Case Analysis for Nursing Ethics Paper Essay

Outline A forty-multi year old female patient was brought into the crisis office with petechiae/purpura circulated over her skin. Her significant other announced that she began to seep from her noses and mouth. She abruptly seemed to have had what appeared to be unexplained wounds on her body and was semi out cold. In a condition of frenzy, her significant other carried her to the crisis office. With a pulse of 180, her circulatory strain was 60/24 and she was going into endotoxic stun. She got crisis care that made her sufficiently steady to be moved to the ICU where she got cognizant and ready to convey. The clinical group clarified the earnestness of her condition and their arrangements for her treatment yet she declined their proposition for additional consideration and griped about insufficient protection inclusion for that medical clinic. She further claimed her confidence in God for divine recuperating. The clinical group was then confronted with offering this patient treatment paying little heed to her capacity to pay to maintain a strategic distance from the inevitable peril of her leaving the medical clinic around then. Clinical Indications This forty multi year old female patient, who had no clinical history in this emergency clinic was determined to have Disseminated Intravascular Coagulation (DIC). DIC is an uncommon, dangerous condition that forestalls ordinary blood thickening in a person. A treatment refusal or decay may hurry the sickness procedure bringing about unreasonable coagulating (apoplexy) or dying (discharge) all through the body prompting stun, organ disappointment or even passing. Anticipation changes relying upon the hidden issue and the degree of thickening. Notwithstanding the reason, the visualization is frequently poor, with 10-half of patients passing on. The objective of treatment is to quit draining and forestall demise. As indicated by WebMD (2007), in DIC, the body’s normal capacity to direct thickening doesn't work appropriately. This makes the platelets bunch and stop up little veins all through the body. This over the top coagulating harms organs, crushes platelets, and exhausts the flexibly of platelets and other thickening elements with the goal that the blood is not, at this point ready to clump typically. This regularly causes across the board dying, both inside and remotely, a condition that can be turned around if treatment is conveyed outâ promptly. Current sign for treatment incorporate mediations, for example, transfusion of platelets and other blood items to supplant what has been lost through dying. Various tests to build up the reasonable justification of this condition must be done in light of the fact that it is normally a first indication of an infection, for example, malignant growth or it could be activated by another significant medical issue. Quiet Preferences The patient is educated regarding the advantages of follow up mediations after crisis care just as the probability of losing elements of significant organs and even demise without following intercessions being actualized. The standard of self-governance comes to play since it is her entitlement to pick where, when and how she gets her medicinal services. In light of the clinical report and her own explanations behind choosing to leave the emergency clinic against clinical exhortation, there is by all accounts no proof that she is intellectually unfit. There is likewise no legitimization in ignoring her solicitations in any case, it is suspicious on the off chance that she really comprehends and acknowledges the circumstance. Her inclinations were to be marked AMA (against clinical guidance) so she can discover less expensive, elective consideration. Her better half, who was available with her, attempted to persuade her to acknowledge the teams’ proposition however she demanded that she was unable to bear the cost of it. As I would see it, the patient choice was because of her obliviousness of what decisions was accessible to her. Personal satisfaction The personal satisfaction for this patient is seriously undermined in light of the side effects related with this analysis (dying, syncope, shortcoming, brevity of breath, and so on). As expressed before, DIC could be because of a basic infection, for example, malignancy. Assuming this is the case, chemotherapy and radiation could help lighten side effects and give her a lively future. Additionally, there is the likelihood that she would encounter gigantic clinical advancement with treatment if her determination has to do with platelet breakdown. In any case, we can't tell, since she turned down any guidance by the group to complete blood tests. Without quick treatment, she risks harm to significant organs of her body, which could inevitably prompt passing. Time is of embodiment here on the grounds that the more she postpones intercession, the more probable she has unalterable harm that may adversely change her previousâ quality of life. Moral issues that would emerge with this patient is the crisis care she got, it got her sufficiently steady to where she could deny treatment. A presumption that we could make about accepting that care is, ‘what in the event that she got into a DIC extreme lethargies and must be on a ventilator?’. She would have been oblivious and would most likely not have the option to discuss whether she gets care or not. Relevant highlights Without throwing defamations, the explanation, clear to me, for refusal of care is budgetary. The patient discussed looking for less expensive medicinal services. This is a patient destined to American preachers in Brazil. As an American resident, she took up the calling of her folks and was additionally a missonary in Brazil for a large portion of her life. She wedded a man from England who is unconscious of how the American framework functions. Her explanation is legitimized on the grounds that she likely had practically no standardized savings and with her visit in Brazil, we can say that she has been accultured. In this manner her viewpoint and perspective would influence her choice about medicinal services in America. Another relevant component is that of religion and confidence, the patient said that her confidence in God would recuperate her however neglected to see this may be the reason she was at the emergency clinic around then. It is hard to ascribe her choice exclusively to confidence or money alone yet one thing that stands apart is the reality her better half attempted to persuade her in any case. All things considered, she continued saying this was what she needed. Her better half appeared to be defenseless as he attempted to speak with the group anyway the patient continued saying this was about her not him. My patient’s absence of protection, her activity as a preacher and her failure to pay goes about as an inclination that would bias the providers’ assessment of her personal satisfaction. Investigation The objective of medication includes advancing wellbeing, restoring illness, enhancing personal satisfaction, forestalling less than ideal demise, improving capacity (evil), instructing and directing, maintaining a strategic distance from hurt (non-wrathfulness) and aiding a quiet passing. The moral difficulty is choosing to release her dependent on her desires (independence) as opposed to doing what is by all accounts the general right thing (paternalism), which is giving her treatment (usefulness), along these lines forestalling hurt (non-wrathfulness). The baneful idea of medication pushes the group to persuade the patient of what they think would reestablish herâ health. In an offer to ‘do good(maleficence), she got crisis care that made her sufficiently steady to impart and express her desires. Aside from evil and non-wrathfulness there are numerous moral issues inserted for this situation; the clinical group is confronted with regarding this patient’s self-rule an d releasing her when they realize she could be dead in a couple of hours without treatment. All things considered the patient is practicing her self-sufficiency at her own drawback since she and her better half got satisfactory revelation conveyed plainly by the medicinal services group about the explanations behind treatment and the advantages and weights identified with her choice. The team’s extent of exposure secured her present clinical express, the potential mediations to improve forecast and their suggestion dependent on clinical judgment. Also, they are confronted with therapeutically deciding her decisional limit due to the likelihood that her psychological state may be influenced by the pathology and her failure to bear the cost of care. Whenever demonstrated to be inept, at that point mediations are done paying little mind to what she needs. Thus, the clinical group will purposely abrogate this patient’s self-governance in light of their apparent thought of advantage (paternalism). As clinical experts, the group gauges the result (utilitarianism) of releasing her. To them, the activity that would deliver the best in general outcome is to feel free to give her treatment. The moral hypothesis of deontology gives the group, the ethical obligation and commitment to do great and forestall hurt. Empathy and compassion (Ethics of care) additionally assume a major job here, consider a patient who had submitted her life to helping other people, yet in her period of scarcity couldn't get correspondence. These feelings should assume a significant job in how the group chooses to continue. The medical attendant engaged with this patient has a commitment to become more acquainted with this patient so she can viably advocate for her. In light of the fact that I realize she has the option to deny treatment, I firmly accept that her refusal depends on the pitifulness of data and her absence of information on what is open to her. Suggestion I suggest that the patient’s self-governance be engaged not overwhelmed by giving her data on what is accessible to her. A promoter (her attendant, caseworker or social laborer) ought to be allocated to her. Furthermore, the Chaplain ought to be welcome to offer otherworldly advising. Posing the correct inquiries, getting the chance to comprehend her feelings of dread and giving her expectation. Manyâ hospitals and facilities have quiet pilots that can help decide money related guide for patients who can't bear the cost of care or who don't have Medicaid/protection. The group ought to empower the patient that now cash is of no outcome, her life and wellbeing start things out as it were everything will be done to get her guide. I likewise suggest that the group basically asseses the dynamic limit of the patient since it det

A critical and thoughtful analysis of the origins of the recent Essay

