Introduction
Because of the influential aspect of globalization, the banking industry’s services and products are now in a more advanced phase. The technological and systematic approach of the banks are also identified to be the most beneficial and efficient banking transactions. For the past years, the transactions held by the banks changed. Significantly, there is an introduction of Automated Teller Machines (ATM) in which an individual can withdraw the money without going to the bank and wait for the line. Next to this approach is the creation of credit cards or debit cards in which an individual can pay their expenses even without cash. The banks are also now offering various loaning services that aimed to improve the lives of the people. Because of this multi-functions of banks in serving the clients, how did the banks manages all the transactions in an organize way? Furthermore, how effective does their application of technology help their ongoing transactions and services for the people?
Maybank with Databases
The paper seeks the effectiveness of utilization of databases in most of the banks and in order to gain the appropriate information, the study will look on the internal function of one of the most accredited banks – Maybank.
Maybank is a well known organization that consistently provides their shareholders with a superior returns and exerting services for their customers that can deliberately meet their demands. Moreover, the bank is more focused on the sustainable and superior growth of their business through the guidance of their sound financial discipline and applied strategies. The bank maintains its operation in a most efficient and effective manner that is why they are trusted by the biggest corporations and managed to operate in diversified countries (Maybank Annual Report, 2004). Aside from the performance of people, Maybank is also using the database to properly organize their everyday transactions, in which can create a significant impact in the bank’s good financial performance.
The systematic and quick search and retrieval of information is important for the bank to serve the people with accuracy and quality. The databases address the issues of security, accuracy, and consistency among the records the organization holds. The processes involved in the databases include the use of computers through the networks. The application of all the data are inputted in the computers in which the databases collected, organized, stored, and retrieved if needed. To secure all the information, the databases have a limited access and allotted for the authorized people.
Reliability
The various transactions and activities of the banks include the collection of deposits and guaranteeing the loan applications. All of the information coming from the transaction is not only organized through the use of paper but also through storing them in the database with wide memory capacity (Feyzioglu, 2009). In addition, the bank’s procurement system enables the integration of the organizations data to perform quality management systems and can limit the transparency and accountability. In the procurement system, the entire organizations strategies have changed toward the effective process (Wright, 2008).
The strength and effectiveness of the databases are not only based on how they handle the physical transactions but also the interactive transaction or online-banking. Internet banking refers to the utilization of the Internet for performing transactions and payments by accessing a bank's secure website and pertains to the application of financial services and markets through the use of electronic communication and computation (Humphrey, Pulley, & Vesala, 2004). Most of the clients prefer this transaction to secure their funds and because it is more convenient for them, In this case, the databases are reliable.
Conclusion
Maybank is continuing its effort in enriching the experiences of the customers in their services. The bank is also looking forward in a strong relationship that can be beneficial in both of the parties. In addition, to gain the full trust of all their clients, the bank is engaged placing high value on their client’s privacy and financial security through the application of the databases that can support their needs. Maybank is an organization that is committed to excellence in every transaction they are in. Besides, the team is in support for the foster develop of the banking industry which is very beneficial to the entire organization. The corporate social responsibility of the bank is also on strict monitoring and creating a significant competitive advantage as well as placing high levels of integrity and ethical values in their transaction settings. Therefore, aside from the traditional business transactions, the bank can recognized it major role and effectiveness in the market through their corporate goals.
References:
Feyzioglu, T., (2009) “Does Good Financial Performance Mean Good Financial Intermediation in China?” Accessed 05 Aug 2010, from http://www.imf.org/external/pubs/ft/wp/2009/wp09170.pdf
Humphrey, D.B., Pulley,L., & Vesala, J.M., (2004) “Cash, Paper and Electronic Payments: A Cross-Country Analysis”, Journal of Money, Credit and Banking, Vol. 28, No. 4.
Maybank Annual Report, (2004) Accessed 05 Aug 2010, from http://www.maybank2u.com.my/maybank_docs/aboutus/inv_relations/annualreport/AU03.01_report_2004_eng.pdf
Wright, P., (CITRIS) 2008. Information Technology for Emerging Economies, Center for Information Technology Research in Interest of the Society, Accessed 05 Aug 2010, from http://www.citris-uc.org/files/tee.pdf
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