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What is a domain name?
A domain name is the first thing you need to have your website or your customized email.
Its purpose is to identify, locate and remember your space in Internet.
What is the use of a domain name?
A domain name helps to easily identify any device that is connected to Internet, in contrast to to identifying them with an IP address.
Why domain names do not begin with “www.”?
An Internet address such as is divided into the following parts:
: Top Level [in this case the ccTLD of Guatemala]
: Second Level
: Domain Name [Third Level]
: The machine name [in this case a Web Server]
: Communication protocol
In summary, the domain name is only any other element to the left of this domain name identifies a machine.
For example, some machine names could be:
From the above, all that is is beyond the scope of the .gt Registry
What is a second level domain name?
Is a domain name that is directly under the .gt
bibanking banco industrial guatemala For example:
What does .gt mean?
The termination is the suffix or identifier that groups all domains registered in the domain names registry administered by the Universidad del Valle de Guatemala (UVG) corresponding to the country code for Guatemala designated by the Internet Assigned Numbers Authority (IANA).
GT is the ISO 3166 code for the two letter abbreviation of Guatemala.
Are domain names ending with .gt visible only in the Republic of Guatemala?
No. Domain names ending with can be seen from anywhere in the world. The termination simply identifies that the domain name is registered in the Republic of Guatemala.
What is the registration policy for the delegation of domain names?
The general policy to register a domain name is first come, first served.
Para los nombres de dominio restringidos (, y ) se solicita la documentación que pruebe la afiliación de su institución para poder optar a uno de ellos.
For more information read our registration policies.
How do I register a .gt domain name?
For more information go to the section Procedures.
Which .gt domain names are exempt of charge?
bibanking banco industrial guatemala The domain names and are exempt of any fees.*
* Irrefutable proof of belonging to the corresponding sector is required. Only ONE domain name will be delegated free of charge per institution. Any additional domain name will have the same fee as a domain name .com.gt.
How can I acquire a .gob.gt domain name?
To request a domain name the following documents are required:
1. Copy of a document from the competent authority indicating the creation of the governmental dependency.
2. Copy of a document stating that the person is, indeed, the legal representative.
3. Copy of the document of identification belonging to the legal representative. bibanking banco industrial guatemala
Note: The documents mentioned above can be delivered by: email to [email protected] or Hard Copy. The fact of delivering the documents, constitutes acceptance of the conditions and terms vested in the Terms of Service, as well as the registration policies and bibanking banco industrial guatemala dispute policy. bibanking banco industrial guatemala
How can I acquire a .edu.gt domain name?
To request a domain name the following documents are required:
1. Copy of a document from the competent authority indicating that the entity actually pertains to an educational institution. **
2. Copy of a document stating that the person is, indeed, the director or legal representative.
3. Copy of the document of identification belonging to the director or legal representative.
** Initial Education: Approval from the Social Welfare Secretariat of the Presidency.
** Middle and High Schools: Approval from Ministry of Education.
** Universities: Approval from Council of Private Higher Education (CEPS).
Note: The documents mentioned above can be delivered by: email to [email protected] or Hard Copy. The fact of delivering the documents, constitutes acceptance of the conditions and terms vested in the Terms of Service, as well as the registration policies and regions bank mobile highway dispute policy.
How can I acquire a .mil.gt domain name?
UVG has signed an agreement for the administration of domains. From 2018, those who are interested in aquiring or updating domain names must contact:
- Systems Section of the Communications and Information Command
- 21 Calle 9-40. Colonia Aurora II. Zona 13. Ciudad de Guatemala, Guatemala, Guatemala.
- Tel. +502.22913232
- Email [email protected]
How much does a domain name cost?
For more information go to fees.
How many years can I pay for a domain name?
There is no superior limit of years to renew your domain name.
The minimum payment is one year.
How many domain names can be registered by the same holder?
There is no limit to the number of domain names that can be registered by the same holder.
What is the responsability of each type of contact?
1. Administrative Contact: Person who may request changes related to the organization to which the domain name is delegated, contacts and&or DNS servers.
2. Technical Contact: Person who may request changes related to DNS servers.
3. Billing Contact: Person who will receive the domain name renewal notifications.
How can I change a contact registered to my domain name?
For more information go to Procedures in the section Change of Data.
How do I know who the Administrative Contact of a domain name is?
Type the domain name in the search engine and when the results come up select the domain name to see the information registered.
What is a DNS server?
A DNS server points to the place where all the information of your space in Internet can be found, including web page service, email service, among others. To be able to do this it stores a database that stores the names of the machines with such services and their IP addresses.
This server can be anywhere in the world. If your company doesn't have an IT department, you can hire a web hosting.
What is a web hosting?
The web hosting is a service provided by a company whereby they grant you space in a server to be able to store the content of your web page (files, images, information, etc) and/or have email service, linked to your domain name.
Does registering a .gt domain name includes additional services such as email and/or web hosting?
No. The .gt Domain Name Registry only links de domain name to the DNS servers, provided by the web hosting or the IT department in your company, and broadcast this information throughout the World.
Can you recommend a reliable hosting provider?
The .gt Domain Name Registry does not provide any recommendation as there is no relationship with the hosting providers.
Do I need to have a website and/or hosting service to register a domain name?
No. To register a domain name you just need to fill the information of the organization [to which the domain name will be delegated] and the three contacts: administrative, technical and billing.
When you have your hosting service, you can send us by email ([email protected]) the information of your hosting DNSs to start bradcasting your domain name.
What to do if you don't have DNSs?
To register a domain name you just need to fill the information of the organization [to which the domain name will be delegated] and the three contacts: administrative, technical and billing.
When you have this information, you can send it by email ([email protected]) to add it to your domain name and start brocasting it to the world.
How can I change the DNSs of my domain name?
For more information go to Procedures in the section Change of Data.
Does the order of the DNS (Domain Name Servers) affect the operation of the Domain Name?
No. The order of the DNS (Domain Name Servers) in the Registry of the ccTLD .gt does not affect the operation of the Domain Name. For purposes of name resolution, which is the main function of the ccTLD .gt, all published DNSs are symmetrical.
