Socialisation - 2063 Words

Socialisation, according to the Collins dictionary of sociological terms, ‘ is a process of learning how to behave according to the expected norms of your culture’, it includes how one learns to live in the way that others expect of them, and helps social interaction by means of give and take of common values, customs, traditions and languages. This is an ongoing process which not only leads to the all round development of an individual, but also cultivates within a person a sense of belonging with regards to family, friends, people and society as a whole. This is emphasized by Parsons and Bales (1955), ‘socialisation, undertaken in the family and elsewhere, involves both integration into society and the differentiation of one individual†¦show more content†¦Locke argued that all ideas came from experience. The debate over nature versus nurture could be spanned back to when philosophy was predominantly the way of explaining the acquisition of knowledge and continues in more recent times with scientific evidence consisting of facts and numbers giving support to one side or the other. Both the recent and historical back and forth between great scholars helps each one individually to come to their own conclusions of whether nature or nurture is the more dominant factor contributing to a person’s knowledge and intelligence. Learned behaviour is the result of experiences through life, nurture rather than nature. An acquired behaviour is the type of attribute which cannot be passed on genetically; the ability to read and write and language are all learnt behaviours. An instance where behaviour is learnt could be when pain is experienced due to a particular course of action; for example, if someone puts their fingers over a small flame and gets burnt, this experience will cause the victim in future to be cautious around fire and they will be much less likely to repeat the action. Throughout history there have been instances, though rare, where children have spent a significant amount of their developmental years in the wild, devoid of human contact. These children were called Feral (meaning wild or existing in a natural state). These cases goes some way in helping to establish what aspects of humanShow MoreRelatedEssay on Discuss the Importance of Socialisation1557 Words   |  7 PagesDiscuss the import ance of socialisation. Socialisation is defined as â€Å"the process whereby the helpless human infant gradually becomes a self-aware, knowledgeable person, skilled in the ways of the culture into which he or she was born†. (Giddens, 284). Everybody, man, woman and child goes through the process of socialisation throughout the whole duration of their life not just when an infant. Socialisation or as anthropologists refer to it, enculturation does not end once the child becomes a teenagerRead MoreEducation and Socialisation Essay1579 Words   |  7 PagesEducation and Socialisation Sociologists from various schools of thought would generally agree that socialisation plays an important part in shaping people and their roles in society, through institutions like the family, the education and consequently the workplace. Here, we will look specifically at the education system and the notion that schools serve to reinforce social class divisions. There have been many changes made to the structure of the education systemRead MoreGender As A Product Of Socialisation1748 Words   |  7 PagesAustralian sociologist, Connell, has provided theories in order to aid in understanding the way in which gender is manifested and shapes the experience of illness. Her Gender, Health and Theory publication ultimately views gender as a product of socialisation (Connell, 2012). According to Connell, Gender is seen as â€Å"the active social process that brings reproductive bodies into history, generating health consequences not as a side-effect but in the making of gender itself† (Connell, 2012, p.1675). HerRead MorePrimary and Secondary Socialisation1879 Words   |  8 Pageswithin the home, from a personal note I know a number of adults similar age to myself who don’t have the values or beliefs that are intended within the legislation and procedures, and some could say, why should they? This could relate to their own socialisation process When it comes to really challenging young people who discriminate, there has to be boundaries set at home, where parents actively challenge their actions, and until this is the case we can continue to send out letter after letter andRead MoreA Theoretical Perspective On Organisational Socialisation1658 Words   |  7 Pagesprovides a sense of comfort and belonging. Furthermore, it instills confidence to carry out respective roles efficiently. The process by which individuals incorporate themselves into society and into organisations is defined as socialisation (Jablin 2001). Socialisation theories usually focus