the performance of banks due to adoption of internet banking. There are two caveats which the US banks are subjected to that the results for analyzing the impact would vary from banks to banks and secondly as banks become severe during the innovation which makes results to differ or change over time. Another research has been conducted where the performance of click and mortar banks versus brick and mortar bank were analyzed in the market to US. Strong evidence has been found that provides effect in terms of general experience to all the start ups. Little evidences have been found that the financial performance of pure play banks in the market of US is accelerated by online banking diffusion. Some of the facts that were observed for click and mortar banks involved increased use of brokered deposits, checking accounts to deposit accounts of money market and average rate of wages for employees of bank.

It is suggested by the survey carried out by research that examination of e banking progression is done through a five stage theoretical framework. While analyzing the side of consumers, it has been found that the consumers seek transactional efficiency and convenience, non core products, choice of core banking products and access to competitive prices and returns. The sensitivity of consumers has been raised to the fast customer service due to the introduction of the concept of internet. Consumers should be benefitted from the introduction of internet in terms of reducing the inconvenience and time involved in transactions of banking and easing the access to banking services. An unprecedented opportunity is created for the banks by e-banking in terms of delivery, organizing the development of financial product. The platform of e banking also brings challenges along with the opportunities such as blurring of boundaries of market, new competitors entrance, breaching of industrial barriers and introduction of new models of business.

Internet banking can be considered to be an important service of particularly electronic banking. As per the outlook of the reports presented by the Comptroller’s Handbook, it can be hereby mentioned that it helps clients of banks in the process of accessing different bank accounts together with many other general information regarding different general products/services of banks. This is mainly carried out by means of proper utilization of internet. Apart from different subsisting channels namely ATM as well as different PC banking, employment of internet banking necessarily adds another important channel of delivery and then it forms a multi channel model that can extensively observed in different banks operating in the banking segment. as suggested by (), internet banking holds huge potential as a convenient as well as effective system of delivery that has not been delivered previously by banks.

() suggests the fact that implementation of both technology as well as system of internet banking can bring about a lot of transformation and lead to advancements in the operations of the banking industry. () stresses the fact that banks have the necessity to invest profusely in the areas of advancement of technology, modernization of their systems for enhancement of quality, level of efficacy of operations along with overall speed of delivery of services, otherwise there might be a lose in their position, particularly in the competitive race with different competitors operating in the same segment.

As suggested by (), for the purpose of undertaking banking transactions through the Internet, one needs to have some basic knowledge about computers and the Internet, which to some extent, limits the number of people willing to avail this facility. Many people, who are not comfortable with computers and the Internet, find it difficult to use this service. Therefore, online banking can be time-consuming for the beginners. Moreover, some people find it difficult to trust a completely mechanized system for carrying out their financial transactions. In many instances, a simple mistake like clicking a wrong button may create a big problem. So, many individuals continue to worry and wonder if they have properly executed the transactions while availing the online banking facility.

First, taking into consideration influence of internet banking on incomes, banks have diverse outlooks and there exists no consensus on this specific issue. Essentially, internet banking can lessen marginal profit. Delivering internet (e-banking) facilities can be considered to be a dimension that can satisfy diverse clients who need to undertake banking actions online. Again, other banks argue that this specific channel enhances non-interest earning in case if the banks deliver services that clients require through the internet. () evaluated diverse operations of over and above 400 banks in the United States and arrived at the conclusion that internet banking enhances revenues of banks from particularly deposit service charges. In addition to this, diverse research works in different developing nations namely Iran as well as Kenya reflect that internet banking enhances profit of banks. () assert that banks anticipate that application of both information as well as communication technology lessens overall operational expends owing to drop in the total number of employees required in daily operations of the banks. Drig? and Isac (2014) observed that operational expenditure enhance after implementation of the internet banking, thereafter, the same gradually declines over a specific period of time and become important essentially after three years of implementation. Nevertheless, Kazmi and Hashim (2015) observed that there exists no validation that internet channel can be considered to be a low-cost substitute for delivery in the physical branch. Furthermore, there also exists substantiation that shows that internet associated costs enhance. Again, owing to inconsistency in the outcomes presented above, it is difficult to forecast the influence of internet banking on profitability. Kazmi and Hashim (2015)  mention that no systematic evidence can be observed regarding the positive or negative effects of utilization of this specific channel. Drig? and Isac (2014)  assessed greater number of operating banks that offer the internet channel, observed that return on equity were liable to be greater for banks having internet banking.

() mentions that there exists large number of studies that reflected a positive association between adoption of technology (that is to say, internet banking) and profitability of banks. The impact is expressed progressively and this becomes important after few years of adoption. In other words, there exists a time lag when considered in terms of internet banking. During that period, banks might perhaps experience a decrease in overall profits owing to high cost of initial investment for an effective as well as novel system of delivery.