A basic and insightful investigation of the beginnings of the ongoing money related emergency - Essay Example concerns were created with respect to the degree of security of the budgetary items gave by money related organizations. Specific accentuation was given on the potential danger of subprime contract items offered by most USA banks. Be that as it may, no measures were presented for restricting the significant hazard. In this specific situation, the presence of the emergency in 2007 can be described rather true to form; it was only the issue of ‘when’ the emergency would show up and not ‘if’ there were opportunities to happen. The birthplaces of the ongoing budgetary emergency are fundamentally examined in this paper. The writing distributed on the specific subject is introduced expecting to show the various methodologies utilized for the clarification of the emergency as a progression of occasions, which made extreme turbulences economies around the world. The potential contrasts in the contentions utilized for clarifying the emergency uncover the accompanying actuality: much after its end, the above emergency has not been completely comprehended, in the entirety of its perspectives. The way that specific scholars set the finish of the emergency in 2009 while other gauge the finish of the emergency in 2010 is another verification the misconception with respect to the real structures and the impacts of the particular emergency. 2. Sources of the ongoing monetary emergency †basic examination ... they had figured out how to cover this hazard by giving accentuation on specific attributes of these items, for instance the capability of the client to pick the quantity of portions or the degree of intrigue. In a report distributed by the World Bank in 2009 it is noticed that the beginnings of the worldwide money related emergency of 2007-2009 can be distinguished in ‘the financial development of the years 2003-2007’ (World Bank, 2009, p.94); for example the emergency of 2007-2009 is considered to have its foundations in the monetary choices of the pre-emergency period, a case which prompts the supposition that the emergency was unavoidable. As per the above view, the budgetary emergency of the period 2007-2009 was not related solely with the financial acts of 203-2007 be that as it may, for the most part, with the administration of the financial aspects of the state, for instance, the venture choices advanced by the legislatures around the world. On account of Dubai, the ceaseless increment of speculation on development ventures prompted the high increment of the significant obligation †alluding to the assets utilized for the fulfillment of these development ventures. It is noticed that during the above period, the financial development arrived at a level of 5% - which was novel since the 1970s (World Bank 2009). Be that as it may, no measures were taken for shielding economies from potential disappointments. Truth be told, the all-encompassing utilization of hazardous budgetary items, an aftereffect of the extreme development of the above period, has encouraged the expansion of influence. Administrators abstained from responding on schedule, generally in light of the fact that the real dangers were not satisfactory. The veiling rehearses, as referenced above, utilized by budgetary establishments assisted with concealing the dangers of influence and the hazard identified with the ‘structured money related products’ (World Bank 2009, p.94), widely utilized by USA banks

How to Be More Assertive at Work (Without Being a Jerk)

How to Be More Assertive at Work (Without Being a Jerk) One of your colleagues is always having easier times. His needs are recognized and respected even without causing drama or getting into arguments. Whenever there is new work, it is not automatic that it will land on his desk.As a result, he gets enough time to finish his duties without undue pressure. More than that, he also gets time to do some personal work too.But what about you?You also don’t cause drama or get into arguments. You collaborate well with your team members. You finish your work in good time.However, you are always the first one to be considered for new work. It can even be ‘forced’ onto you if no one else is willing to do it. You wonder why your boss can’t understand that you have enough on your hands already. Despite telling him so, he just seems to prefer that you do the job.What do you do to gain respect at work like your colleague?This is obviously affecting you. You are slowly becoming angry with your boss for what you believe is unfair treatment. You a re also getting angry with your colleagues because you see them as being inconsiderate and selfish.Worst of all, you are getting angry with yourself. You can see the situation getting worse but are not doing anything about it. Yet you know you should.You have become a pushover. You are not making your needs clearly known and being firm about them. This makes other people believe that you are okay with what they give you.Since you object too softly, people conclude that you can somehow manage everything. You can handle more work. You can come in during the weekend. Or leave the office late in order to finish a report.Usually, if you’re not okay with something, you are expected to communicate clearly and be firm about it. Otherwise, you will go by what others decide.If you don’t come out strongly enough on the issues which matter to you, you end up suffering. You sacrifice beyond the norm and internally hurt as others enjoy life at your expense.WHAT IS ASSERTIVENESS?Assertiveness is all about communication.As such, it enables you share your thoughts and opinions in a particular manner.As you communicate, your words and body language send out cues picked by those listening and watching you. These cues determine how they understand and interact with you.Sometimes, the cues are clear. At other times, they are vague, forcing your listeners to make their own conclusions.Communication can be done in three different styles. These are assertive, passive and aggressive. Whether initiating conversations, making requests or responding to others, your communication style influences how you deliver your message.AssertiveWhen you are assertive, you communicate clearly and directly. Yo do not leave room for assumptions to be made. Whoever you are talking with will fully understand your position.This makes your needs respected and any decision being made will have to take them into account.While communicating assertively, you recognize and appreciate other people’s needs. You acknowledge that everyone should be given equal opportunity to be heard.While others speak, you therefore listen to them so as to understand the point they are making. It is after understanding and considering their perspectives that you make your thoughts known.Assertiveness is the ultimate show of self confidence and indicates a healthy dose of self-worth. Being assertive shows that you know who you are and are ready to stand up for yourself.You are comfortable with your value system and cannot be easily moved to go against it. If for example you value integrity, you will be opposed to ideas which seek to keep the truth hidden. If it’s a solution suggested at work, you will openly state your position against it then offer a contrary suggestion.Passive or non-assertiveBeing passive means accepting whatever comes your way. Whether good or bad for you, you consent to it. If you are passive, you will prefer making others happy even when it goes against your wishes.Rarely will y ou voice any dissenting thoughts or opinions. If you do, it will be in an overly-soft manner such that it won’t be taken very seriously.When someone asks you for something which will inconvenience you, you decide to make the relevant sacrifices. You prioritize other people over yourself.As a communication style, passivity is exhibited when you are not being true to yourself. You move in the opposite direction from what you actually want.When a solution is suggested and it goes against your beliefs, you override your beliefs and agree with it. This is despite knowing how the solution will affect you.For example, you may have planned a family re-union to be on Saturday. On Friday afternoon, you are requested to come to work on Saturday. Your family has not met together for the past 10 years and this get together party is very important to you. If you are passive, you will most likely commit to a few hours of work.You will change your plans so that you join your family later on. You will thus have prioritized work over family, despite the importance you have placed on the family event.AggressiveThis is the extreme opposite of passive. You are aggressive when you are completely insensitive to other people’s feelings and needs. You are fixated on your own needs and pursue them irrespective of what other people feel.In the workplace setting, you may be making demands of your juniors and colleagues without regard to whether they can actually meet them. It gets worse when you are in a position of power or authority.Aggressive people care very little about other people. All that matters is what they want and that is what has to be done. They bully people, especially the passive ones, and literally trample other people’s needs.They take other people’s opinions as unimportant and unworthy of consideration. They will typically be loud and use demeaning words to try and force people into submission. Anyone resisting them stands to face some rough times as a result. At work, the aggressive colleague undermines other people’s opinions and shoots down their ideas. He typically uses statements like: “This task has to be finished by noon.Ensure it happens,” or “How could you give such a suggestion? Think through your ideas before proposing them.” This can happen even in a brainstorming meeting where ideas should flow freely.Passive people can deny the company great solutions by not voicing their thoughts. On the other hand, aggressive people cause a lot of damage by propagating fear and creating an unhealthy work environment.When you become assertive, you will create the best environment at your workplace. Standing your ground automatically gets the aggressive person to realize that he needs to change his communication approach.Considering that you value other people and respect their needs, you will also encourage passive people to become more assertive. Because of this, you will not just be respected but also loved by those you help sta nd up for themselves.WHAT KEEPS YOU FROM BEING ASSERTIVEIf you’re struggling with being assertive, then it is likely to be as a result of some beliefs which you hold. In most cases, people’s responses to situations are determined by their past experiences.You may for example have been passive ever since you were young. A careful look at your past may probably reveal that you got criticized too much during your childhood years. Or maybe you were brought up in a culture that taught you passivity in the name of submission.It is important that you recognize what is holding you back so that you deal with it. Below are some of the reasons you may have for continuing in passivity.You feel like being assertive is rude.This is caused by having the wrong understanding of what being assertive means. There are clear differences between being assertive and being aggressive. Bossy and pushy people are generally aggressive whereas pushovers are passive. Those who seek to strike a balance with respect to everyone’s needs are assertive.You may have grown up knowing that humility is the quality of accepting unfair treatment without raising objection. This is obviously not true because when you don’t raise relevant objections, many things go wrong. Your current hurt due to disrespect from your boss and colleagues is clear evidence of this.You feel like being assertive will hurt others.You are obviously sensitive to other people’s feelings. As such, you seek to ensure they are handled well. Being assertive cannot hurt others because you will take people’s needs into account while communicating. It will help you be fair to others while considering your own needs. On the contrary, being aggressive is what can hurt others.For you to deal with this belief correctly, you should remember that no-one knows your needs better than you do. People seek to know you from what you communicate to them. It is therefore your responsibility to make your needs known.You feel the need to prioritize other people’s needs over yours.This indicates low self-worth. If you don’t value yourself enough, you will see others as being more valuable than you are. You will go to great lengths to satisfy their needs while ignoring your own. It is important that you check on yourself image. Once you improve yourself image, you will start seeing the value you carry. When you begin valuing yourself, you will know that you have something that the world needs. You will not struggle