on paid workers and their experiences within an organisation (Miller 2012). What they fail to consider is that volunteers within an organisation are also equally important and in need of the same guidance andRead MoreAgents Of Socialisation : The Mass Media1120 Words   |  5 PagesAgents of Socialisation : The Mass Media In the present day, the media is incorporated into our daily lives. Every day, through newspapers, radio, television, email, the internet and social media, are we sucked into an electronic world, which changes many of our beliefs and values about how we live our lives. It plays such a large role in almost every person’s life compared to 50 years ago, when the internet did not exist. It effects things such as our political views, tastes in music, views of menRead More Childhood and Socialisation in Australia Essay532 Words   |  3 Pages Socialization is the human process of learning to become a member of our society, and how each individual learns to fit into a group (Jureidini amp; Poole, 2003, p123). Jean Piaget (1896-1980) a Swiss psychologist described childhood and development in terms of distinct psychological stages and how these stages influence socialization and enculturation (see Jureidini amp; Poole, 2003, pp124  ¡V 127). Other important theorists to look at are George Herbert Mead (1863-1931) and Lev Vygotsky (1896-1934)Read MoreSocialisation After Adolescence Essay1426 Words   |  6 PagesEssay Summary 1) Adult socialization is a time of learning new roles and statuses. 2) Peer Groups are strong socializing agents for adolescents who are still trying to find their own identity. 3) Radio, television, cinema, newspapers, magazines, music, and the Internet are powerful agents of socialization. 4) The state almost shapes our life cycle. 5) School plays a major role in socializing adolescents. It is a place of education where the individual learns to socialize with both authorityRead MoreMass Media as an Agent of Socialisation1747 Words   |  7 PagesMass media as an agent of Socializations According to the reading, â€Å"Socialization and Culture† from the book â€Å"Interdisciplinary English† by Loretta F. Kasper, Socialization is the process in which a child learns how to behave in life and participate in a group in society. Socialization has four basic/main agents: family, school, peers and the mass media. Each one of these agents plays a role in our lives. However, in my opinion, the most important agent of socialization for the development of theRead MoreMy Culture Has An Impact On My Socialisation Essay1238 Words   |  5 PagesMy Culture has an impact on my Socialisation Introduction In order to know my ability in my culture, I need to understand what my cultural awareness is from a personal and professional perspective. Discussed below will explain how my upbringing or socialisation influenced the way I think or behaved, in relation to people that were different to me and how that impacted privilege disadvantage status, in regards to culture. Also, examine how socialisation reinforced a broader social impact and how

Everyday Use Story by Alice Walker Essay - 1442 Words

Everyday Use By Alice Walker (1973) T one- This story , in my opinion, does not possess the warm-hearted, jolly, and happy side of a short story, we’d expect from a title, such as Everyday Use. Instead, this story is a more refreshing realistic tone of life and the harshness it may possess. There is a perfectly adequate amount of crudeness in the story, especially within the lifestyle of these individuals. The tone changes as the story continues on. In the beginning the story has a more worrisome, jealousy, and a want to be accepted feel, especially at the opening when it discusses Maggie and how she is ashamed of her burns, then peering at her sister in envy and awe. Then the mother’s want to be accepted by her daughter, Dee, who†¦show more content†¦P Lot- The family’s daughter/sister is returning to visit her family- consisting of the mama and Maggie. It begins by discussing the history of the family, such as the burns, fire, and their education. Then it continues on till Dee arrived home with her friend. They just met. They all talk about things, such as the name change and the new connection Dee/Wangero has made with her ancestral history. They all sit down to eat dinner together and then the climax rises when the daughter begins to raid the house for things she wants. One thing that Dee wanted to take was a quilt made by Grandma Dee and that really sparked Maggie up causing her to agree to let her sister get what she wanted again. But this time Mama wasn’t going for it. She snatched it out of Dee’s hands and sat it in Maggie’s lap. Then Dee made smart remarks toward Maggie about making something of her own self and it being a new day for them but they wouldn’t know with how she and Mama are. Then she left with her guy friend; Mama