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The Account And Banking Function Of Ebanking Information Technology Essay

Accounts and banking function that you can find in the maybank2u.com e-banking system is said to be the most commonly used function in the site. Under accounts and banking, u can find several functions such as savings account, current account, fixed deposits, Islamic Account, fund transfer, self service terminals, regional services and private and shared banking services.

Before you can perform any transaction on the website, u has to have a valid log-in ID and password that you obtain directly from the bank. Once you log in you can use any of the functions provided and here first of all we are going to discuss about the savings account. Savings account is an account that you can refer at the website for the history of your entire up to date banking transactions. It provides you details of the money that you have saved into your account and the withdrawals that you have made in your entire banking history with the bank which is your personal savings. If you have got an account yet with Maybank, you can check and see which account that suits you best in your current situation. You will be asked to complete certain survey information to let them know better bout your personal background and the kind of account that you are looking to have and then the directory of the information system will choose the account that suits or recommends the type of account that you should engage within the bank. One of few savings accounts available under this function is Kawanku savings account, golden savers savings account and many more that you can find under here. You can also compare and contrast between the types of account that you can apply online through maybank2u.com.

Next function under account and banking is current account services provided by the information system. A current account is a deposit held in a bank for the purpose of securely and quickly providing frequent access to funds on demand, through variety of different channels. Current accounts are meant neither for the purpose of earning interest nor for the purpose of savings, but for convenience of the business or personal client, hence do they tend not to bear interest. Instead, a customer can deposit or withdraw any amount of money any number of times, subject to availability of funds. This function is provided by the maybank2u system. Different current account packages offered provides different packages in terms of minimum membership fee, minimum deposits, overviews and benefits of type of current account used and eligibility of using that type of account. The comparing service function allows you to have a better view of nominal rate and effective rate that the bank has to offer which helps in making decision on which account that you might want to choose.

Under accounts and banking also you can find the fixed deposit service. Fixed deposits are loan arrangements where a specific amount of funds is placed on deposit under the name of the account holder. The money placed on deposit earns a fixed rate of interest, according to the terms and conditions that govern the account. The actual amount of the fixed rate can be influenced by such factors at the type of currency involved in the deposit, the duration set in place for the deposit, and the location where the deposit is made. The most unusual characteristic of a fixed deposit is that the funds cannot be withdrawn for a specified period of time. During that time, the money remains in the account and cannot be withdrawn for any reason. Individuals, corporate entities, and even non-profit organizations that wish to set aside funds and limit their access to the funds for a period of time often find that fixed deposits are a simple way to accomplish this goal. As an added benefit, the monies in the account will earn a fixed rate of interest regardless of any fluctuations in interest rate that applies to other types of accounts. Under maybank2u.com system, it is the same, they offer you various type of fixed deposits that you want to deposit your money in. You can see the details on the system on what are the minimum amounts that you deposit with the interest rate that you earn the amount of time that your money remains in fixed deposit. One of few type of fixed deposit they offer is Islamic fixed deposit, efixed deposit, general investment account and special investment account.

The next service offered under the functions of accounts and banking is fund transfer also known as electronic funds transfer. Funds transfers under Maybank that you can find on the system is Maybank money express, foreign telegraphic system, 3rd party and own accounts, GIRO interbank transfer, china remittance service, MEPS interbank fund transfers, foreign worker telegraphic transfer, and money gram money 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 system, in this case we are discussing is through the maybank2u.com e-banking system. How these function works is by when you may authorize a third party to initiate electronic fund transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction .In all cases, these third party transfers will require you to provide the third party with your account number and financial institution that is the bank’s information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information to trusted third parties whom you have authorized to initiate these electronic fund transfers. Under this account and banking , one type of service you can find is foreign telegraphic transfer which is transfer cash or credit money to 3rd party account overseas via maybank2u.com. Here you can use conveniently to transfer money to 50 countries in 24 currencies which is also fast and secure straight through processing via SWIFT and TAC authentication which means Transaction Authorisation Code(TAC) which is one of the ways that makes online transaction safer. Here it also enables you to calculate value of your currency conversion instantly and the amount will be directly debited from your Maybank services and current account. Another function offered almost similar is foreign worker telegraphic transfer that is an electronic funds transfer system for foreign workers to send money home, or for customers to remit funds to the Philippines, Indonesia and Bangladesh. Next under fund transfer you can find is MEPS interbank fund transfer that is funds transfer between accounts maintained with MEPS member bank to name a few like RHB bank, Public Bank, Bank Rakyat, Am bank, Agro Bank and Eon Bank. Next service offered is China remittance service that is over the counter Telegraphic Transfer service to Mainland China through the Bank of China in USD and Rimini (CNY). You can send money to any part of China, covered by extensive networks of more than 10,000 Bank of China branches in China.

The next function that u find under accounts and banking is Bill Payment. Under this, Maybank to you offers various services and explains and offers you how to pay your bill to name a few such as auto debit, online bill payment, Financing process exchange, LHDN and EPF payment, MyEG and many others. To discuss a few, starting with Auto Debit service which is a bill payment facility that automaticly settles your bill by deducting your Maybank service or current account on a fixed schedule where you can go to website and set the bills that you want to auto debit at each point of date. Using this function also one can perform various payments such as your bill payment to utilities, broadcasting and telecommunication, credit card, unit trust, insurance, finance and leasing, charity organizations and others. Online bill payment is an online bill payment facility that lets you settle bills by debiting your Maybank savings or current account or credit card. Its benefits are such as comprehensive selection of payee corporations: pay over 600 bills through direct debit of your Maybank account, 90 bills by credit card, 118 payee corporations through payment at their websites via Maybank2u.com.you can pay bill with convenience of your home and office and saves time. LHDN payment is a facility that allows you to pay income tax and other business taxes through Maybank after submitting your tax returns. MyEG which is Malaysia’s e-government service provider which allows you to transact with various government agencies online. All Maybank2U users can now run the following transactions via MyEG's portal, and make payment through Maybank2u.com for road tax renewals and auto insurance renewal.