On the whole, various studies conducted in developed nations reflect that the internal channel has got a positive influence on particularly non-interest earnings that in turn lessens operating expenditure. Consequently, this enhances profitability of the bank. Nevertheless, in different developing nations, these impacts can be considered to be ambiguous. () observed no evidences of the association between use of online or else internet system of banking and its effect on the overall performance of banks. Moreover, the study also concluded the fact that internet delivery channel have exerted negative influence on overall profitability of banks owing to greater operational expenditure of banks.

The course was necessarily a novel experience for me from the point of view of learning and in terms of performance. As a matter of fact, the current course was essentially helpful and was an opportunity to execute different knowledge gained during the address and through self-studies. Also, I have learnt that innovation calls for collaboration, creativity, skills of practical implementation, issues associated to a specific system along with added value in management of a project. Also, I have truly learned a systematic approach to formulating a strategy for identification of a specific issue and ways of resolving the issues.

Upon completing the study on “Online Banking System Issues in HSBC Bank”, I was able to benefit from varied new things as well as refresh my skills and potential on certain things that I already learnt. Thorough study of online banking system issue in BHP Billiton has aided me to comprehend specific concepts of online banking. In a nutshell, I was able to understand facilities offered by online banking in comparison to conventional system of banking. Also, I could comprehend different benefits of online system of banking that HSBC could enjoy by implementation of the system. The ways in which HSBC Bank could benefit from fast transactions enabled by online system of banking, advantages of easy access and tracking of accounts, security with special encryption, time as well as location constraint and other online features. However, thorough study of the operations of the bank HSBC Bank helped in understanding the current issues encountered by the bank in handling the online system of banking. Thorough study of the issues regarding e-banking system encountered in HSBC  helped in understanding the way the current operations has undergone severe glitches. This study has helped in analysing different complaints registered by the customers as regards the error messages received; issues in gaining access to accounts together with many other issues associated to undertaking mobile banking. Also, thorough analysis of the issues have helped in acquiring deep insight regarding the drawbacks of the HSBC Bank in handling technical issues related to provision of accessibility to online banking series, money withdrawal, mobile connection error, personal internet banking, website issues and non-functioning of the app of the HSBC Bank particularly on android application. Moreover, the reports presented on behalf of the company say that the management of the company have failed to identify the primary factor that has led to the failure of the online (or e-banking) system in HSBC Bank. This way, I have hereby learnt the significance of identification of problem while analysing a project and the reasons of failure of the same. The first step of analysing the issue that begins with problem statement helps in setting out the issue (normally an issue or else a challenge) that needs to be resolved. This delivers a comprehensible statement of remedial activities. Presentation of the issue has helped me to think about the challenge currently encountered by the HSBC Bank and understand the gap between acceptable and desirable factors. Thus, this study has assisted in understanding diverse opportunities to familiarize myself or alter initial statement with progression of the work.

In essence, the study has presented the issue in the beginning that has helped in understanding what the issue is, things that are likely to occur in case if no action is taken and important challenges of the HSBC in terms of behaviour. Also, this study outlining the issues has helped to me to develop thorough knowledge regarding stakeholders who become engaged in understanding the initial reasoning behind specific decisions as well as actions, highlighting anticipations of financing bodies, questioning initial suppositions and adapting initial challenge statement, helping in engaging with different interest parties so that they can develop a sense of both ownership as well as commitment.

Thereafter, the current study illustrates the effect of the issue on “people”, their performance and theoretical models that help in understanding the way human resource management of the bank can handle behavioural outcomes, performance results as well as financial consequences.  In relation to this, I have also gained thorough knowledge concerning different models of adoption of e-banking that explains the effective ways of implementation of the online system of banking. Thorough study of different specific models of adoption provides a basis for understanding the ways of resolving the identified issues. Thorough illustration of theories on Reasoned Action, Theory of Planned Behaviour along with Technology Acceptance Model carried out in this study has helped me in suggesting the ways of resolving concerns related to appropriate processes of adoption of technology with emphasis on relevant behavioural principles in the processes of structuring attitudes towards behaviour.

After that, this study elaborates effects of the issues encountered owing to failure of online banking system in HSBC on leadership and management. Thorough analysis of leadership aspects involved in this case helped me to comprehend the way implementation of e-banking system requires a strong vision, staunch leadership along with fortitude. Moving further, this task has explained different models on leadership that helped me to acquire thorough knowledge regarding different themes on style of leadership that can be considered by the management of HSBC Bank.