and Maggie watched the car dust settle outside and enjoyed snuff till they decided to go to sleep. C haracterization- Mama, in my opinion, is a hard a**. She describes herself as being a large, big-boned woman with rough, man-working hands. The mother can wear flannel at night and overalls in the day, and she’s as merciless as a manShow MoreRelatedIn 1973 Alice Walker wrote a short story called Everyday Use. This story is told in first person by800 Words   |  4 PagesIn 1973 Alice Walker wrote a short story called Everyday Use. This story is told in first person by mama and in set in the Deep South. Now, Alice Walker is a very well known name when it comes to writing and acting. She began her life in Eatonton, Georgian and was the youngest of eight children. Her family made their living by sharecropping and she says that, â€Å"It was great fun being cute. But then, one day, it ended.She had an accident with a BB gun and it almost blinded her at the age of eightRead MoreThe Importance Of Family Heritage By Alice Walker1100 Words   |  5 Pagesmost inspiring authors in American history is Alice Walker. Walker is the youngest child in a sharecropper family that found her overly ambitious and highly competitive (Walker 609). This gave her a strong fighting attitude, which allowed her to make positive changes in an extremely racist society. Unfortunately, when she was young, Walker was accidentally shot in her right eye with a BB gun while playing â€Å"Cowboys and Indians.† This accident caused Walker to lose her self-esteem and her captivatingRead MoreEveryday Use By Alice Walker1102 Words   |  5 Pagessimilar to Alice Walker s short story Everyday Use† both are compared by the women’s ways of showing their strengths and how they identify their values, expressions and strength. Advertised in the general outlines of the plot, both literary themes talks of a quest for freedom, the characters identity and self-expression. Adrienne Rich â€Å"Aunt Jennifer’s Tigers† Alice Walker â€Å"Everyday Use† Comparison Paper Analyzing the two types of literature forms, a poem and a short story the two authorsRead MoreEveryday Use - the Gift of Family945 Words   |  4 Pages Everyday Use is a short story that teaches a value lesson of heritage, inheritance, the past, and one’s family. For some the lesson maybe perceived as an illustration to develop the natural instinct of valuing our family and our past as objects of everyday use. However, the lesson that Alice Walker conveys to her readers is to understand that the value of heritage is within the eye of the beholder. Within this paper I will explain the strategies; I think the writer uses to convey particularRead Moreâ€Å"Everyday Use† by Alice Walker Essay1310 Words   |  6 PagesIn its simplest form, a child is a product of a man and a woman but Alice Walker one of the foremost authors during the twentieth century, adds depth to her black American women by focusing on the role that race and gender played in their development. Family reunions can be times of great anticipation, excitement and happiness but for Dee, a young, beautiful, African American and our leading characte r, it was a reunion with underlying, unspoken tensions. Dee was Dee but Dee had changed; a new husbandRead MoreEveryday Use by Alice Walker: A Look at Symbolism and Family Values879 Words   |  4 PagesAlice Walkers â€Å"Everyday Use†, is a story about a family of African Americans that are faced with moral issues involving what true inheritance is and who deserves it. Two sisters and two hand stitched quilts become the center of focus for this short story. Walker paints for us the most vivid representation through a third person perspective of family values and how people from the same environment and upbringing can become different types of people. Like most peoples families there is a dynamicRead MoreEssay about Autobiography in the Fiction of Alice Walker1077 Words   |  5 PagesWhen reading Alice Walker’s â€Å"The Color Purple† and â€Å"Everyday Use,† it is evident that she writes about her life through her use of allegory. Alice Walker uses the events of her childhood, her observation of the patriarchy in African American culture, and her rebellion against the society she lived in to recount her life through her stories. Alice Walker grew up in a loving household in the years towards the end of the Great Depression. Although her family was poor, they were rich in kindness andRead MoreEveryday Use By Alice Walker852 Words   |  4 Pagescomes or belongs to one by reason of birth. In â€Å"Everyday Use†, by Alice Walker, the theme of the story can be considered as the meaning of heritage or even the power of education. Alice Walker uses many symbols and motifs such as the following: quilts, e ducation, knowledge, Asalamalakim, and the renaming of Dee. In the story, African heritage and knowledge takes a major role. The African heritage plays