It is necessary that all registered DNSs have the same information, ie they are synchronized for better performance.
What is a self named DNS?
A self named DNS is a DNS that has at the end of its name the domain name that is being assigned to.
For example: For the domain name we could have the following DNSs:
For the resolution of the domain name it is necessary to provide to the .gt Domain Registry the information of the public IP numbers corresponding to the self named DNSs.
From where do we get the IPs of the DNSs that are not self named DNSs?
The information displayed on our website about IP numbers of DNSs that are not self named DNSs, is obtained through an instant query to those servers.
We do not store the IP numbers of these types of servers, since they are not used by the .gt Registry for name resolution.
What is the schedule for updates and domain name unblocking?
Replication begins every hour on the hour.
What DNS records can be configured within the DNS at .gt?
The only DNS records that can be configured within at .gt Registry are:
1. : Which associates a domain name to a DNS.
2. : Which associates an IPv4 number to a DNS, for self named DNSs.
3. :Which associates an IPv6 number to a DNS, for self named DNSs.
What can I do if I mistakenly reserved a domain name but I haven't paid for it?
You can reserve the correct domain name if it is available.
The mistakenly reserved domain name will be eliminated automatically after 4 calendar days.
What can I do if I mistakenly reserved a domain name and I have already paid?
Unfortunately the process cannot be reverted. The fact of making the payment constitutes acceptance of the conditions and terms vested in the Terms of Service, as well as the registration policies and dispute policy.
Processed payments are not refundable nor transferable.
Can I change the name of my domain once I have paid it?
No. Our policies do not allow the change of the name of a domain once paid.
If you want another domain name you must register it and pay accordingly.
How can I pay a domain name?
1. Credit Card (through this site)
2. At our office at 18 Ave. 11-95 Zona 15, V.H. III. Office A-108.
3. Depósito en agencias del Banco Industrial.
4. Electronic Funds Transfer (EFT)
For more information go to fees.
Can I pay through Bi Banking?
Yes, you can pay through Banking Bi, but you must send us a ScreenShot or Printscreen which shows the authorization of the transaction by email ([email protected]) indicating the domain name to which the payment must be applied.
What can I do if I have problems while making a credit card payment through the website?
Clear your browser's cache [in the history section]. Then close the browser and reopen it. Do not have more than one tab open with our website to make the payment.
If after doing this you still have problems, contact your credit card issuer.
How many days do I have to pay for a reserved domain name?
You have 4 calendar days to pay for your reserved domain name, otherwise you will lose the reservation.
How long does it take to register a domain name once the payment is received?
- If paying by credit card through our website, the registration is automatic and immediate.
- If paying by bank deposit, the registration is done in a maximum of 4 working hours from the time we receive the scanned ticket at our email: [email protected]
- If paying by electronic fund transfer, you should report the payment to us by email ([email protected]). The registration is done at the time of the bank's confirmation of receipt, it make take 3 to 7 working days.
For more information go to fees.
How do I check the expiration date for my domain name?
Type the domain name in the search engine and when the results come up select the domain name to see the information registered.
If my domain name has expired, how much time do I have to pay the renewal?
- You have 15 calendar days before it is blocked.
- After the domain name is blocked, you have 15 calendar days before it is deleted.
We kindly remind you that the minimum payment is one year.
May I renew my domain name before the expiration date?
- Paid domain names can be renewed at any time.
- Domain names free of charge can be renewed 3 months before their expiration date.
Is it possible to change the day and month of the expiration date of a domain name?
No, this date is established the day when the payment of the registration is made.
How do I renew a domain name that is expired or blocked?
Paying a minimum of one year by any of the available methods of payment.
For more information go to fees.
May I cancel a domain name before the expiration date?
Yes, by sending an email to [email protected] from the administrative contact email that you have registered with us, or a signed and sealed letter from the Legal Representative, requesting to terminate it. Upon reception we will proceed to cancel the delegation of the domain name.
How many days my domain name will be blocked before deletion?
After the domain name is blocked, you have 15 calendar days before it is deleted.
How can I recover a domain name that has been deleted?
If the domain name is still available, you must do the registration process again on our website. If it isn't available, see more information here.
How long does it take to unblock a domain name afer paying the fee?
After the payment is registered in our system, the announcement of the DNS starts on the next hour by the hour, but the replication throught the world could take from 24 to 48 hours.
- If paying by credit card through our website, the registration is automatic and immediate.
- If paying by bank deposit, the registration is done in a maximum of 4 working hours from the time we receive the scanned ticket at our email: [email protected]
- If paying by electronic fund transfer, you should report the payment to us by email ([email protected]). The registration is done at the time of the bank's confirmation of receipt, it make take 3 to 7 working days.
For more information go to fees.
Why do you issue a receipt instead of a bill?
UVG is exempted of payment of taxes according to Article 88 of the Constitution of the Republic of Guatemala, "the Exemption of Taxes and Duties", therefore, only a receipt can be issued.
How can I get my receipt of payment?
Please contact us via email or by phone to confirm that the receipt has been issued. Afterwards, you can:
- Pick it up at the Registry's office.
- Request for it to be emailed to your administrative and/or billing contact.
What can I do to get a domain name transfered?
If the holder of the domain name agrees to transfer the domain name, read our change of data policy.
What can I do if the holder of a domain name doesn't want to transfer it to me?
The UVG, in its capacity as registry of Internet domain names within the ccTLD .gt, is not empowered and can not evaluate, review or investigate the right that has each applicant/holder to use or register each domain name in the ccTLD sanderling vacation rentals duck nc.
For this reason, the UVG, as part of the domain name system in the Internet, has adopted the Uniform Domain-Name Dispute-Resolution Policy approved by ICANN. bank of america wire transfer routing number california
The ICANN has a list of Arbitration and Mediation Center authorized to manage conflicts over domain name registrations on the Internet. From these, for the ease with which they work in the Spanish language, the UVG has made arrangements with WIPO to be your Arbitration and Mediation Center who handles disputes arising within the Internet domain of the the reach key west spa .gt, see our dispute policy.
What are IDNs?
