How The System Would Work Research Papers Example
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Integration of the Mobile Banking Technology into the Business Activities
Demco Communications, a new company of less than two years since inception, deals with the manufacture and distribution of electronic software and hardware equipment. It has had some problems with the existing payments system since most of its clients are not in the same geographic location. Some other clients either do not have bank accounts or would like to avoid the numerous bank transaction charges. In addition, there are those clients that have bank accounts, but they would like to have and try something different in payments system. The market for Demco’s products is readily available and potentially huge. The management needs to work hard to make it easy and increase the number of transactions on a daily basis. It requires creativity, innovation, skills and technology. The competition has gotten used to the status quo. Therefore, Demco must inevitably re-invent and become more innovative to stay ahead of the competition.
Description of the Technology
Demco should come up with a new technology that involves handsets and financial software in the handsets. It is a mobile phone with a Subscriber Identity Module card with full registration in the name of the client. It can register a business name or an individual’s name. The phone would mainly be applicable for transactions and communications. For companies, the firm would fix an entire system in the accounts and sales. It would also link it with responsible managerial staff. The system would be able to update information whenever a customer sends an inquiry and alerts the sales department. In addition, the salespeople would be able to monitor how many times a customer logs into the system. The client analysis report would always be available for the management to review historical transactions from clients. Figure 1 illustrates how to conduct the transaction process.
Whenever a client wants to start a business transaction with Demco Communications, one would have to visit the company offices for a briefing and training. One would be required to buy the telephone handset with a SIM card and register it immediately. The sales team would guide the clients in opening of an individual trading account in the phone with all particulars and easy to use features. If one already has a handset, then one does not need to buy a new one because handsets can still work with the important SIM card. After registration, the client would be able to link his or her new SIM card to the bank and Demco communications via personally created passwords (Shi 300).
The diagram in Figure 2 below indicates how the IT and the sales departments would operate. Once the IT/sales department receives money, it sends a confirmation message back to the customer’s handset. The sales and IT staff then alerts its delivery team to disburse the goods to the client. The delivery team then confirms the availability of the goods and the delivery prospects and modalities to the client (Krishnan 260).
When the customers are happy with the superior service of Demco, they will reach out to others, and this would help to increase the number of clients, as the graphic in figure 3 below illustrates.
The technology offered by Demco would enable the clients to monitor bank balances at the comfort of home or office. Whenever a customer wants to place an order with Demco, it is not necessary to call. The customer can just log into the system and place an order by filling the customer friendly online form. The sales department would review the information and the customer would receive a notification of the quotation, price and delivery mechanism (Lerner 175).
Customer would have to pay by first loading his or her mobile account with money from the bank or at a very well distributed agency networks. When client sends money, the system will send him or her notification. It will show the amount of money paid, the order number, invoice number, and the goods one is purchasing (Barnes and Corbitt 257). According to the time specified by the customer, the goods would then be delivered at the location where the client and the management have agreed. The customer can also pay for the goods on delivery, but with special arrangements.
The system would also keep updating the customer about any new products or product modifications. It would also be used to send birthday messages and invite clients for special forums. Demco would have to hire technocrats, ready repair and improve the system to prevent any damage or collapse.
Incorporation into the Organizational Strategy
The management that had asked for the research needs to be aware of certain modalities. There is a need for getting the communication and banking licenses from the government authorities. The executives would have to make concrete decisions that would determine the future of the organization. If Demco approves the project, then it would be the first company among the many that may follow. It is certain that other organizations would also want to get information and start the same business (O'brien A21).
After approval, the research and the management would have to begin the necessary activities to measure the effectiveness and success of the project. Demco would rediscover itself as one of the best customer friendly organization. The system would ensure that clients who are still using the online banking tariff switche to the mobile banking scheme (Ashta 217).
The organization can use its time well to serve customers and monitor the transactions. It would also help customers have ample time to deal with the group. Once a client pays, money can easily be used for other transactions. The company can use the same technology to pay salaries to staff. It can also use it to order raw materials and payment of business expenses. The system can then transfer the excess amounts to the bank account.
Many businesses struggle with customer outreach and maintenance of clientele. Cooperation between the sales and other departments within an organization can bring success. Technology enables organizations to shorten the time, distance and break communication barriers. Customers love groups that make it easy for them to get their desired products and services. Therefore, by winning the customers hearts, one wins over the market. One can only increase the prospects of remaining in business by ensuring that the market develops interest in its products and services.
Ashta, Arvind. 'Evolution of Mobile Banking Regulations'. SSRN Journal, n. pag. Web.
Barnes, Stuart J., and Brian Corbitt. 'Mobile Banking: Concept and Potential'. International Journal of Mobile Communications 1.3 (2003): 273. Web.
Krishnan, Sankar. The Power of Mobile Banking. Hoboken: Wiley, 2014. Print.
Lerner, Thomas. Mobile Payment. Wiesbaden: Springer, 2013. Print.
O'brian, Kevin. 'Mobile Banking in the Emerging World'. New York Times 2010: A21. Print.
Shi, Nansi. Mobile Commerce Applications. Hershey, PA: Idea Group Pub., 2004. Print.
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