to see the worth of your ideas and opinions because you know they are valuable.Since you know that your opinions have value, you will give suggestions boldly knowing they can turn situations around.You fear losing friends.If you have gained friends through passivity, then it is time to test those friendships. You most likely have built these friendships by making sacrifices which hurt you. If these people are true friends, then they will respect your needs as you start making them known. They will even congratulate you on your new behavior.If those friends however thrived on exploiting you, you will face resistance from them. This will be the quickest way to differentiate between true and false friends.Such are the ones you should look forward to losing. It is important that you get rid of negative people from your life. They do not add any value to you. Instead, they sap life out of you for their own benefit.There may be other reasons you feel justify the need for you to hold on to passivity. Or they simply hold you back whenever you are about to move into assertiveness.Just take a deep and realistic look at them. You will see that, just like the ones above, they have no truth in them.BENEFITS OF BEING ASSERTIVEOnce learned, being assertive has many benefits. Just as you can benefit from generally expressing yourself, being assertive enables you to focus your communication accordingly.Below are some of the benefits you can expect to enjoy when you start being more assertive at w ork.Less extra workload â€" extra work is possibly the main tell-tale sign that you are passive at work. You simply get to do most or all of the extra work. You may have accepted it at first because it was not much but the work is now too much to handle. When you become more assertive, not only will you speak up against it, but will effectively put a stop to it.More respect from your colleagues â€" your colleagues probably leave a lot of work pending because they know you will take care of it. Or they do a sloppy job leaving you to deal with the mess. Certainly, more respect ought to be coming your way. When you tell them to improve their work and stop doing it for them, they will know that things have changed. Results? You won’t have to do anyone’s job.More respect from your boss â€" bosses should not be feared but respected. On their part, bosses ought to respect the needs of those working under them. Quite understandably, your boss may be under pressure for various reasons. A ll the same, it is his responsibility to ensure all is well in the company. That is one of the reasons he is above everyone else. If your boss is not treating you the way you deserve, then things are not right. When you become more assertive, he will see the need to make changes. He will either adopt a more balanced approach or consult you before doing anything that affects you.A better life in general â€" Most of your waking hours are spent at work. Therefore a more enjoyable life at work will go a long way in ensuring your life is great. When you get the respect you need, you take control of your own life. And it all begins with your communication. Better communication can improve your life.This gives you the confidence to do more. For example, you may get the confidence and even time to take an evening course to further your career.This is due to the feelings of increased self-worth which come from the respect you will be receiving.Something else, as you express yourself more rea dily and openly, you will make more friends. You will also be able to enjoy your friendships more than you used to.HOW TO BE MORE ASSERTIVEYou may be thinking to yourself that you are simply not assertive, while admiring those who are. Contrary to what you think, assertiveness is not a personality trait.It is a communication skill that can be learned. Nobody is born being a perfect communicator. Though some people communicate well naturally, you can also do the same. All you need is some training and the willingness to learn.Going by the benefits which you will enjoy when you become more assertive at work, it is good to learn this skill. Below are ways which will help you become more assertive at work without being a jerk.Recognize that your opinions matterIf people are not respecting your needs and opinions, it is possible that you undervalue them yourself. You think that your opinions are not very important and the company can do (well) without them. If you do not value your own i deas, it is because you don’t value yourself.For example, you may be chosen as part of the team which will spearhead the launch of a new product. In the strategic planning meeting, brainstorming is going on and everyone is giving ideas.You see a potential danger in implementing your colleagues’ ideas. You think through several ideas and come up with a great solution.But when the time comes for you to speak, you end up supporting your colleague’s idea. Just improving on it a little.Your own thoughts and opinions are important. They indicate your originality and enable you showcase what you have inside you. If you don’t share your ideas, your colleagues will conclude that you are of little help in such meetings.The next time there is need for ideas, you will not be asked for any input. It will already be on record that you don’t have ideas. This sets you on the path to oblivion.You should start believing in yourself. Give yourself assurances because you know very well that y our ideas are well thought out. From here, start small. When a colleague is facing a challenge with his work, suggest a way out and explain how you see the suggestion helping them out. When implemented and it brings success, you can be sure your colleague will have a special recognition for you.You can also look into the past for assurances. Ignore any negative words ever spoken to you. Instead, focus on the people you have helped and they gave you compliments.Maybe you advised them and they told you that your idea worked. Maybe you helped them finish an assignment and they recognized your special skills. Build on these and appreciate that you have something that others can benefit from.Moving forward, remind yourself that whatever you have to say is important and therefore you should say it. If you are not given the opportunity to speak, just interject politely and share your thoughts.Know what you wantSince you are communicating, you must be having something in mind. You may want to take the day off tomorrow, a deadline pushed further or you don’t want any extra work. Whatever it is that you want, be clear about it in your mind before communicating it.When it comes to being assertive, you cannot afford to be undecided by the time you are making your point known. You should know what you want before getting into a discussion. If you are not sure what is best for you, postpone the conversation.If you are in a meeting, you may have some minutes to go through your thoughts. If you are however being asked to do extra work, you will need to communicate the first thing that comes to your mind.Just ensure you don’t speak emotionally. Simply inform your colleague or boss that you are not able to handle more work at the moment. When you communicate assertively, you will get the satisfaction that comes with receiving what you want.Avoid apologetic languageYou may have noticed that most of the time when sharing your opinions, you start with an apology. You take it t hat you are interfering with the flow by raising concerns or voicing your thoughts.This often happens when you are in the midst of confident people who are not afraid to state their beliefs and act according to them. It may also happen every time you seek the audience of someone in a higher position than yours.Whereas apologizing for mistakes done shows humility and a sense of responsibility, too much of it can have negative effects. Apologizing too much indicates low self confidence. Because you are not confident about your own thoughts, you anticipate making someone else angry. You therefore apologize in advance so they don’t get angry with you.An example of apologetic language is: “I’m sorry to take you back, but I was thinking that” Even before saying what you want to say, you show that you’re doing something wrong and you know it. Instead, you can simply say, “Taking you back a little, I think” Since you have a good reason to have something re-looked, you can easi ly give the reason if asked to. Just don’t apologize for it. Apologetic language does not paint you in good light. It just sinks you deeper into low self-confidence. The more you go lower in self-confidence the more you will struggle with being assertive.Consider the other person’s point of viewListen to other people and consider their perspectives. This way, you will be able to understand them. Since people love feeling understood, they will feel respected and offer you the same respect.When someone is expressing himself and you do not agree with him, start by showing empathy. Let him know that you listened to him and understood his point of view.You can also mention one or two things he said to show you understood him well. Then proceed to express your dissenting thoughts. Ensure your thoughts have solid basis as evidence that you have thought them through.For example, you may express a dissenting opinion like this: “I know we need to act fast to avert this crisis, but this solution goes against the company’s policy on employee relations.” You will show that while understanding the situation, there is need for a different solution to be agreed upon.This gives you a chance to offer an alternative way of dealing with the situation at hand. If you had a solution in mind, propose it and show why it’s the right one.Align your body language accordinglyWhen speaking assertively, you have to align your body language with your words. All the communication you give must be saying the same thing.For good body language when practicing assertiveness, the first thing is to ensure there is direct eye contact. Also check your posture, whether talking while sitting or standing. If you slouch, you will communicate a lack of confidence, making your communication ineffective.Avoid common body language mistakes. Do not cross your arms because you’ll come across as one not open to discussion. Since you are not being aggressive, you should communicate to show willing ness to hear the other person out. Stay calm to enable you maintain a professional tone.Use the broken record techniqueThis is the last thing you can try if all else fails. In using the broken record technique, you just keep repeating what you have said despite the other person pushing his way.For example, if you are being given more work and don’t want to take it, you can simply say, “I currently have a lot of work and cannot take any more.”With this technique, you repeat your statement while not budging despite any change in tactic by your colleague or boss. You may slightly change the statement but the core of the message must remain the same.For example, you may change the statement to “I already have a lot of work and cannot take any more.” Although they may insist that you do something, if you stand your ground, they will finally get the message.CONCLUSIONCommunication is an important part of your life. At work, you communicate mainly to collaborate with your colleag ues as well as to bond. Collaboration with your colleagues makes a big difference between the success and failure of the projects you are handling. As a result, this has a direct impact on your career growth.If getting your point across is a challenge, then you can be sure your career is at risk. This is the last thing you want. So why not learn today how to be more assertive at work? You will guarantee your career growth while also greatly minimizing work-related stress. Start practicing assertiveness today and enjoy the benefits.