"IDN is the short name for an Internationalized Domain Name. These domain names are represented by local language characters. Such domain names could contain characters with diacritical marks as required by many European languages, or characters from non-Latin scripts (for example, Arabic or Chinese)." *
In the case of ccTLD .gt domain names, the following letters in the Spanish language are available for the domain names: and
To register an IDN write it as it is in Spanish while searching for its availability.
* For more information see factsheet-idn-program-05jun09.pdf
Why are IDNs important?
In the case of Guatemala, the importance lies in the correct spelling of Spanish.
To have the domain name is completely different from having .
Can IDNs be used for email addresses?
Internationalized Domain Names have greater application for browsing web sites, since most Internet browsers handle them correctly. By contrast, the majority of email clients still do not handle well the new encoding.
Therefore we recommend you use an ASCII domain name (traditional) for e-mail addresses.
Are IDNs available as second level domain names?
Yes, of course. For example:
What is the ASCII code?
"ASCII (American Standard Code for Information Interchange) is a common numerical code for computers and other devices that work with text. Computers can only understand numbers, so an ASCII code is the numerical representation of a character such as , etc. When used in relation to ASCII TLDs or ASCII domain names, this refers to the fact that before internationalization only the sets: "*
* For more information see bibanking banco industrial guatemala factsheet-idn-program-05jun09.pdf
What is the Punycode?
"This is the sequence of ASCII characters all IDNs will be encoded into in order for the Domain Name System (DNS) to understand and manage the names. The intention is that domain name registrants and users will never see this decoded form of a domain name. The sole purpose is for the DNS to be able to resolve for example a web address containing local characters. 1st edition charizard psa 10 DNS is only capable of handling characters ally debit card international fees ASCII ." *
For example, for the domain name the punycode version is .
To convert your internationalized domain name to punycode use our IDN tool.
"The prefix for the punycode version of the domain names is always. Hence this prefix is reserved at the registry level to avoid confusion in registration of IDNs" *
To register an IDN write it as it is in Spanish while searching for its availability.
* For more information see factsheet-idn-program-05jun09.pdf
Banking And Finance Industrial Law Ii
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1 THE EFFECT OF M-PESA TECHNOLOGY STRATEGY ON THE PERFORMANCE OF KENYA COMMERCIAL BANK LTD BY JUNE NDETE MUTUKU A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF MASTER OF BUSINESS ADMINISTRATION, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI. I
2 DECLARATION I declare that, this research project is my own original work and has not been presented for award of any degree in any University. Signed: Date Name: June Ndete Mutuku Reg no: D61/70101/2009 Declaration by the Supervisor This research project has been submitted for the course examination with my approval as a University supervisor Signed: Date Name: Dr.Z.B. Awino, PhD Senior Lecturer, School of Business Administration, University of Nairobi I
3 ACKNOWLEDGEMENTS I am truly grateful to all the people who assisted me in various ways in order to complete this study. First, I am very thankful to God for enabling me to be in good health and being able to carry out the project successfully. My thanks also go to my supervisor Dr. Zachary Awino for dedicating his time and effort to guide me. This undertaking would not have been possible without her comments, advice, criticism and suggestions. I would like to say a big thank you to my guardians, Mrs. Phylis Mumbua Makau and Regina Munene whose support, love, belief, encouragement and prayer were invaluable and of great benefit to my successful completion of this project. II
4 DEDICATION This research is dedicated to my late mother Joyce Nduku who has always been an inspiration to me and also to my family who had to bear with my busy schedule of class, job and family affairs. Thank you and May God bless you abundantly III
5 TABLE OF CONTENTS Declaration.I Acknowledgements.II Dedication.III List of Figures.VI Abstract.VII CHAPTER ONE: INTRODUCTION Background to the Study Concept of Strategy Firm performance Mobile money transfer M-pesa and performance Banking sector in Kenya The Kenya Commercial Bank ltd Research problem Research Objective Value of the Study.19 CHAPTER TWO: LITERATURE REVIEW Introduction Conept of Strategy Technology strategy Mobile Banking concept Operational performance Mobile Banking and performance.29 IV
6 CHAPTER THREE: METHODOLOGY Introduction Research Design Data Collection Method Data analysis.31 CHAPTER FOUR:DATA ANALYSIS AND INTERPRETATION OF RESULTS Introduction Mobile Banking M-pesa Technology strategy M-pesa Technology Strategy and Performance in KCB.34 CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMEDATIONS Summary Conclusion Recommendations Limitations of the Study Implications for Policy, Theory and Practice Areas of Further Study.43 REFERENCES.44 APPENDICES.47 APPENDIX I: Key Informant Interview Guide.47 APPENDIX II: Introduction letter.51 V
7 LIST OF FIGURES Figure 1.1: Mpesa growth in kenya.6 Figure 1.2: Payment systems in kenya.7 Figure 1.3: Change in institutional landscape.8 VI
8 ABSTRACT The spread of mobile phones across the developing world is one of the most remarkable technology stories of the past decade. Buoyed by prepay cards and inexpensive handsets, hundreds of millions of first-time telephone owners have made voice calls and text messages part of their daily lives. However, many of these same new mobile users live in informal and/or cash economies, without access to financial services that others take for granted. Indeed, across the developing world, there are probably more people with mobile handsets than with bank accounts. Various initiatives have been used mobile phones to provide financial services to the unbanked. These services take a variety of forms including long-distance remittances, micropayments, and informal airtime bartering schemes and go by various names, including mobile banking, mobile transfers, and mobile payments. Taken together, they are no longer merely pilots; in the Philippines, South Africa, Kenya, and elsewhere, these services are broadly available and increasingly popular. Kenya commercial bank ltd is a leading and dominant Kenyan bank with a strong countrywide presence. The bank remains very strong in key parameters with the largest balance sheet (KShs 251.4billion), capital base (Kshs 39.1billion) and a branch network (218) as at To better its way of doing business and align to current practices including the statutory requirements, the bank s structures, processes and systems have continued to change. This research was conducted to establish the effect of the M-pesa technology strategy on the performance of KCB ltd. The researcher used case study design since the research is descriptive in nature. Both the primary and secondary sources of data were used to obtain information for the study. Respondents were three employees in the Money Transfer Services department in Kenya Commercial Bank Ltd. VII