a major role in the story, â€Å"Everyday Use†. Alice Walker emphasizes the meaning of heritage by havingRead MoreAlice Walker s Everyday Use906 Words   |  4 PagesCritique of Alice Walker’s â€Å"Everyday Use† Title Often authors use the titles of their writing to portray a part of the story that will eventually come up, or to give an underlying message about what’s going on in the story. In Alice Walker’s short story, Everyday Use, she uses a title that isn’t blatantly seen within the story, but is explained through different aspects of the dialogue and actions of the characters. Walker could’ve chosen to explain the title more obviously within the story, but insteadRead MoreAnalysis Of The Flowers, By Alice Walker1525 Words   |  7 Pageswas how Alice Walker grew up. She has written stories about her life, and stories that have had an impact on her life based on how she grew up. The two short stories The Flowers and Everyday Use have a common theme of feeling comfortable, safe, and at peace when one is home. Walker uses diction, syntax, and characterization to develop this common theme in her writing. A house is a safe comfortable place where one can feel at peace and in The Flowers and Everyday Use, the author Alice Walker develops

Opinions of the plans for Cuckmere Haven Free Essays

The Cuckmere haven restoration project has received a lot of mixed opinions; some believe it is a great idea and will be sustainable in years to come, others disagree and believe it is a bad decision and will jeopardise the surrounding environment and some aren’t bothered about what happens as it will not effect them. The majority of the people who disagree with the project are locals in the area and are concerned about the possible risk of flooding, damage to the vast wildlife in the area and also the beautiful estuary becoming an eyesore. It is understandable that the local residents are worried as the future management of the estuary will affect them, however, on the day we visited Cuckmere haven, only 8 of 34 people travelled less than 5miles to get there, from this I can see why many other people aren’t concerned about the Cuckmere haven’s future as they won’t be affected by the changes being made, which was made clear on our questionnaire results, as shown below How will the scheme affect you? However, not all the local residents are against the plan as Grace Francis confirms stating, â€Å"We deserve to be fully protected – no-one warned us when we bought the house this would happen. We will write a custom essay sample on Opinions of the plans for Cuckmere Haven or any similar topic only for you Order Now I don’t know how long we will be able to stay in this property.† Grace wishes for her home to be protected and believes the restoration project will ensure that her property remains safe and will not be affected by rising sea levels and flooding. Colin King – another local resident, believes that by carrying out the restoration project, the beauty of the estuary will be ruined. He claimed, â€Å"Nearly half a million people visit the Cuckmere valley each year. They marvel at the meandering river and will be disappointed to see mudflats.† People who feel strongly about protecting the environment are more likely to be against the scheme, as they believe it could be potentially dangerous for certain wildlife. Others, such as the Sussex Downs Conservation board, believe that the plan is a good option for protecting certain species as it involves connecting the cut-off meander back with the channel. They explained that, â€Å"the meanders do not function naturally and are gradually filling up with silt. In the summer of 2003, the hot weather resulted in the death of large numbers of flatfish, flounder and plaice because the shallow water heated up reducing the oxygen available for the fish to breathe in.† From our questionnaire results, I can see that majority of the people asked visited Cuckmere haven for the beautiful views and scenery, which will be dramatically changed by carrying out the restoration project. David Pearce, local retired resident, supports this argument, stating that, â€Å"this is an iconic place, an essential part of Sussex’s identity. I oppose this proposal†. Overall there are a variety of opinions on whether or not the plan will be a success; the environment agency did consider these points and due to mass dispute, the plan was delayed in 2003. How to cite Opinions of the plans for Cuckmere Haven, Papers

E-Banking in Bangladesh the Future of Banking free essay sample