The Effects Of Green And Sustainability On The Environment

Last decade, no one knows or cares about the word â€Å"sustainability†; however, the world we know today is very different. Today, we encounter the term â€Å"sustainability† or â€Å"green†, â€Å"environmentally friendly†, and â€Å"organic†Ã¢â‚¬  everywhere. It is easy to find those terms in products or services claiming to be green in retail stores, or TV or online advertisement. As more people are becoming environmentally conscious, businesses and organizations are looking for ways to drive more profits while reducing the ecological footprints and minimizing their negative impacts on the environment. Furthermore, today, more products are claiming to be green more than ever; however, the definition of green is still unclear. For this paper, I will introduce a term, â€Å"greenwash†, how it relates to green and sustainability, and how it relates to all of us. 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Comparative Analysis of Private, Public Banks Free Essays

Ibmr| study on impact of technology on customer needs in banking| | | NAYANA SHREE N S| MBA FINANCE| Project on study on impact of technology on customer needs in banking SEMESTER IV SUBMITTED BY NAYANA SHREE N S ROLL NO. IBMR COLLEGE IBMR COLLEGE Address: CERTIFICATE This is to certify that Nayana Shree N S of MBA FINANCE Semester IV {2012-13} has successfully completed the project on â€Å"Project on study on impact of technology on customer needs in banking† under the guidance of Mrs. Bickram . We will write a custom essay sample on Comparative Analysis of Private, Public Banks or any similar topic only for you Order Now Course Co-ordinatorPrincipal Project Guide/ Internal Examiner External Examiner DECLARATION I Nayana Shree N S the student of MBA Finance Semester IV {2012-13} hereby declare that I have completed the project on â€Å"Project on study on impact of technology on customer needs in banking†. The information submitted is true and original to the best of my knowledge. Signature Nayana Shree N S Roll No. ACKNOWLEDGEMENT Many people have played a part in making this project study a success by giving their valuable inputs and useful suggestions. Firstly I would express my gratitude to the University Of Mysore for providing me the opportunity to study the practical aspects of banking and insurance. I am thankful to the principal Mrs. xxxxxxx for giving me an opportunity to work on this project. I am also thankful to our co-ordinator Mrs. xxxxxx for her immeasurable encouragement and support. I am also particularly grateful to my project guide xxxxx for extending his support and time. INDEX Chapter No. | Titles| Pg. No. | 1| Introduction| 1-7| 2| Role Of Technology| 8| 3| E-Banking| 9-12| | Digital Signatures| 13-15| 5| Card Skimming| 16| 6| Credit Cards| 17-20| 7| Mobile Banking| 21-23| 8| Electronic Funds Transfer| 24-26| 9| Debit Cards| 27-33| 10| Telephone Banking| 34-35| 11| Uses Of Information Technology In Banks| 36-39| 12| Technology Vision 2020| 40-44| 13| Present Level of Computerization| 45-46| 14| Advantages of Technology| 47-48| 15| Disadvantages of Technology| 49-50| 16| Nature and Change in Banking| 51-53| 17| I ssues and Challenges| 54| 18| Countermeasures to Frauds| 55-58| 19| Conclusion| 59| 20| Bibliography| 60| INTRODUCTION In the five decades since independence, banking in India has evolved through four distinct phases. During Fourth phase, also called as Reform Phase, Recommendations of the Narasimham Committee (1991) paved the way for the reform phase in the banking. Important initiatives with regard to the reform of the banking system were taken in this phase. Important among these have been introduction of new accounting and prudential norms relating to income recognition, provisioning and capital adequacy, deregulation of interest rates easing of norms for entry in the field of banking. Entry of new banks resulted in a paradigm shift in the ways of banking in India. The growing competition, growing expectations led to increased awareness amongst banks on the role and importance of technology in banking. The arrival of foreign and private banks with their superior state-of-the-art technology-based services pushed Indian Banks also to follow suit by going in for the latest technologies so as to meet the threat of competition and retain their customer base. Indian banking industry, today is in the midst of an IT revolution. A combination of regulatory and competitive reasons have led to increasing importance of total banking automation in the Indian Banking Industry. Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. In view of this, technology has changed the contours of three major functions performed by banks, i. e. , access to liquidity, transformation of assets and monitoring of risks. Further, Information technology and the communication networking systems have a crucial bearing on the efficiency of money, capital and foreign exchange markets. The Software Packages for Banking Applications in India had their beginnings in the middle of 80s, when the Banks started computerizing the branches in a limited manner. The early 90s saw the plummeting hardware prices and advent of cheap and inexpensive but high-powered PCs and servers and banks went in for what was called Total Branch Automation (TBA) Packages. The middle and late 90s witnessed the tornado of financial reforms, deregulation, globalization etc. coupled with rapid revolution in communication technologies and evolution of novel concept of ‘convergence’ of computer and communication technologies, like Internet, mobile / cell phones etc. MILESTONES In India, banks as well as other financial entities entered the world of information technology and with Indian Financial Net (INFINET). INFINET, a wide area satellite based network (WAN) using VSAT (Very Small Aperture Terminals) technology, was jointly set up by the Reserve Bank and Institute for Development and Research in Banking Technology (IDRBT) in June 1999. The Indian Financial Network (INFINET) which initially comprised only the public sector banks was opened up for participation by other categories of members. The first set of applications that could benefit greatly from the use of technological advances in the computer and communications area relate to the Payment systems which form the lifeline of any banking activity. The process of reforms in payment and settlement systems has gained momentum with the implementation of projects such as NDS ((Negotiated Dealing System), CFMS (Centralised Funds Management System) for better funds management by banks and SFMS (Structured Financial Messaging Solution) for secure message transfer. This would result in funds transfers and funds-related message transfer to be routed electronically across banks using the medium of the INFINET. Negotiated dealing system (NDS), which has become operational since February 2002 and RTGS (Real Time Gross Settlement system) scheduled towards the end of 2003 are other major developments in the area. Internet has significantly influenced delivery channels of the banks. Internet has emerged as an important medium for delivery of banking products services. Detailed guidelines of RBI for Internet Banking has prepared the necessary ground for growth of Internet Banking in India. The Information Technology Act, 2000 has given legal recognition to creation, trans-mission and retention of an electronic (or magnetic) data to be treated as valid proof in a court of law, except in those areas, which continue to be governed by the provisions of the Negotiable Instruments Act, 1881. As stated in RBI’s Annual Monetary and Credit Policy 2002-2003: â€Å"To reap the full benefits of such electronic message transfers, it is necessary that banks bestow sufficient attention on the computerization and networking of the branches situated at commercially important centers on a time-bound basis. Intra-city and intra-bank networking would facilitate in addressing the â€Å"last mile† problem which would in turn result in quick and efficient funds transfers across the country†. Implementation of Centralized Funds Management System The centralized funds management system (CFMS) provides for a centralized viewing of balance positions of the account holders across different accounts maintained at various locations of RBI. While the first phase of the system covering the centralized funds enquiry system (CFES) has been made available to the users, the second phase comprising the centralized funds transfer system (CFTS) would be made available by the middle of 2003. So far, 54 banks have implemented the system at their treasuries/funds management branches. Certification and Digital Signatures The mid-term Review of October 2002 indicated the need for information security on the network and the use of public key infrastructure (PKI) by banks. The Controller of Certifying Authorities, Government of India, have approved the Institute for Development and Research in Banking Technology (IDRBT) as a Certification Authority (CA) for digital signatures. Consequently, the process of setting up of registration authorities (RA) under the CA has commenced at various banks. In addition to the negotiated dealing system (NDS), the electronic clearing service (ECS) and electronic funds transfer (EFT) are also being enhanced in terms of security by means of implementation of PKI and digital signatures using the facilities offered by the CA. Committee on Payment Systems In order to examine the entire gamut of the process of reforms in payment and settlement systems which would be culminating with the real time gross settlement (RTGS) system, a Committee on Payment Systems (Chairman: Dr. R. H. Patil) was set up in 2002. The Committee, after examining the various aspects relating to payment and settlement systems, submitted its report in September 2002 along with a draft Payment Systems Bill. The draft Bill provides, inter alia, a legal basis for netting, apart from empowering RBI to have regulatory and oversight powers over payment and settlement systems of the country. The report of the Committee was put on the RBI website for wider dissemination. The draft Bill has been forwarded to the Government. Multi-application Smart Cards Recognizing the need for technology based payment products and the growing importance of smart card based payment flows, a pilot project for multi-application smart cards in conjunction with a few banks and vendors, under the aegis of the Ministry of Communications and Information Technology, Government of India, has been initiated. The project is aimed at the formulation of standards for multi-application smart cards on the basis of inter-operable systems and technological components of the entire system. Special Electronic Funds Transfer As indicated in the mid-term Review of October 2002, national EFT (NEFT) is being introduced using the backbone of the structured financial messaging system (SFMS) of the IDRBT. NEFT would provide for movement of electronic transfer of funds in a safe, secure and quick manner across branches of any bank to any other bank through a central gateway of each bank, with the inter-bank settlement being effected in the books of account of banks maintained at RBI. Since this scheme requires connectivity across a large number of branches at many cities, a special EFT (SEFT) was introduced in April 2003 covering about 3000 branches in 500 cities. This has facilitated