9 The interview guides were administered through a face to face interview. The researcher used Content Analysis to analyze the data, because content analysis involves observation and detailed description of objects, or things, and the errors which occur during the study are easily detected and corrected. The introduction of the topic is covered in Chapter one, literature review in chapter two covers the theoretical and empirical materials, chapter three covers the methodology used, while chapter four and five are the research findings and summary of the findings respectively.the research findings show that Kenya commercial bank took a beneficial strategic step to keep up with the dynamic market. What drives a business growth is technological innovation and successful management lies in skilful allocation of resources to bring about the technological change. There has been increasing importance of technological innovation and strategy guiding the acquisition and deployment of technological resources for competitive growth. The bank industry has come up with technological strategy to keep up with the expectations of the customers. However there are various challenges which are associated with M-pesa technology strategy, these being the system being prone to fraudsters, systems upgrades which leaves bibanking banco industrial guatemala customers disappointed and difficulties in reconciliations of the accounts when the transactions are many or when there are system errors. VIII
10 CHAPTER ONE: INTRODUCTION 1.1 Background of the study Morawczynski and Pickens (2009), argue that Mobile Money Transfer (MMT) is a peer to peer form of mobile payment mechanism which has the best prospects for success amongst other forms of mobile transactions. The money transfer has been in existence since the time the money was invented by man. Man has moved from one place to another in search of work and in many cases, leaving the family behind in his hometown. The families back home get support from the money the migrant population sends back home. Forms of money transfer have changed over the years. The most primitive method being either carrying the money themselves when they visit back home or send it through a friend or acquaintance. For the last many years, many people have been dependant on Postal Services to remit money home. This service was popularly known as money order in many countries including Great Britain. Postal services are known to have branches where even the banks do not offer services. This envious position of postal departments was challenged with emergence of banks, however, these two institutions have been taken over by mobile services as their distribution network starts to out number other traditional distribution networks. Today, mobile operators have the largest distribution network in any developing economy and hence are in a better position to remit money from one location to another. Developing countries are severely constraint by the physical infrastructure of the financial institutions which means that a large part of its population is excluded from the 1
11 formal banking system. Kenya has just 840 bank branches and 1,510 ATMs that are certainly not sufficient for the 38 million people. Kenya's rapid adoption of mobile money is occurring with a larger global trend of increased cell phone use. There are now over 4 billion mobile phone subscriptions worldwide, compared to 1 billion in 2002, according to a 2009 report by the International Telecommunications Union, a United Nations agency. Of those subscriptions, about two-thirds are in developing countries Concept of the Strategy There is no universal definition of strategy. It is the direction of and scope of an organization or institution over the long term, which achieves advantage through configuration of its resources within a changing environment, to meet the needs of the market and fulfill stakeholders expectations. Technology is the making, usage and knowledge of tools, techniques, crafts, systems or methods of organization in order to solve a problem or serve some purpose. A Technology strategy (e.g. as in information technology (IT)) is a particular generation of an organization's overall objective(s), principles and tactics relating to the technologies that the organization uses. According to Max Weber (1987), a theory is an explanation that tells why or how things are related to each other. Management theory, developed over the past century, describes how companies plan, organize, staff, lead and control their employees. Various Theories have been used to explain the technological strategy, for instance, Game theory was first developed into its mature form by mathematicians such as John Nash after World War II, and quickly found applications in business management, and goal setting as a 2
12 strategic theory was first developed by Edwin Locke in the 1960s, motivational theories seek to understand the internal dynamics of a business and how it can best succeed through different strategies of motivation. Notable ideas in this field include drive reduction theory, which emphasizes satisfying certain innate drives of people, such as the need for status. According to Porter (1986), models are frame works that are used in order to achieve given objectives. There are a number of mobile banking business models; the bankfocused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers, The bank-led model offers a distinct alternative to conventional branch-based banking in that customer conducts financial transactions at a whole range of retail agents (or through mobile phone) instead of at bank branches or through bank employees. The non-bank-led model is where a bank has a limited role in the day-to-day account management Firm performance Burke (1980) argues firm performance is the systematic progress in which a firm involves all of employees towards improving organizational target in attainment of the firm s mission and vision. Performance expectations, output and outcome are set for both corporate and individual departments in channeling their input towards achieving firm s objectives. There is considerable support for the view that the pace of firm performance is accelerating as never before, and that firms have to chart their way through an increasingly complex environment. 3
13 Firms have to cope with the pressures of globalization, climate change, changes in technology, the rise of e-commerce, situations where customers and suppliers can be both competitors and allies, and changes in emphasis from quantity to quality and from products to services. To cope with this growing complexity, firms are recognizing the need to acquire and utilize increasing amounts of knowledge if they are to make the performance necessary to remain competitive. Pautzke (1989) clearly stated that, careful cultivation of the capacity to learn in the broadest sense to maximize performance of firms. For example; the capacity both to acquire knowledge and develop practical abilities, seems to offer realistic way of tackling the pressing problems of the current times. Ongoing monitoring provides the opportunity to check how well employees are meeting predetermined standards and to make changes to unrealistic or problematic standards. According to Sorge (1997) and Whittington (1993), by monitoring continually, unacceptable performance can be identified at any time during the appraisal period and assistance provided to address such performance rather than wait until the end of the period when summary rating levels are assigned. Carrying out the processes of performance evaluation provides an excellent opportunity to identify developmental needs Mobile Money Transfer Mobile money transfer refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and 4
14 to access customized information. It 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 short text message. With the introduction of the first primitive smart phones with WAP support enabling the use of the mobile webi in 1999, the first European banks started to offer mobile banking on this platform to their customers. Herrera (2007), points that, the advent of the technology has enabled new ways in money transfer business, resulting in the creation of new institutions, such as online banks, online brokers and wealth managers. Such institutions still account for a tiny percentage of the industry. Kenya's Safaricom (part of the Vodafone group) has the M-Pesa Service, which is mainly used to transfer limited amounts of money, but increasingly used to pay utility bills as well. FSDK (2009) conducted a survey in 2008 survey of 3000 M-Pesa users; this survey of M- Pesa demonstrates some interesting facts that are important for regulators to consider. For example: 90% of customers believe their money is safe with M-Pesa- Market confidence is critical to maintaining stability so this high level of confidence is reassuring when determining whether M-Pesa products are designed appropriately.blend of users- 20% of customers use M-Pesa to store value. M-Pesa is a payment product, not a savings product. However this demonstrates that there is latent demand for a mobile product that can deliver safe savings to the customer. This must be taken into account when designing regulations that could potentially expand the functionality of mobile payments products. 5