E-banking is a form of banking where funds are transferred through an exchange of electronic signals between financial institution, rather than exchange of cash, cheeks or other negotiable instruments. With the expansion of global Information and Communication Technology (ICT) infrastructure and the internet, e-banking is set to play a pivotal role in the national economy, proper software, infrastructure, cyber low and skilled manpower are important for the implementation of e-banking in the country. This paper overview the issues associated with e-banking and try to explore the future challenges and prospect in Bangladesh. Key Words: ATM, SMS banking, EFT, SWIFT channel, POS, Call center, DES, RSA, MAC. Introduction: In a constantly changing world of today, where past is replaced by dynamic present and the dynamic present is being replaced by more challenging future, the old ways of doing things is no longer valid. Change is permanent and a reality. Those who are not able to keep pace with the changes are destined to loose the race. Science and technology is changing the way financial institutions perform their transactions. Today’s banks are shaking by these technological changes. Life has never been so easy, comfortable, and luxurious. Science and technology have brought our life to this stage. But a new technology brings with it not only the potential for success but also a never-ending series of questions regarding its design, its value to its users, ultimate use and acceptability. Assistant Professor, School of Business Studies, State University of Bangladesh 1 E-banking is a form of banking where funds are transferred through an exchange of electronic signal between financial institutions, rather than exchange of cash, checks, or other negotiable instruments. For many consumers, electronic banking means 24 hours access to cash through an ATM or direct deposit of paychecks in to checking and savings accounts. Literature Review With the extensive technology innovation and telecommunication, we have seen new financial distribution channels increasing rapidly both in the numbers and form, from ATMs, telephone banking, PC banking to internet banking. (Earring Wood and Story, 1996). Developing alternative distribution channels is not only important in terms of reducing costs and improving competitiveness, but also in terms of financial institution’s ability to retain the existing customer case. (Kimball and Gregor, 1995) as well as to attract new customers. Sathye (1999) proposed a model for Internet Banking in Australia is significantly influenced by variables of system insecurity, case of use awareness of service and its benefits, reasonable price, availability of infrastructure and resistance to change. The transformation from traditional brick-and-mortar banking to E-Banking has been Automatic Teller Machine (ATM) and thus the retail banking industry witnessed significant and extensive change. Formally, E-banking comprises various formats or technologies, including telephone (both land line and cell phone banking, direct bill payment (EFT), and PC or internet banking (Power, 2000). Weitzman, (2000), Lassar, Manolits and Lassar, (2005), Ehou and Chou (2000) identified five basic services associated with online banking: view account balances, and transaction histories, paying bills, transferring funds between accounts, requesting credit card advance, and ordering checks. Majority of banks of banks is planning to introduce ICT for integration of banking service and new finance service, which will play a vital role in bringing efficiency in financial sector (Raihan, 2001). The most commonly factors are ease of use, transaction security, convenience and speediness (Wan, Luk and Chow, 2005). Organization theorists and practioners have defined e-banking in various ways. A Survey of Electronic Banking, Electronic Cash and Internet Gaming (2003), has defined electronic banking as â€Å"an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick and mortar institution†. The following terms all refer to one form or another of electronic banking: personal banking,(pc) virtual banking, on line banking, home Banking, remote electronic banking, and phone banking are the most frequently used designations, (Joris, Claessens, Valentine Dem et. l,2001),on line electronic banking system give every body the opportunity for easy access to their banking activities. These banking activities may include; retrieving an account balance, money transfers 2 (Between a user’s accounts, from user’s account to someone else’s account) retrieving an accounting history. Some banks also allow services such as stock market transactions, and the submission of standardized accounting payment files for bank transfer, to third parties, As technology evolves, different kinds of electronic banking system emerge, each bringing a new dimension to the interaction between user and bank. The ATM is the first well-known system that was introduced to facilitate the access of the user to his banking activities, (M. Rahman, 2003), E-banking is a form of banking where funds are transferred through an exchange of electronic signals between financial institution, rather than exchange of cash, checks or other negotiable instruments