same day transfer of funds across accounts of constituents at all these branches. National Settlement System (NSS) The clearing and settlement activities are dispersed through 1,047 clearing houses managed by RBI, the State Bank of India and its associates, public sector banks and other institutions. In order to facilitate banks to have better control over their funds, it is proposed to introduce national settlement system (NSS) in a phased manner. Real Time Gross Settlement System (RTGS) As indicated in the mid-term Review of October 2002, development of the various software modules for the RTGS system is in progress. The initial set of modules is expected to be delivered by June 2003 for members to conduct tests and familiarisation exercises. The live run of RTGS is scheduled towards the end of 2003. Reporting of Call/Notice Money Market Transactions on NDS Platform Negotiated dealing system (NDS), which has become operational since February 2002, enables on-line dealing and dissemination of trade information relating to instruments in money, government securities and foreign exchange markets. Membership in NDS is open to all institutions which are members of INFINET and are maintaining subsidiary general ledger (SGL) Account with RBI. These include banks, financial institutions (FIs), primary dealers (PDs), insurance companies, mutual funds and any other institution as admitted by RBI. At present, all deals in government securities, call/notice/term money, CDs and CP executed among NDS members have to be reported automatically through NDS, if the deal is done on NDS and within 15 minutes of concluding the deal, if done outside NDS. However, it has been observed that a very sizeable proportion of daily call/notice money market deals is not reported by members on NDS as stipulated. With a view to improving transparency and strengthening efficiency in the market, it is proposed that: 1. From the fortnight beginning May 3, 2003, it would be mandatory for all NDS members to report all their call/notice money market deals on NDS. Deals done outside NDS should be reported within 15 minutes on NDS, irrespective of the size of the deal or whether the counterparty is a member of the NDS or not. 2. Full compliance with the reporting requirement to NDS will be reviewed in September 2003. In case there is repeated non-reporting of deals by an NDS member, it will be considered whether non-reported deals by that member should be treated as invalid with effect from a future date. ROLE OF TECHNOLOGY Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. In view of this, technology has changed the contours of three major functions performed by banks, i. e. , access to liquidity, transformation of assets and monitoring of risks. Further, Information technology and the communication networking systems have a crucial bearing on the efficiency of money, capital and foreign exchange markets. Internet has significantly influenced delivery channels of the banks. Internet has emerged as an important medium for delivery of banking products ; services. Detailed guidelines of RBI for Internet Banking has prepared the necessary ground for growth of Internet Banking in India. The Information Technology Act, 2000 has given legal recognition to creation, transmission and retention of an electronic (or magnetic) data to be treated as valid proof in a court of law, except in those areas, which continue to be governed by the provisions of the Negotiable Instruments Act, 1881. As stated in RBI’s Annual Monetary and Credit Policy 2002-2003: â€Å"To reap the full benefits of such electronic message transfers, it is necessary that banks bestow sufficient attention on the computerisation and networking of the branches situated at commercially important centres on a time-bound basis. Intra-city and intra-bank networking would facilitate in addressing the â€Å"last mile† problem which would in turn result in quick and efficient funds transfers across the country†. E-BANKING Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society. Online banking solutions have many features and capabilities in common, but traditionally also have some that are application specific. The common features fall broadly into several categories Transactional (e. g. , performing a financial transaction such as an account to account transfer, paying a bill, wire transfer, apply for a loan, new account, etc. ) * Payments to third parties, including bill payments and telegraphic/wire transfers * Funds transfers between a customer’s own transactional account and savings accounts * Investment purchase or sale * Loan applications and transactions, suc h as repayments of enrollments * Non-transactional (e. g. , online statements, cheque links, cobrowsing, chat) * Viewing recent transactions Downloading bank statements , for example in PDF format * Viewing images of paid cheques * Financial Institution Administration * Management of multiple users having varying levels of authority * Transaction approval process Features commonly unique to Internet banking include Personal financial management support, such as importing data into personal accounting software Some online banking platforms support account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions. History of E-Banking The precursor for the modern home online banking services were the distance banking services over electronic media from the early 1980s. The term online became popular in the late ’80s and referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. ‘Home banking’ can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank. Online services started in New York in 1981 when four of the city’s major banks (Citibank, Chase Manhattan, Chemical andManufacturers Hanover) offered home banking services[1] using the videotex system. Because of the commercial failure of videotex these banking services never became popular except in France where the use of videotex (Minitel) was subsidised by the telecom provider and the UK, where the Prestel system was used. The UK’s first home online banking services[2] was set up by Bank of Scotland for customers of the Nottingham Building Society (NBS) in 1983. [3] The system used was based on the UK’s Prestel system and used a computer, such as the BBC Micro, or keyboard (Tandata Td1400) connected to the telephone system and television set. The system (known as ‘Homelink’) allowed on-line viewing of statements, bank transfers and bill payments. In order to make bank transfers and bill payments, a written instruction giving details of the intended recipient had to be sent to the NBS who set the details up on the Homelink system. Typical recipients were gas, electricity and telephone companies and accounts with other banks. Details of payments to be made were input into the NBS system by the account holder via Prestel. A cheque was then sent by NBS to the payee and an advice giving details of the payment was sent to the account holder. BACS was later used to transfer the payment directly. Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in October 1994. [citation needed] Today, many banks are internet only banks. Unlike their predecessors, these internet only banks do not maintain brick and mortar bank branches. Instead, they typically differentiate themselves by offering better interest rates and online banking features. Security Protection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Basically there exist two different security methods for online banking. 1. The PIN/TAN system where the PIN represents a password, used for the login and TANs representing one-time passwords to authenticate transactions. TANs can be distributed in different ways, the most popular one is to send a list of TANs to the online banking user by postal letter. The most secure way of using TANs is to generate them by need using asecurity token. These token generated TANs depend on the time and a unique secret, stored in the security token (this is called two-factor authentication or 2FA). Usually online banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed. Another way to provide TANs to an online banking user is to send the TAN of the current bank transaction to the user’s (GSM) mobile phone via SMS. The SMS text usually quotes the transaction amount and details, the TAN is only valid for a short period of time. Especially in Germany and Austria, many banks have adopted this â€Å"SMS TAN† service as it is considered very secure. 2. Signature based online banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smartcards or any memory medium, depending on the concrete implementation. Attacks Most of the attacks on online banking used today are based on deceiving the user to steal login data and valid TANs. Two well known examples for those attacks are phishing and pharming. Cross-site scripting and keylogger/Trojan horses can also be used to steal login information. A method to attack signature based online banking methods is to manipulate the used software in a way, that correct transactions are shown on the screen and faked transactions are signed in the background. A recent FDIC Technology Incident Report, compiled from suspicious activity reports banks file quarterly, lists 536 cases of computer intrusion, with an average loss per incident of $30,000. That adds up to a nearly $16-million loss in the second quarter of 2007. Computer intrusions increased by 150 percent between the first quarter of 2007 and the second. In 80 percent of the cases, the source of the intrusion is unknown but it occurred during online banking, the report states. The most recent kind of attack is the so-called Man in the Browser attack, where a Trojan horse permits a remote attacker to modify the destination account number and also the amount. Countermeasures There exist several countermeasures which try to avoid attacks. Digital certificates are used against phishing and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software or e-mail attachments. DIGITAL SIGNATURES A digital signature or digital signature scheme is a mathematical scheme for demonstrating the authenticity of a digital message or document. A valid digital signature gives a recipient reason to believe that the message was created by a known sender, and that it was not altered in transit. Digital signatures are commonly used for software distribution, financial transactions, and in other cases where it is important to detect forgery or tampering. Digital signatures are often used to implement electronic signatures, a broader term that refers to any electronic data that carries the intent of a signature, but not all electronic signatures use digital signatures. In some countries, including the United States, India, and members of the European Union, electronic signatures have legal significance. However, laws concerning electronic signatures do not always make clear whether they are digital cryptographic signatures in the sense used here, leaving the legal definition, and so their importance, somewhat confused. Digital signatures employ a type of asymmetric cryptography. For messages sent through a nonsecure channel, a properly implemented digital signature gives the receiver reason to believe the message was sent by the claimed sender. Digital signatures are equivalent to traditional handwritten signatures in many respects; properly implemented digital signatures are more difficult to forge than the handwritten type. Digital signature schemes in the sense used here are cryptographically based, and must be implemented properly to be effective. Digital signatures can also provide non-repudiation, meaning that the signer cannot successfully claim they did not sign a message, while also claiming their private key remains secret; further, some non-repudiation schemes offer a time stamp for the digital signature, so that even if the private key is exposed, the signature is valid nonetheless. Digitally signed messages may be anything representable as a bitstring: examples include electronic mail, contracts, or a message sent via some other cryptographic protocol. A digital signature scheme typically consists of three algorithms: 1. A key generation algorithm that selects a private key uniformly at random from a set of possible private keys. The algorithm outputs the private key and a corresponding public key. 2. A signing algorithm that, given a message and a private key, produces a signature. 