15 70% of users are already banked- Is M-Pesa really reaching the unbanked? It should be understood why this number is so high and if this represents the initial stages of development where, with targeted regulations, the industry can begin to offer products that provide greater access to those who are truly unbanked. M-pesa growth 6
16 Fig 1: Source: FSDT presentation 2009 at Kenya commercial bank This graph shows that the extraordinary and explosive growth of M-Pesa. There is little doubt that it has changed the financial services landscape and the expectations of what is possible.as yet formally M-Pesa is only a money transfer service. Its potential is for much broader services but this is dependant establishing the appropriate regulatory guideline. Throughput across payment system in Kenya Figure 2 Source: FSDT presentation 2009 While the the growth of M-Pesa has been explosive its total value is very small in comparison with other payment system flows. This does not take away from the potential of M-Pesa but it is important to keep in context the risk that M-Pesa poses to the financial system as a whole. 7
17 A changing institutional Landscape % Bank Sacco MFI Insurance M-PESA Informal Excluded Figure 3 FSDT (2009) The state of service delivery in Kenya today Here we see that the institutional landscape is changing quite rapidly over the course of 3 years. Banks have increased dramatically, from 14% penetration to 21% and they appear to be replacing the SACCO segment. MFIs are starting to become a force by broadening there reach and insurance showing increase though not dramatic. M-PESA is the new phenomenon that has grown explosively by providing basic payment services to the population. While this change in institutional landscape is dramatic there is this still a large informal population that is largely unchanged. It could be determined that this shift in influence amongst the institutions is beginning to set the stage to access the significant number of potential customers who have not traditionally had access to formal financial services. 8
18 The challenge lies in developing a regulatory framework that can provide guidance and clarity to the financial services industry as a whole. The ecosystem of payment services and other financial products should be regulated without bias to the channel or institution, focusing squarely on the risk to the stability of the system and the safety of the customer s funds Mobile Money transfer (Mpesa) and Performance M-PESA is a small value electronic payment and store of value system that is accessible from ordinary mobile phones. It has seen exceptional growth since its introduction by mobile phone operator Safaricom in Kenya in March 2007: it has already been adopted by over 9 million customers (corresponding to 40% of Kenya s adult population) and processes more transactions domestically than Western Union does globally. The M-PESA service was developed by mobile phone operator Vodafone and launched commercially by its Kenyan affiliate Safaricom. According to KCB (2010), it has continuously embraced technology; where it introduced a mobile telephone banking facility for its customers in The product commonly as KCB connect that has changed the lives and financial lifestyles of mobile subscribers in Kenya estimated at 17 million. The mobile banking service provides full banking services on the telephone handset at the touch of a button, including enquiries, banking instructions, funds Critical to the success of M-Pesa is an understanding of the customer profile. This is also critical to the establishment of regulations that meet the needs of the customer. FSDT (2009b) noted that getting cash into the hands of people who can use it is limited on the supply-side rather than demand-side; more than the shortage of funds, it s the ability to 9
19 move money from the sender to the receiver that is the stumbling block. Since the creation of money, the ability to move it from A to B the so-called velocity of money has been a fundamental cornerstone of economic activity. But the issue is exactly how money transfer is made to happen in an emerging market where the infrastructure is poorly developed and where very few people have or even want bank accounts. Mobile Money Transfer platform is instrumental in substituting the banking infrastructure as in most of the emerging markets, the mobile phone penetration far out numbers the bank account penetration (by a ratio of 3:1, i.e. for every one bank account holder, there are three mobile phone owners). M-PESA has been instrumental in driving growth and development in Kenya. The World Bank estimates that reducing remittance commission charges by 2-5% could increase the flow of formal remittances by 50-70%, boosting local economies. Reducing the cost of each individual remittance would enable the delivery of lower value remittances than today s average transfer value of US$200. M-PESA has resulted in higher remittance and hence higher economic activity leading to faster growth. CGAP in its survey has found that the incomes of rural recipients increased by 5-30% since they started using M-PESA. Developing countries are severely constraint by the physical infrastructure of the financial institutions which means that a large part of its population is excluded from the formal banking system. M-PESA with its agents is much more accessible to an ordinary Kenyan. M-PESA helped banks in their geographical locations and other the Micro Finance Institutions (MFIs) to go deeper into the remote areas very quickly without substantial increase in the cost. 10
20 M-PESA provides unbanked mobile phone users with a secure platform which uses simple, tailored menus on their phone to send fully encrypted and PIN locked messages to a thoroughly audited financial accounting system. It was observed by CGAP that M- PESA not only increased the MFI activity but is also used as a medium of storage of money. Informal saving channels are much less secure than formal saving facilities. Those who can afford it least suffer the highest risk. Both the banked as well as unbanked customers of M-PESA are using it as storage medium as it is easily accessible. Many people in emerging economies have to travel far from home to find work and need to be able to send money back to their families so they can pay bills. Traditionally, this has meant high fees, risky unregulated services, or long expensive trips carrying cash in an unsafe and unpredictable environment. It has been observed that M-PESA users needed to make fewer trips back home to deliver money and the transaction size also came down with frequent transfers. Unlike bank, the M-PESA service is accessible 24X7 and money can be sent anytime, anywhere. However there are key challenges in adopting the M-PESA strategy:-security of financial transactions, being executed from some remote location and transmission of financial information over the air, are the most complicated challenges that need to be addressed jointly by mobile application developers, wireless network service providers and the bank s IT departments. Another challenge for the bank is to scale-up the mobile banking infrastructure to handle exponential growth of the customer base. With mobile banking, the customer may be sitting in any part of the world (true anytime, anywhere banking) and hence banks need to ensure that the systems are up and running in a true 24 x 7 fashion. As customers will find mobile 11