common wealth bank of Australia, (2006) defined E- banking as â€Å"a range of banking services that utilizes electronic equipment†. Electronic equipments are ATM machine card (plastic), PIN, password, code or net code etc. With the extensive technology innovation and telecommunication. We have seen new financial distribution channels increasing rapidly both in the numbers and form, from ATM’s, telephone banking, PC banking to internet banking. A broad range of financial distribution channels must be available to deliver varying services needs of customers segments (Earring wood and story, 1996). Developing alternative distribution channels is not only important in terms of reducing costs and improving competitiveness but also in terms of a financial institution’s bility to retain the existing customer case (Kimball and Gregor, 1995) as well as to future attract new customers. While the trend within the banking industry is to replace human tellers with self-service distribution channel’s. the strength of customer intentions for usage of human tellers within the next two years support the concept that the branch will still play an instrumental rate in the delivery of services to cust omers in the future. (Greenland,1995; Woodruff, 19*95; Thornton and White, 2000). Sathye (1999) proposed a model for Internet Banking Adoption, which argued that the Intention of Internet Banking in Australia is significantly influenced by variables of system insecurity, case of use awareness of service and its benefits, reasonable price, availability of infrastructure and resistance to charge. The Willis Report (1997 in Sathye, 1999) Stated that the technology must be reasonably priced relative to alternatives for customers to adopt. Otherwise the acceptance of the new technology may not be viable from customer’s stand point. Customers today are more conscious of the expenses associated with the banking as they are generally better informed about alternative option. The total costs incurred in using Internet Banking must be minimal or competitive (Joyawardhena and foley, 2000). Howard and Moore (1982) reported that consumers must be aware of the new brand before adoption. Therefore it is important factor that the boxes have to create awareness on internet banking to the consumers. Adoption means acceptance and continued use of a 3 product, service and idea. Customers go through a process of knowledge, persuasion, decision and confirmation before they adopt the product or services. Offer the internet banking; the greater the awareness level among customers and therefore the higher will be internet banking adoption. Besides awareness, the service provided by the banks should be perceived to be innovative with high quality and user friendliness to meet an individual’s expectation. Cooper (1997) reported that case of use of innovation product or service as one of the three important characteristics for adoption from the customer’s perspective. This is related to user friendliness and ease of navigation as well as simple institutions to use the service. E-banking is the waves of the future. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels (Nsouli and Schaechter, 2002) E-banking development would lead to two classes of surviving banks, which are very large banks and small niche ones (Dewan and Seismanm, 2002). Through the E-banking, smaller banks could compete by offering portals to the services offered by larger banks (Holland and Westwood, 2001) with this development, banks could use E-banking to focus an customer need in order to gain the strongest competitive advantage (Wind, 2001). The transformation from traditional brick-and-mortar banking to E-banking has been automatic teller machine (ATM) has the retail banking industry witnessed such significant and extensive change. Formally, E-banking comprises varies formats or technologies, including telephone (both landline and cell phone banking, direct bill payment (EFT), and PC or internet banking (Power, 2000); Weitzman, 2000; Lassar, Manolits and Lassar, (2005), Ehou and Chou (2000) identified five basic services associated with online banking: view account balances, and transaction histories; paying bills, transferring funds between accounts; requesting credit card advanced; and ordering checks. Majority of banks is planning to introduce ICT for integration of banking service and new finance service, which will play a vital role in bragging efficiency in the financial sector (Raihan, 2001). The most commonly factors are ease of use, transaction security, convenience and speediness (Wan, Luk and Chow, 2005). ICT networking has offered a wide range of delivering channel’s in retail banking. Banking institutions need to exploit opportunities that arise from these development and changes to remain competitive. The successful financial institutions in the future will be those that are able to leverage