3. A signature verifying algorithm that, given a message, public key and a signature, either accepts or rejects the message’s claim to authenticity. Two main properties are required. First, a signature generated from a fixed message and fixed private key should verify the authenticity of that message by using the corresponding public key. Secondly, it should be computationally infeasible to generate a valid signature for a party who does not possess the private key. Uses of digital signatures As organizations move away from paper documents with ink signatures or authenticity stamps, digital signatures can provide added assurances of the evidence to provenance, identity, and status of an electronic document as well as acknowledging informed consent and approval by a signatory. The United States Government Printing Office (GPO) publishes electronic versions of the budget, public and private laws, and congressional bills with digital signatures. Universities including Penn State, University of Chicago, and Stanford are publishing electronic student transcripts with digital signatures. Below are some common reasons for applying a digital signature to communications: Authentication Although messages may often include information about the entity sending a message, that information may not be accurate. Digital signatures can be used to authenticate the source of messages. When ownership of a digital signature secret key is bound to a specific user, a valid signature shows that the message was sent by that user. The importance of high confidence in sender authenticity is especially obvious in a financial context. For example, suppose a bank’s branch office sends instructions to the central office requesting a change in the balance of an account. If the central office is not convinced that such a message is truly sent from an authorized source, acting on such a request could be a grave mistake. Integrity In many scenarios, the sender and receiver of a message may have a need for confidence that the message has not been altered during transmission. Although encryption hides the contents of a message, it may be possible to change an encrypted message without understanding it. (Some encryption algorithms, known as nonmalleable ones, prevent this, but others do not. ) However, if a message is digitally signed, any change in the message after signature will invalidate the signature. Furthermore, there is no efficient way to modify a message and its signature to produce a new message with a valid signature, because this is still considered to be computationally infeasible by most cryptographic hash functions (see collision resistance). Digital signatures vs. nk on paper signatures An ink signature can be easily replicated from one document to another by copying the image manually or digitally. Digital signatures cryptographically bind an electronic identity to an electronic document and the digital signature cannot be copied to another document. Paper contracts often have the ink signature block on the last page, and the previous pa ges may be replaced after a signature is applied. Digital signatures can be applied to an entire document, such that the digital signature on the last page will indicate tampering if any data on any of the pages have been altered. CARD SKIMMING Card skimming’ is the illegal copying of information from the magnetic strip of a credit or ATM card. It is a more direct version of a phishing scam. The scammers try to steal your details so they can access your accounts. Once scammers have skimmed your card, they can create a fake or ‘cloned’ card with your details on it. The scammer is then able to run up charges on your account. Card skimming is also a way for scammers to steal your identity (your personal details) and use it to commit identity fraud. By stealing your personal details and account numbers the scammer may be able to borrow money or take out loans in your name. Warning signs †¢A shop assistant takes your card out of your sight in order to process your transaction. †¢You are asked to swipe your card through more than one machine. †¢You see a shop assistant swipe the card through a different machine to the one you used. †¢You notice something suspicious about the card slot on an ATM (e. g. an attached device). †¢You notice unusual or unauthorised transactions on your account or credit card statement. Protect yourself from card skimming †¢Keep your credit card and ATM cards safe. Do not share your personal identity number (PIN) with anyone. Do not keep any written copy of your PIN with the card. Check your bank account and credit card statements when you get them. If you see a transaction you cannot explain, report it to your credit union or bank. †¢Choose passwords that would be difficult for anyone else to guess. CREDIT CARDS A credit card is a small plastic card issued to users as a system of payment. It a llows its holder to buy goods and services based on the holder’s promise to pay for these goods and services. [1] The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card. Most credit cards are issued by banks or credit unions, and are the shape and size specified by the ISO/IEC 7810standard as ID-1. This is defined as 85. 60 ? 53. 98 mm (3. 370 ? 2. 125 in) (33/8 ? 21/8 in) in size . How credit cards work Credit cards are issued by a credit card issuer, such as a bank or credit union, after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card. Merchants often advertise which cards they accept by displaying acceptance marks – generally derived from logos – or may communicate this orally, as in â€Å"Credit cards are fine† (implicitly meaning â€Å"major brands†), â€Å"We take (brands X, Y, and Z)†, or â€Å"We don’t take credit cards†. When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates consent to pay by signing a receiptwith a record of the card details and indicating the amount to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a card not present transaction (CNP). Electronic verification systems allow merchants to verify in a few seconds that the card is valid and the credit card customer has sufficient credit to cover the purchase, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or point-of-sale (POS) system with a communications link to the merchant’s acquiring bank. Data from the card is obtained from amagnetic stripe or chip on the card; the latter system is called Chip and PIN in the United Kingdom and Ireland, and is implemented as anEMV card. For card not present transactions where the card is not shown (e. g. , e-commerce, mail order, and telephone sales), merchants additionally verify that the customer is in physical possession of the card and is the authorized user by asking for additional information such as thesecurity code printed on the back of the card, date of expiry, and billing address. Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see 15 U. S. C.  § 1643, which limits cardholder liability for unauthorized use of a credit card to $50, and the Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit issuer charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). In addition, if the credit card user fails to make at least the minimum payment by the due date, the issuer may impose a â€Å"late fee† and/or other penalties on the user. To help mitigate this, some financial institutions can arrange for automatic payments to be deducted from the user’s bank accounts, thus avoiding such penalties altogether as long as the cardholder has sufficient funds. Interest charges Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid. For example, if a user had a $1,000 transaction and repaid it in full within this grace period, there would be no interest charged. If, however, even $1. 00 of the total amount remained unpaid, interest would be charged on the $1,000 from the date of purchase until the payment is received. The precise manner in which interest is charged is usually detailed in a cardholder agreement which may be summarized on the back of the monthly statement. The general calculation formula most financial institutions use to determine the amount of interest to be charged is APR/100 x ADB/365 x number of days revolved. Take the annual percentage rate (APR) and divide by 100 then multiply to the amount of the average daily balance (ADB) divided by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account. Financial institutions refer to interest charged back to the original time of the transaction and up to the time a payment was made, if not in full, as RRFC or residual retail finance charge. Thus after an amount has revolved and a payment has been made, the user of the card will still receive interest charges on their statement after paying the next statement in full (in fact the statement may only have a charge for interest that collected up until the date the full balance was paid, i. e. when the balance stopped revolving). The credit card may simply serve as a form of revolving credit, or it may become a complicated financial instrument with multiple balance segments each at a different interest rate, possibly with a single umbrella credit limit, or with separate credit limits applicable to the various balance segments. Usually this compartmentalization is the result of special incentive offers from the issuing bank, to encourage balance transfers from cards of other issuers. In the event that several interest rates apply to various balance segments, payment allocation is generally at the discretion of the issuing bank, and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument, or even if the issuing bank decides to raise its revenue. Benefits to customers The main benefit to each customer is convenience. Compared to debit cards and cheques, a credit card allows small short-term loans to be quickly made to a customer who need not calculate a balance remaining before every transaction, provided the total charges do not exceed the maximum credit line for the card. Credit cards also provide more fraud protection than debit cards. In the UK for example, the bank is jointly liable with the merchant for purchases of defective products over ? 