21 banking more and more useful, their expectations from the solution will increase. Banks unable to meet the performance and reliability expectations may lose customer confidence. There are systems such as Mobile Transaction Platform which allow quick and secure mobile enabling of various banking services. Due to the nature of the connectivity between bank and its customers, it would be impractical to expect customers to regularly visit banks or connect to a web site for regular upgrade of their mobile banking application. It will be expected that the mobile application itself check the upgrades and updates and download necessary patches (so called "Over the Air" updates). However, there could be many issues to implement this approach such as upgrade / synchronization of other dependent components Banking Sector in Kenya Central Bank of Kenya notes that the banking sector in Kenya comprises of 45 institutions, 41 of which are commercial banks, 3 mortgage finance companies, one non-bank financial institutions and one building society as at December 2006, according to CBK annual reports. However, Gulf African banks Ltd commenced banking business in November 2007 which increased them to 46 institutions by December 2007.Out of the 45 institutions, 34 were locally owned. The foreign Banks comprised of 6 locally incorporated and 5 branches of foreign incorporate institutions. As depicted from the CBK reports, local banks dominates the Kenyan banking sector in terms of numbers, but only account for 48.2% of the sector s total assets, closely followed by the foreign owned banks with 43% of the sectors assets. 12
22 The Kenyan banking sector has continued to record impressive growth in the last few years. For example is the period ended December 2007, the overall profitability rose by 30 percent while the asset portfolio expanded by 26.1 percent over the previous year. The banking sector performance indicators improved with a decline in the stock of non-performing loans and enhancement of capital adequacy ratios attributed mainly to fresh capital injections and retention of profits over the period According to CBK, (2009), Kenyan banks have exponentially embraced the use of information and communication technologies in their service provision. They have invested huge amounts of money in implementing the self and virtual banking services with the objective of improving the quality of customer service. Some of the ICT-based products and services include the introduction of SMS banking, ATMs, Anywhere banking software s, Core banking solution, Electronic clearing systems and direct debit among others. In mid 2005, Kenya s banking Industry moved a milestone by introducing Real Time Gross and Settlement system (RTGS) which was renamed Kenya Electronic Payment and Settlement system (KEPSS). This will facilitate the inter-bank financial data transfer. The adoption of technology and development of e-banking services is expected to decongest banking halls and reduce the incidences of long queues in banking halls. Digital based financial services have made a significant contribution in covering the cost of offering financial services. The banking industry has also over years continued to introduce a wide range of new products, prompted by increased competition, embracing ICT and enhanced customer needs. As a marketing strategy, the new products offered in this segment of market, continue to assume local development brand names to suit the domestic environment and targeting the 13
23 larger segment of local customer base. Among the products, include Islamic banking which was introduced in 2005, tailored in line with Shariah principles. Currently, Barclays Bank of Kenya, Kenya commercial Bank, K-Rep-Bank and Dubai Bank have so far introduced Islamic banking products in the market. All the above clearly indicate that, Kenya s banking Industry has great developments like any other banking market in the world The Kenya Commercial Bank Ltd The history of KCB dates back to 1896 when its predecessor, the National Bank of India opened an outlet in Mombasa. Eight years later in 1904, the Bank extended its operations to Nairobi, which had become the Headquarters of the expanding railway line to Uganda. The next major change in the Bank s history came in Grindlays Bank merged with the National Bank of India to form the National and Grindlays Bank. Upon independence the Government of Kenya acquired 60% shareholding in National & Grindlays Bank in an effort to bring banking closer to the majority of Kenyans. In 1970, the Government acquired 100% of the shares to take full control of the largest commercial bank in Kenya. National and Grindlays Bank was renamed Kenya Commercial Bank. KCB is a fully fledged commercial bank offering savings and lending services to individuals, entrepreneurs and companies of all sizes. It has the largest branch network in East Africa and enjoys dominance as the Bank with largest balance sheet and capital base, respectively, in the region. It is a publicly quoted company with its shares trading at the Nairobi Stock Exchange (NSE), Uganda Securities Exchange, Dare-Es-Salaam Stock Exchange and Rwanda Over the Counter Market. The bank has impressed the use of technology in its services. Some this technology include electronic banking and Mobile Money transfer. 14
24 KCB has continuously embraced technology; where it introduced a mobile telephone banking facility for its customers in The product commonly as KCB connect that has changed the lives and financial lifestyles of mobile subscribers in Kenya estimated at 17 million. The mobile banking service provides full banking services on the telephone handset at the touch of a button, including enquiries, banking instructions, funds transfers and utility bill payments. A key differentiator between KCB connect and other offering in the market is the ability of all mobile telephone subscribers to open accounts on their phones that will enable them to transact with KCB. Working with one of Kenya s major mobile telecommunications service provider, the Bank has put in place the necessary infrastructure to enable customers to transfer funds from one KCB account to another, from KCB to the revolutionary and trend setting M-pesa service and vice versa and from any KCB account to any phone account of the customer s choice. 1.2 Research Problem Porter and Miller (1985) urged that technology adoption is strategic to the extent that it supports or enables the firms, business strategy. The advantage of technology is the ability to link on activity with the other and make real time data widely available through such tools as electronic data interface, internet, and enterprise resource planning and customer relationship management. This has created a very strong perception that performance can be enhanced by advanced technology and a workable strategy. Concept of Mpesa technology strategy dates back to March 2007, following a donor-funded pilot project, Safaricom launched a new mobile phone-based payment and money transfer service, known as M-pesa. The services allows users to deposit money into accounts linked 15