Subsequently, the study encouraged me to investigate the effect of the issue of online banking system on creativity and innovation facets. This has allowed me to understand the way innovation related to internet banking can help different banks to flourish, access important data and the way web based system of banking can help in undertaking diverse functions that are delivered traditionally at local branches.

Moving further, the study has explained in detail technological innovation along with diffusion models that has aided in understanding the gaps in current system and can suggest the techniques that can be used for bridging the identified gaps in online system of banking in HSBC. Thus, detailed study of innovation and creativity aspects has helped me to understand different interdisciplinary teams/departments that can collectively add value by contributing their maximum effort. Thorough study has enabled me to comprehend that everyone present in different teams/departments can observe the identified problem from different stand points, think out of the box that in turn can lead to breakthrough innovations.

Conduction of the current study has helped me to comprehend different financial facets related to the identified issues of online system of banking in HSBC Bank. Systematic assessment of the study has assisted me to comprehend the way online banking system solutions can influence financial features of the enterprise. The procedure also explicates the way e-banking can exert influence financial sides. Through this study I got to know that that e-banking helps in lessening costs as the concern do not need to disburse overhead for maintenance of different physical branches, wage disbursements to staffs the physical branches and transfer this savings of cost to clientele of the bank. Thus, I realized that online system of banking helps in enhancement of profitability.  In this way, it can be said that e-banking is comparatively cheaper and this can help in lessening costs of processing for diverse providers and reduce search for different clientele.

Furthermore, this study has assisted in understanding marketing strategies and dimensions that might perhaps affect marketing decisions.  The study can help in comprehending diverse marketing dimensions based on results of marketing tools such as 4Ps and PEST analysis. The effects of online banking system issue can be comprehended using the marketing mix. Analysis of 4Ps of the HSBC has helped me to understand strategies of marketing can be formulated for successful operation of the bank. Scrutiny of operations of HSBC Bank helps in comprehending business environment using the marketing tool such as PEST analysis.

By undertaking the current study, I have learnt different forms of internet banking that can aid in managing different transactions in bank, understand diverse advantages and concerns related to internet banking for the bank. The issues related to the online banking system points out towards inadequate infrastructure, issues linked to maintenance of security and conditions of operations. Methodical study helps in comprehending the fact that there is an inadequacy of appropriate place, improper electronic connection and satellite and connection of broadband that has restrained the service. Also, operating conditions of the company are also said to have suffered as there is said be inadequacy of skills, skills, trainings along with level of literacy.

According to reports presented on the issues encountered by then bank, it can be hereby mentioned that one of the services that is badly affected is the debit/credit services. Systematic evaluation reveals issues linked to security of PIN. Meticulous analysis helped me to understand that security of PIN is an important challenge that needs to be resolved and for an electronic system this is said to simplify work to great extent. Human potential and brain capacity with limitations can make it tricky and hard to remember these numbers. Nevertheless, it is not so tricky to crack a permutation of 4 numbers with modern tools/devices. In this case, I have hereby learnt by undertaking the study that biometric solutions can be utilized and finger impressions can be used as a solution to the identified issue.

Systematic review of reports announced by the management of the firm reflects security concerns associated to swiping. By undertaking the study, I was able to delve deep into the matters of security breaches related to swiping. Operational analysis shows that although a slip is acquired where the clients have the need to sign, their signature is hardly matched at the time of settlement of claims. In essence, this makes card swiping unpopular among clients. This also makes settlement of disputes tricky. In addition to this, there are also issues associated to charges for services. The cards in the world are mostly offered either through “VISA” or “MASTER Card”. In essence, they operate parallel to banks storing different information regarding card holder that is effective and at the same time essential. Nonetheless, for this specific service, management of the bank can charge the person who is at the receiving end (referring to the seller). As the profit margin can be considered to be a diminishing commodity these days, sellers detest the same by discouraging usage of the card and inspiring cash sales. Also, this study has helped me to understand issues associated to internet banking. Automation of banking in HSBC and internet connections is found to be the most important factors that contribute to issues of internet banking. Meticulous analysis of the issues has helped me to understand varied connectivity concerns and security matters related to internet banking.

On the whole, it can be hereby mentioned that the banking operations of HSBC get affected by a couple of factors that result due to inappropriate online banking system. While conducting this study I have observed that although computerization of banking actions requires huge costs, benefits of the online banking are said to exceed the incurred costs. Also, there is observed to be issues with the training of employees. There is said to be lack of skills as well as competence of employees that is said to have contributed towards the issue of online banking. Whilst the HSBC Bank attempted to train the members of the staff of the corporation for imbibing the skills of handling the new and advanced e-banking system of transactions, it was realised later on that is obsolescence of huge labour force with mechanization of banking system.

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