most from the information and communication technology revolution. Increasingly consumers are also demanding more efficient banking services are becoming more discrediting of the power that the technology brings. The winners will be those financial institutions that are able to harness on the Capability of ICT in making strategies decisions in terms of inability leader alignment of business, enhancing 4 organizational capacity and capability, risk management and building better customer relationships CC the rapid pace of advancement. A survey of electronic cash, electronic banking and internet gaming (2002) reported that the term electronic cash, e-cash or e-money refer to electronic payment schemes that enable consumer to store and redeem financial value. They operate via stored electronic units of value. Paid for in advance by conventional money and representing equivalent units in real currency, these funds can be transferred between vendors and individuals using compatible electronic system, in some cases consumers report to banks or other financial intimidators. E-cash (e-money) comes in two forms: smart card e-cash and computer e-cash Major Research Questions Q1. What is the present (April, 2009) status of e-banking in Bangladesh? Q2. What are various forms of E-banking available in Bangladesh? Q3. What are the differences between e-commerce and e-banking? Q4. What are the operational issues of E-banking in Bangladesh? Q5. How much secure is the E-banking in Bangladesh? Q6. Where is E-banking going in Bangladesh? Objectives of the Study The following are the major objectives of this study: (i) (ii) (iii) (iv) (v) (vi) (vii) To examine the present (April, 2009) status of E-banking in Bangladesh. To identify various forms of E-banking available in Bangladesh. To trace out similarities and differences between E-commerce and E-banking. To examine the three factor authentication for E-banking in Bangladesh. To provide guidelines how can we assure the highest standards of security to combine with maximum flexibility? To identify the future challenges posed by the E-banking in Bangladesh. A few recommendations on the policy issues regarding E-banking in Bangladesh. Methodology of the Study Both primary and secondary data collection methods are applied for this study purpose. I have collected data through check list, interview with the head of IT and from some published sources. This research is basically exploratory and descriptive in nature. Limitations of the study 5 a) b) c) d) We have not focused on various modes of E-banking. We have not made comparison with banking practice around the world. We have not provided insight for security in e-banking system. We have not focused on the critical issues on security in e-banking. What is E-Banking? The following chart exhibits the definition of E-Banking. E-Commerce E-Finance E-Money E-Banking ATM Services Any branch banking Internet Banking Virtual Banking SMS banking Wireless Application Protocols Telephone Banking Electronic Fund Transfer (EFT) SWIFT Channel Other electronic delivery channels Other on line Financial Services and Products E-Commerce: The Phenomenon of Electronic Commerce has permeated into every aspect of our life today. Electronic Commerce has been around for the last two decades in some form or the other, but the new force that is driving Electronic Commerce is the Internet, which is revolutionizing the way companies around the globe conduct business. Internet based electronic commerce is playing a critical role in addressing strategic, mission critical business needs of the companies and hence the companies are making it an integral part of their business strategies. 6 Globally, according to a survey conducted by IDC, currently the electronic commerce over the Internet is some $26 billion, while it is expected to reach about $1. 5 trillion by 2008-09. These mind boggling, figures are sufficient for any sane individual, even vaguely connected to industry, trade or commerce, to understand the potentially radical influence that E-commerce is having on human society. All this is due to the Internet, a simple network of networks of computers across the globe, linked through various means: cable, satellite, telephone lines etc. based on the TCP/IP protocol. This network has not only altered the way we conduct trade and commerce, but also fundamentally altered the way we communicate, the way we live and to some extent, the way we think. Simply, E-commerce is buying and selling on electronic networks, predominantly the Internet. This could involve trade of tangible goods/services similar to traditional commerce, or intangible items like music, information and involving digital transfer etc. The World Trade Organization (WTO) distinguishes six main instruments of electronic commerce: The Telephone, the fax, the television, Electronic payment and money transfer