25 to their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Charges, deducted from users accounts, are levied when e-money is sent and cash is withdrawn. By August 2009, 7.7 million M-PESA accounts had been registered; this means 38% of adult population of Kenya had gained access to M-PESA in just two years. Although M-PESA has been adopted by both the banked and unbanked in roughly equal proportions, registered M-PESA users can make deposits and withdrawals of cash with agents, who receive a commission on a sliding scale for both deposits and withdrawals, however, withdrawals can only be effected if the agent has sufficient funds. But symmetrically, cash deposits can only be made if the gent has sufficient e-money balances on his/her phone. Agents face a nontrivial inventory management problem, having to predict the time profile of net-e-money needs. Despite being touted as a financial inclusion service, M-Pesa user households are twice more likely to have a bank account than non-user households. It is young, male, urban migrants who are driving the uptake of services customer adoption. Hence, the adoption is not uniform across social strata. While efforts have been made to survey the various relevant empirical studies, it was discovered that two studies (Nyangosi, et.al, 2009 and Barako and Gatere, 2008) attempted to study Technology in Kenyan Banks. Banks in Kenya, have adapted different technologies through which e-banking services are provided. In the two studies, customers were asked to indicate the various technologies their banks have adopted. This was enquired to know if the customers are aware of the technologies provided by their banks. Seven common technologies were selected to present the variables which include ATM, Internet banking, 16
26 Tele-banking, SMS banking, PC banking, Debit cards and Credit cards. The variables were labeled and results revealed that Kenyan customers are seen to favor ATM banking at 92.0%, followed by debit cards at 58.4% and credit cards at 53.6%. Cards banking in general dominate e-banking adoption in Kenya. The least favored were mobile/ SMS banking at 46% and PC banking at 20.8%/ The least favor on the PC banking may be attributed to the fact that computer penetration in Kenya is very low and hence many banks have utilized the technologies other than PC and SMS banking, it may be due to infrastructural problems. The third study by Safaricom Telecommunication Company (January 2007), respondents indicated that they support the usefulness of SMS banking, but could not access these services, especially in the rural areas in Kenya. These findings led to the introduction of M-pesa as means of capping the menace of shortage of financial intermediaries in the rural areas. The results further showed that customers use bank websites to know the products, use internet banking to check balances, know after sales services and buy products. This is a show that internet banking is gaining popularity and becoming vital in financial transaction events. However, the overall look indicates that the IT state in Kenyan Banks is at initial stages. According to two studies by Central Bank of Kenya (January 2008 and May 2009), entry of M-Pesa in financial transaction has enhanced technological advancement of banking industry. It has seen exceptional growth since its introduction by mobile phone operator Safari com in Kenya in March 2007: it had already been adopted by over 9 million customers (corresponding to 40% of Kenya s adult population) in December 2008, and 17
27 processes more transactions domestically than Western Union does globally. The M-pesa service was developed by mobile phone operator Vodafone and launched commercially by its Kenyan affiliate Safaricom. All transactions are authorized and recorded in real time using secure SMS, and are capped at $ 500. Generally, M-pesa service of sending and receiving money via Safaricom subscribed clients is coupled with a number of challenges that include excess electronic float or liquid cash. This occurs when there are too much transactions of the same type without offsetting transactions on the other side. For incidence, M-pesa agents gets many deposits without offsetting withdrawals, leading to situation where they cant take any more deposits because there e-float is diminished. From the above studies, it shows that no adopted technology has been overly dominant in the banking industry, due to the ever changing technological innovation, the change in consumer preference and many customers remain unreached. The project will clarify the impact of M-PESA technology in the banking industry. Therefore the study seeks to answer the following: What is the effect of M-PESA Strategy adoption by KCB, in its performance as a financial service provider? 1.3 Research Objectives To assess the effect of M-pesa technology on performance of KCB. 1.4 Value of the study The M-Pesa technology has greatly changed the performance in the banking sector. A number of studies have been made on practice related to delivery of services. According to Nyangosi, et.al (2009), effectiveness and efficiency has been realized in the banking sector; 18
28 M-pesa has removed repetitive, time consuming tasks, reduced human error and extended access to banking related facilities. Telephone traction allows non-cash transactions to be carried out, which would have required a visit to a branch earlier. Cost Reduction: this feature has been realized and well understood by the banking industry KCB and the banking industry in general. M-Pesa has enhanced the blossoming and adoption of the electronic banking and Internet has seen banks realize enormous cost savings by moving a myriad of services online. From customer service centers, to online tracking of packages and to online brokerages. Safaricom (2010) notes in the assessment report that M-Pesa has created financial inclusion to an ordinary Kenyan; it has helped KCB and other banking institutions in their geographical locations to go deeper into rural areas without substantial increase on the cost of expansion. Two studies by Central Bank of Kenya (2010), notes that M-Pesa has enhanced the commercial banks innovation of services. Mobile phone service provider Safaricom signed a deal with Kenya Commercial Bank (KCB) for Agent to Agent transactions that has helped improve availability of M-PESA in the market. With the signing of the deal, authorized M-PESA agents instantly access M-PESA when they make cash deposits at the bank. With the introduction of the KCB partnership, M-PESA Agents have an alternative and quicker process to access M-PESA or cash at a nominal commission to the bank. To use the service, agent outlets register their authorized personnel with KCB. Pilot testing for Agent to Agent transactions began in February 2009 with Safaricom testing the service with 20 agent outlets and 16 KCB branches in different parts of the country. 19
29 Following the successful pilot, the service is now available at all 145 KCB branches and has been introduced to over 9,000 M-PESA agents around the country. M-Pesa created the opportunity for the innovative service by KCB. The purpose of this research will be to generate more information on M-PESA for strategic service delivery of KCB, focusing on the opportunities created by M-PESA, challenges, existing gaps with intention of filling the gaps and improvement of service delivery. The study shall be important to the management of KCB In regard to strategic planning. 20
30 CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction This chapter reviews literature related to the subject matter that is Mobile money transafer technology strategy and performance of Kenya Commercial Bank. Secondary data from minutes and periodic reports, text books, journals published and unpublished materials will be explored. Information will be recorded in thematic approach that comprise of concept of strategy, technology and strategy; mobile banking concept, performance indicators, mobile banking and performance. 2.2 Concept of the Strategy According to Mintzberg et al, (1998), Strategy as a long term plan of action to achieve a particular goal is important in achieving competitive advantage over others, this can be through technology strategy as a particular generation of an organization's overall objective(s), principles and tactics relating to the technologies that the organization uses. Such strategies primarily focus on the technologies themselves and in some cases the people who directly manage those technologies. Management theory has become a well developed discipline, with many theories that seek to predict the best strategy in a given set of situations. Many successful managers have found applications for these theories in the real business world. Having a good working knowledge of some of the more prominent strategic theories will provide you with tools to process information better, both in the short-term and the long-term. Furthermore, the best of theories will provide new perspectives. 21