100. [5] Many credit cards offer rewards and benefits packages, such as offering enhanced product warranties at no cost, free loss/damage coverage on new purchases, and points which may be redeemed for cash, products, or airline tickets. Additionally, carrying a credit card may be a convenience to some customers as it eliminates the need to carry any cash for most purposes. MOBILE BANKING Mobile banking (also known as M-Banking, mbanking, SMS Banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA). The earliest mobile banking services were offered over SMS. With the introduction of the first primitive smart phones withWAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers . Mobile banking has until recently (2010) most often been performed via SMS or the Mobile Web. Apple’sinitial success with iPhone and the rapid growth of phones based on Google’s Android (operating system)have led to increasing use of special client programs, called apps, downloaded to the mobile device. Mobile Banking Services Mobile banking can offer services such as the following: Account Information 1. Mini-statements and checking of account history 2. Alerts on account activity or passing of set thresholds 3. Monitoring of term deposits 4. Access to loan statements 5. Access to card statements . Mutual funds / equity statements 7. Insurance policy management 8. Pension plan management 9. Status on cheque, stop payment on cheque 10. Ordering cheque books 11. Balance checking in the account 12. Recent transactions 13. Due date of payment (functionality for stop, change and deleting of payments) 14. PIN provision, Change of PIN and reminder over the Internet 15. Blocki ng of (lost, stolen) cards Payments, Deposits, Withdrawals, and Transfers 1. Domestic and international fund transfers 2. Micro-payment handling 3. Mobile recharging 4. Commercial payment processing 5. Bill payment processing . Peer to Peer payments 7. Withdrawal at banking agent 8. Deposit at banking agent A specific sequence of SMS messages will enable the system to verify if the client has sufficient funds in his or her wallet and authorize a deposit or withdrawal transaction at the agent. When depositing money, the merchant receives cash and the system credits the client’s bank account or mobile wallet. In the same way the client can also withdraw money at the merchant: through exchanging sms to provide authorization, the merchant hands the client cash and debits the merchant’s account. Investments 1. Portfolio management services 2. Real-time stock quotes 3. Personalized alerts and notifications on security prices Support 1. Status of requests for credit, including mortgage approval, and insurance coverage 2. Check (cheque) book and card requests 3. Exchange of data messages and email, including complaint submission and tracking 4. ATM Location Content Services 1. General information such as weather updates, news 2. Loyalty-related offers 3. Location-based services Based on a survey conducted by Forrester, mobile banking will be attractive mainly to the younger, more â€Å"tech-savvy† customer segment. A third of mobile phone users say that they may consider performing some kind of financial transaction through their mobile phone. But most of the users are interested in performing basic transactions such as querying for account balance and making bill payment. ELECTRONIC FUNDS TRANSFER Electronic funds transfer or EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems. The term is used for a number of different concepts: Cardholder-initiated transactions, where a cardholder makes use of a payment card * Direct deposit payroll payments for a business to its employees, possibly via a payroll service bureau * Direct debit payments, sometimes called electronic checks, for which a business debits the consumer’s bank accounts for payment for goods or services * Electronic bill payment in online banking, which may be delivered by EFT or paper check * Transactions involving stored value of electronic money, possibly in a private currency * Wire transfer via an international banking network (carries a higher fee in North America) * Electronic Benefit Transfer In 1978 U. S. Congress passed the Electronic Funds Transfer Act to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities in the United States. RTGS Real time gross settlement systems (RTGS) are funds transfer systems where transfer of money or securities[1] takes place from one bank to another on a â€Å"real time† and on â€Å"gross† basis. Settlement in â€Å"real time† means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. â€Å"Gross settlement† means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable. Fees for RTGS vary from bank to bank. RBI has prescribed upper limit for the fees which can be charged by all banks both for NEFT and RTGS. Both the remitting and receiving must have Core banking in place to enter into RTGS transactions. Core Banking enabled banks and branches are assigned an Indian Financial System Code (IFSC) for RTGS and NEFT purposes. This is an eleven digit alphanumeric code and unique to each branch of bank. The first four alphabets indicate the identity of the bank and remaining seven numerals indicate a single branch. This code is provided on the cheque books, which are required for transactions along with recipient’s account number. RTGS is a large value (minimum value of transaction should be Rs 2,00,000) funds transfer system whereby financial intermediaries can settle interbank transfers for their own account as well as for their customers. The system effects final settlement of interbank funds transfers on a continuous, transaction-by-transaction basis throughout the processing day. Customers can access the RTGS facility between 9 am to 4:30 pm on week days and 9 am to 1:30 pm on Saturday. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. Banks could use balances maintained under the cash reserve ratio (CRR) and the intra-day liquidity (IDL) to be supplied by the central bank, for meeting any eventuality arising out of the real time gross settlement (RTGS). The RBI fixed the IDL limit for banks to three times their net owned fund (NOF). The IDL will be charged at Rs 25 per transaction entered into by the bank on the RTGS platform. The marketable securities and treasury billswill have to be placed as collateral with a margin of five per cent. However, the apex bank will also impose severe penalties if the IDL is not paid back at the end of the day. National Electronic Fund Transfer National Electronic Fund Transfer (NEFT) is an online system for transferring funds of Indian financial institution (especially banks). There is no minimum limit for fund transfer in NEFT system. DEBIT CARDS A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholder’s bank to withdraw funds from a designated account in favor of the payee’s designated bank account. The card can be used as an alternative payment method to cash when making purchases. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card. In many countries the use of debit cards has become so widespread that their volume of use has overtaken or entirely replaced the check and, in some instances, cash transactions. Like credit cards, debit cards are used widely for telephone and Internet purchases. However, unlike credit cards, the funds paid using a debit card are transferred immediately from the bearer’s bank account, instead of having the bearer pay back the money at a later date. Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card. Merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with their purchase. Online Debit System Online debit cards require electronic authorization of every transaction and the debits are reflected in the user’s account immediately. The transaction may be additionally secured with the personal identification number (PIN) authentication system and some online cards require such authentication for every transaction, essentially becoming enhanced automatic teller machine(ATM) cards. One difficulty in using online debit cards is the necessity of an electronic authorization device at the point of sale (POS) and sometimes also a separate PINpad to enter the PIN, although this is becoming commonplace for all card transactions in many countries. Overall, the online debit card is generally viewed as superior to the offline debit card because of its more secure authentication system and live status, which alleviates problems with processing lag on transactions that may only issue online debit cards. Some on-line debit systems are using the normal authentication processes of Internet banking to provide real-time on-line debit transactions. The most notable of these are Ideal and POLi. Offline Debit System Offline debit cards have the logos of major credit cards (for example, Visa or MasterCard) or major debit cards (for example, Maestro in the United Kingdom and other countries, but not the United States) and are used at the point of sale like a credit card (with payer’s signature). This type of debit card may be subject to a daily limit, and/or a maximum limit equal to the current/checking account balance from which it draws funds. Transactions conducted with offline debit cards require 2–3 days to be reflected on users’ account balances. In some countries and with some banks and merchant service organizations, a â€Å"credit† or offline debit transaction is without cost to the purchaser beyond the face value of the transaction, while a small fee may be charged for a â€Å"debit† or online debit transaction (although it is often absorbed by the retailer). Other differences are that online debit purchasers may opt to withdraw cash in addition to the amount of the debit purchase (if the merchant supports that functionality); also, from the merchant’s standpoint, the merchant pays lower fees on online debit transaction as compared to â€Å"credit† (offline) debit transaction. Prepaid debit cards Prepaid debit cards, also called reloadable debit cards or reloadable prepaid cards, are often used for recurring payments. The payer loads funds to the cardholder’s card account. Prepaid debit cards use either the offline debit system or the online debit system to access these funds. Particularly for companies with a large number of payment recipients abroad, prepaid debit cards allow the delivery of international payments without the delays and fees associated with international checks and bank transfers. Providers include Caxton FX prepaid cards, Escape prepaid cards, Travelex prepaid cards and TransCash prepaid Visa cards. Whereas, web-based services such as stock photography websites (istockphoto), outsourced services (oDesk),money transfer services (Western Union) and affiliate networks (MediaWhiz) have all started offering prepaid debit cards for their contributors/freelancers/vendors. Advantages of debit cards a. A consumer who is not credit worthy and may find it difficult or impossible to obtain a credit card can more easily obtain a debit card, allowing him/her to make plastic transactions. For example, legislation often prevents minors from taking out debt, which includes the use of a credit card, but not online debit card transactions. b. For most transactions, a check card can be used to avoid check writing altogether. Check cards debit funds from the user’s account on the spot, thereby finalizing the transaction at the time of purchase, and bypassing the requirement to pay a credit card bill at a later date, or to write an insecure check containing the account holder’s personal information. c. Like credit cards, debit cards are accepted by merchants with less identification and scrutiny than personal checks, thereby making transactions quicker and less intrusive. Unlike personal checks, merchants generally do not believe that a