systems, Electronic Data Interchange, and The Internet. Though the telephone, fax, TV and EDI have been in existence for some time, but when people talk of E-commerce, they usually refer to Internet Business, wherein goods or services are traded on the net. Fundamentally, there are two types of electronic commerce – 1. Business to Business electronic commerce (B2B), and 2. Business to Consumer electronic commerce (B2C) B2B E-commerce is today about 80% of total E-commerce in the world, due to its advantages like: reduced transaction costs, improved product quality , improved service, minimal investment for global reach, reduced inventory costs etc. B2C or retail E-commerce is nowhere near B2B in terms of size but it is growing phenomenally as far as volumes are concerned. More and more people are taking to shopping on the Internet due to the following factors: Convenience, More choice, more range, Better prices, etc. DRIVERS OF E-COMMERCE The following broad themes have been identified as the driving forces for the phenomenal growth of E-commerce globally: (i) (ii) (iii) (iv) (v) (vi) Electronic Commerce is easy and affordable Electronic Commerce transforms the market place Electronic Commerce has a catalytic effect Enhanced customer service Electronic commerce over the Internet vastly increases interactivity in the economy Openness is the underlying technical and philosophical tenet of the expansion of Ecommerce 7 (vii) Electronic commerce alters the relative importance of time E-Money E-money includes electronic debit and credit system, smart card. The smart card has been defined many ways, but is generally defined as â€Å"portable data storage device with intelligence (chip memory) and provision for identity and security. † In their simplest forms, these cards are small microcomputers—lacking only external power supply, displays, and keyboards. One of the most widely tested stored value cards offered by Mondex, has an electric wallet, available as an optional accessory, with both of these peripheral devices. The microprocessor chip in a stored –value card is specialized and custom-designed, generally with specific patented control and production circuits. Certain data, primarily related to the security of the card, can be entered only at the time of manufacture. In addition to a microprocessor each card generally has several kilobytes of permanent memory, both rewritable and non-rewriteable. A new technology brings with it not only the potential for success. But also a neverending series of questions regarding its design, its value to the user, its ultimate use and acceptability. In this paper the term smart cards, stored-value cards and electronic money will be used to denote money in the form of â€Å"value†, whether it is issued in card-based or network-based form. Although there are technical differences the term â€Å"smart card† is generally used interchangeably with stored-value card. There are many questions regarding these new payments devices that need to be answered by the designers, issuers, and regulators of these devices. This innovation has the potential of changing the retail payments arena in a way that has not happened since the advent of the credit card. But at this time it is only potential. Although there has been significant effort made to eliminate paper-based payment transactions, the basic way of handling payments by consumers has not changed. Storedvalue cards may help to make the transition from paper-based payments to electronicallybased payments more likely as these cards incorporate familiar aspects of using money in a way that could prove to be both convenient and acceptable to the public. As money technology has evolved, methods of payment have also changed, but cash still often remains a preferred method of payment by many people. Over the past few decades various media and industry experts have predicted the demise of cash and the advent of 8 the â€Å"cashless† society. However, recent survey results showed that the preferred form of payments by consumers and merchants was still cash. Table 1 presents the results of that survey Preferred Forms of Payments By Consumers Cash 3rd Party Credit Cards (i. e. , Visa) Check Store Credit Cards Debit Cards Others 54. 2% 38. 5% 23. 4% 6. 5% 1. 0% 1. 1% *Percentages will not add to 100%, due to format of questions asked. Table-1: World-wide Preferred forms of Payments The survey, conducted by Ernst Young, showed also that 58% of retailers had a preference for cash transactions. The evidence from this survey is noteworthy, as it is easy to see the vast market potential for a product such as the smart card that is designed to be a replacement primarily for cash transactions. The number of cash purchases far exceeded any other payment method, although their value accounts for less than 20 percent of the value of total consumer transactions on a monthly basis.