Through accounts and banking function there is a ATM services function that you can view the services offered by ATM machines. Here you can check out various transaction and things that can be done using the ATM Machine service. The system allows you to see more clear picture of what services offered in the ATM machine that you may not have the time explore personally at the ATM machines. Here it shows that not only u use ATM machine to make your money transaction but also other services such as Touch & GO reloads, prepaid mobile reloads, Electronic Share Application(ESA),MEPS interbank funds transfer. Under all these services, the system shows direct guides on how you perform these transactions at an ATM machine and which entities are linked to the services that are offered. For an example of prepaid mobile reloads, here you can find how to make that transaction using ATM machines and which mobile providers are linked with Maybank to a new such as Maxis, Digi, U-Mobile, i-talk and many more.

Under account and banking function also you can find information about Kawanku Phone Banking service offered by bank that is basically banking online through your phone to make your banking transaction. Mobile Banking also can be found under here where it is an application where phone users especially smart phone users where they can download to their phone before they can start banking online using their phone. This services are available 24 hours 7 days a week which means they can use it anywhere and everywhere.

Regional Services is another sub function that maybank2u.com users can find under the function of accounts and banking. Here you can find services that offered under this , such as Maybank region link, visa plus and visa interlink, MEPS regional link with Arta jasa of Indonesia, MEPS regional link with NETS of Singapore and integrated Maybank2u.com. The function of this services is that privilege you can enjoy by signing up with one of these services where it allows customers to make withdrawals anywhere in countries which is attached to Maybank where you can find many users from Malaysia who works in many of these countries. Maybank2u.com site allows you to apply for this service through the site and there is also customer care hotline where you can call domestically or when in overseas if you need any help.

As a conclusion, this function that you can find under Maybank2u.com is very useful function and is a function where majority of customers and users use in their daily banking transaction. As we can see from above what makes it special is that all the banking transaction that people does straight through the bank in can be done within the reach of an computer. It saves time, cost and when you need information you can find it right here at the website. To know more the link address to the website is http://www.maybank2u.com.my/mbb_info/m2u/public/personalChannel01.do?channelId=ACC-Accounts&chCatId=/mbb/Personal/ACC-Accounts .

Question 2(b)

Function additional and improvement that could be added :Real Tine Customer Service ; Video Calling & Instant Messaging.

Customer service is one of the function that you can find under Maybank2u.com, these is the place where customers leave their feedbacks, complaints, enquiries and also compliments to the bank for the services it provide. Here also you can view the frequently asked question (FAQ) if you have anything that you want to ask or refer with the bank that might already been asked and answered before. Despite existence of this customer service that many might find useful at times, some may not be happy that the reply they get is not on the spot or we can call it instant reply which lacks at times because customer service might only operate during office hours. To fix this, I recommend that a real time 24 hours 7 days a week customer service to be added online through maybank2u.com in the face of a function of video calling and instant messaging customer service function at Maybank2U.com.

Customer service acts as bridge between the customer and the bank that the customer is requiring service from. Customers expect the customer service department to be helpful, friendly and efficient.. My idea would be real time video calling and instant messaging system that allows customer to contact customer service any time. Video calling system would enable customers to directly asked questions to customer service employee with the feeling of having a direct conversation with the customer service employee. Some customers would neglect to use current customer service function as it would require one to send an email to customer service and wait for a reply. The reply they get may not be satisfying or they find it less helpful as they have to enquire few times before finding an solution. In another case which is more to older generation where they might it find to adapt with current customer service system online and rather prefer to travel to bank and talk to customer service personnel directly which might be burdensome to most of the people in this busy world who may hardy find time and may need to wait a long queue at the bank before they could approach customer service.

The video calling and instant messaging of customer service system might be something new for a bank to adapt because as far as we know there isn’t a bank which provides this service although most of the banks do have 24 hours customer service hotline number which they can call. Video calling might be preferable because customers would like to see the person they are seeking help with and the same satisfaction that you get when you talk to an employee directly from the bank. For those who don’t prefer this, instant messaging service might also be helpful. Customers can directly send an instant text to the customer service and talk to the agents that are involved with customer service to help the customers out.

The purpose of customer service is to educate customers and help resolve any problems that customer presents while portraying a positive image of the company. When you have a real time video calling and instant messaging function in customer service, not only it will attract more customers to the bank as they will feel more comfortable in choosing the bank as their preferred banking provider because they will get any help they want in whatever way they prefer . This video calling and instant messaging function add to the method of customer service that tthe bank currently practises and would enable customer not only to ask about services which will be explained by the agents involved , customers than can directly ask any questions they want to get their information more clear. Secondly, if they want to make a transaction or reports such as lost of card they can do it via video caling or instant messaging.

Customer service also can guide to perform certain transaction using maybank2u.com,this can be done where a screen on how to perform and which function to choose and the steps will be shown that would make it more easier for the customers to see a clear picture on how certain transaction is done through maybank2u.com. This definitely would the best thing that can provide the perfect guide for the customers in the case of guidance. This would make customers feel they are being appreciated as being the customers and will enhance the positive image that the bank carries. There will be a lot of positive feedbacks from customers.

As an conclusion to the additional improvement of function that i have suggested, i would see these function as a function that would increase customers satisfaction and saves lots of time. Customers can use these function from where ever they are in the world and with Maybank also attached with many other entities and other bank as partners in many part of the world, customer can make an inquiry from anywhere in the world.

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