payment via a debit card may be later dishonored. d. Unlike a credit card, which charges higher fees and interest rates when a cash advance is obtained, a debit card may be used to obtain cash from an ATM or a PIN-based transaction at no extra charge, other than a foreign ATM fee. Disadvantages of debit cards a. Use of a debit card is not usually limited to the existing funds in the account to which it is linked, most banks allow a certain threshold over the available bank balance which can cause overdraft fees if the users transaction does not reflect available balance. b. Many banks are now charging over-limit fees or non-sufficient funds fees based upon pre-authorizations, and even attempted but refused transactions by the erchant (some of which may be unknown until later discovery by account holder). c. Many merchants mistakenly believe that amounts owed can be â€Å"taken† from a customer’s account after a debit card (or number) has been presented, without agreement as to date, payee name, amount and currency, thus c ausing penalty fees for overdrafts, over-the-limit, amounts not available causing further rejections or overdrafts, and rejected transactions by some banks. d. In some countries debit cards offer lower levels of security protection than credit cards. [9] Theft of the users PIN using skimming devices can be accomplished much easier with a PIN input than with a signature-based credit transaction. However, theft of users’ PIN codes using skimming devices can be equally easily accomplished with a debit transaction PIN input, as with a credit transaction PIN input, and theft using a signature-based credit transaction is equally easy as theft using a signature-based debit transaction. e. In many places, laws protect the consumer from fraud much less than with a credit card. While the holder of a credit card is legally responsible for only a minimal amount of a fraudulent transaction made with a credit card, which is often waived by the bank, the consumer may be held liable for hundreds of dollars, or even the entire value of fraudulent debit transactions. The consumer also has a shorter time (usually just two days) to report such fraud to the bank in order to be eligible for such a waiver with a debit card,[9] whereas with a credit card, this time may be up to 60 days. A thief who obtains or clones a debit card along with its PIN may be able to clean out the consumer’s bank account, and the consumer will have no recourse. f. An automated teller machine (ATM), also known as a Cash Point, Cash Machine or sometimes a Hole in the Wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. ATMs are known by various other names including automatic banking machine, cash machine, and various regional variants derived from trademarks on ATM systems held by particular banks. g. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN). h. Using an ATM, customers can access their bank accounts in order to make cash withdrawals,credit card cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e. g. Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travelers and are heavily used for this purpose as well Alternative uses Two NCR Personas 84 ATMs at a bank inJersey dispensing two types of pound st erling banknotes: Bank of England noteson the left, and States of Jersey notes on the right Although ATMs were originally developed as just cash dispensers, they have evolved to include many other bank-related functions. In some countries, especially those which benefit from a fully integrated cross-bank ATM network (e. g. Multibanco in Portugal), ATMs include many functions which are not directly related to the management of one’s own bank account, such as: 1. Deposit currency recognition, acceptance, and recycling[61][62] 2. Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, taxes, etc. ) 3. Printing bank statements 4. Updating passbooks 5. Loading monetary value into stored value cards 6. Purchasing 7. Postage stamps. 8. Lottery tickets 9. Train tickets 10. Concert tickets 11. Movie tickets 12. Shopping mall gift certificates. 13. Games and promotional features 14. Fastloans 15. CRM at the ATM 16. Cheque Processing Module 17. Adding pre-paid cell phone / mobile phone credit. Increasingly banks are seeking to use the ATM as a sales device to deliver pre approved loans and targeted advertising using products such as ITM (the Intelligent Teller Machine) from Aptra Relate from NCR. ATMs can also act as an advertising channel for companies to advertise their own products or third-party products and services. In Canada, ATMs are called guichets automatiques in French and sometimes â€Å"Bank Machines† in English. The Interac shared cash network does not allow for the selling of goods from ATMs due to specific security requirements for PIN entry when buying goods. CIBC machines in Canada, are able to top-up the minutes on certain pay as you go phones. TELEPHONE BANKING Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone. Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative (see below). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer’saccounts, etc. Usually, customers can also speak to a live representative located in a call centre or a branch, although this feature is not always guaranteed to be offered 24/7. In addition to the self-service transactions listed earlier, telephone banking representatives are usually trained to do what was traditionally available only at the branch: loan applications, investment purchases and redemptions, chequebook orders, debit cardreplacements, change of address, etc. Banks which operate mostly or exclusively by telephone are known as phone banks. They also help modernise the user by using special technology. A credit card balance transfer is the transfer of the balance (the money) in a credit card account to an account held at another credit cardcompany. This process is actively encouraged by almost all credit card issuers as a means to attract new customers. Such an arrangement is attractive to the consumer because the new bank or credit card issuer will offer incentives such as a low interest or interest-free period, loyalty points or some such other device or combination of incentives. It is also attractive to the credit card company which uses this process to gain that new customer, and of course detrimental to the prior credit card company. An order of payments for every credit card specifies which balance(s) will be paid first. In nearly all cases payments apply to lowest-rate balances first – highest-rate last. Any balance under a teaser rate or fixed rate will be paid off sooner than any purchases or cash advances (which usually have the highest APR). By avoiding making purchases or taking cash advances altogether, the borrower can ensure they maintain the full benefits of the original balance transfer. The process is extremely fast and can be concluded within a matter of hours in some cases. Automated services exist to help facilitate such balance transfers. Other similar services do exist, but they may not be free to use. USES OF INFORMATION TECHNOLOGY IN BANKS Information Technology uses in Banking sector: – †¢Business banking †¢Retail banking †¢Banking technology †¢Banking environment †¢Card Market Business banking: BMI-Tec Knowledge has been publishing their annual report on Business Electronic Banking for the past 13 years. The report provides valuable year on year trend analysis for the major banks in South Africa. There are two parallel research objectives of the publication, to report on business banking trends and more specific information on each of the electronic banking products offered by the banks. Each year, the questionnaire used for the research process retains a generic core but incorporates changes that reflect the ever changing banking environment and the related impact of technology. The research is focused on business banking and specifically for companies that use an online or electronic banking product in their ay-to-day administration of their business banking administration. The key area of segmentation for this report is by the four major banks in South Africa: Absa, First National Bank, Nedbank and Standard Bank. Other areas of segmentation include size of company by emp loyees and annual turnover and whether these companies are single banked or multi banked. Retail banking: Understanding the financial delivery channels BMI-T has conducted a recent benchmarking study to highlight external expertise and knowledge that is currently available in the ATM and SST environment. From this collated information, the client was able will be able to benchmark their own operations against these parameters. This study assisted the client in identifying and determining the current and potential best practices around ATMs and to see where they are currently placed in this context. The scope of the research covered both local and international perspectives with the international perspective be segmented further by a split between Africa in comparison with the Rest of the World and South Africa Business Electronic Banking in the Small to Medium Business sector BMI-Tec Knowledge has been publishing their annual report on Business Electronic Banking in the corporate sector for the past 13 years. This new report, Business electronic banking in the SMB sector will be a parallel report in order to fully understand both markets; corporates and the SMB sector. There are two parallel research objectives of the publication, to report on business banking trends in the small to medium business sector and provide more specific information on each of the electronic banking products offered by the banks. The research is focused on business banking and specifically for companies that use an online or electronic banking product in their day-to-day administration of their business banking administration. The key area of segmentation for this report is the four major banks in South Africa: Absa, First National Bank, Nedbank and Standard Bank. Other areas of segmentation include size of company by employees and annual turnover and whether these companies are single banked or multi banked. Multi-Channel Banking for Retail Financial Services 2005: BMI-T conducts research in the financial delivery channels to the retail market. This research covers the following issues: †¢The optimum balance between customer experience and lower costs, †¢International overview of financial delivery channels and the road to multi-channel integration, †¢Trends and market drivers and/or inhibitors that have driven the changes in global banks, †¢South African comparison of financial delivery channels and their related offerings from the banks, †¢Comparison of pricing and products and services that are available on each channel from each financial provider, †¢Number of customer points such as ATMs, †¢Number of banking branches and level of change and expected growth for the future. Research to test the future for High-value-low frequency channels or low-value-high frequency channels, current and future usage patterns of financial delivery channels from the South African retail customers (which channels, frequency, timing and for which transactions plus trend analysis with past annual data). Ban king technology: South Africa is in many ways a global leader in the adoption and use of technology to improve competitiveness and de How to cite Comparative Analysis of Private, Public Banks, Essay examples