31 According to Porter (1986), models are frame works that are used in order to achieve given objectives. There are a number of mobile banking business models, however, no matter what business model, if mobile banking is being used to attract low-income populations in often rural locations, the business model will depend on banking agents, i.e., retail or postal outlets that process financial transactions on behalf of banks or non banking service provider. The banking agent is an important part of the mobile banking business model since customer care, service quality, and cash management will depend on them. These models differ primarily on the question that who will establish the relationship (account opening, deposit taking, lending etc.) to the end customer, the Bank or the Non- Bank Company like Safaricom. Another difference lies in the nature of agency agreement between bank and the Non-Bank. Tiwari, Rajnish and Buse, Stephan(2007) noted the models of branchless banking can be classified into three broad categories - Bank Focused, Bank-Led and Nonbank-Led. The bank-focused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers. Examples range from use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to banks customers. This model is additive in nature and may be seen as a modest extension of conventional branch-based banking. The bank-led model offers a distinct alternative to conventional branch-based banking in that customer conducts financial transactions at a whole range of retail agents (or through 22
32 mobile phone) instead of at bank branches or through bank employees. This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner having experience and target market distinct from traditional banks, and may be significantly cheaper than the bank-based alternatives. The bank-led model may be implemented by either using correspondent arrangements. In this model customer account relationship rests with the bank The non-bank-led model is where a bank has a limited role in the day-to-day account management. Typically its role in this model is limited to safe-keeping of funds. Account management functions are conducted by a non-bank who has direct contact with individual customers. 2.3 Technology and strategy Adelman (2000) noted that a particular generation of an organization's overall objective(s), principles and tactics relating to the technologies that the organization uses. Such strategies primarily focus on the technologies themselves and in some cases the people who directly manage those technologies. Technological strategy can be achieved through Theories and Models. Schipke (2004) notes that, a theory is an explanation that tells why or how things are related to each other. Management theory, developed over the past century, describes how companies plan, organize, staff, lead and control their employees. Effective managers get people to accomplish goals and use materials wisely to achieve profitability and maintain a competitive advantage. 23
33 Advances in technology have enabled standardization, automation and globalization at a rate that early management theorists probably never thought possible. In businesses large and small, all departments, including marketing, sales, finance and manufacturing, now typically depend on the company's IT infrastructure to manage the operations and functions necessary to complete business processes. Management theory has become a well developed discipline, with many theories that seek to predict the best strategy in a given set of situations. Many successful managers have found applications for these theories in the real business world. Having a good working knowledge of some of the more prominent strategic theories will provide you with tools to process information better, both in the short-term and the long-term. Furthermore, the best of theories will provide new perspectives. Potts in Fuition (novel) conveys through the book's characters that an IT strategy needs to be focused on creating and measuring business value from the business investment in IT, and not as traditionally done which is starting with IT and figuring out how to deliver business bibanking banco industrial guatemala. Other generations of technology-related strategies primarily focus on: the efficiency of the company's spending on technology; how people, for example the organization's customers and employees, exploit technologies in ways that create value for the organization; on the full integration of technology-related decisions with the company's strategies and operating plans. According to Porter (1986), models are frame works that are used in order to achieve given objectives. There are a number of mobile banking business models, however, no matter what business model, if mobile banking is being used to attract low-income populations in 24
34 often rural locations, the business model will depend on banking agents, i.e., retail or postal outlets that process financial transactions on behalf of banks or non banking service provider. The banking agent is an important part of the mobile banking business model since customer care, service quality, and cash. 2.4 Mobile banking concept Yankee Group (2009), Mobile banking is used in many parts of the world with little or no infrastructure, especially remote and rural areas. This aspect of mobile commerce is also popular in mission federal credit union online banking login where most of their population is unbanked. In most of these places, banks can only be found in big cities, and customers have to travel hundreds of miles to the nearest bank. Wallace, Neil (2005), notes that, In Iran, banks such as Parsian, Tejarat, Mellat, Saderat, Sepah, Edbi, and Bankmelli offer the service. Banco Industrial provides the service in Guatemala. Citizens of Mexico can access mobile banking with Omnilife, Bancomer and MPower Venture. Kenya's Safaricom (part of the Vodafone Group) has the M-Pesa Service, In 2009, Zain launched their own mobile money transfer business, known as ZAP, in Kenya and other African countries. Telenor Pakistan has also launched a mobile banking solution, in coordination with Taameer Bank, under the label Easy Paisa, which was begun in Q Eko India Financial Services, the business correspondent of State Bank of India (SBI) and ICICI Bank, provides bank accounts, deposit, withdrawal and remittance services, micro-insurance, and micro-finance facilities to its customers (nearly 80% of whom are migrants or the unbanked 25
35 section of the population) through mobile banking. In a year of 2010, mobile banking users soared over 100 percent in Kenya, China, Brazil and USA with 200 percent, 150 percent, 110 percent and 100 percent respectively. According to Jack and Suri (2009), a bank with a footprint of 100 branches and 250 ATMs and an average daily deposit/withdrawal volume of 165 branch transactions and 65 ATM transactions, could expect to save about $5 million annually if the bank were able to convert 20 percent of those branch and ATM transactions to its mobile channel. Features such as remote check deposit or P2P will enable those transactions to take place through the mobile channel and reduce dependency on branches or ATMs. IMF (2006), In countries as diverse as China, Brazil and Kenya the number of new users of Nearest at home store Banking soared over 100% in 12 months, as banks leapfrogged traditional service models and moved directly to mobile. The increases were not restricted to emerging markets alone though: take-up rates also surged in the UK, USA, Singapore, South Korea and Sweden where banks offered customers new services via their mobile handset. Analyzing the findings, James Fergusson, Global Technology Sector Head at TNS, said:"mobile finance technologies have the tremendous capacity to be transformational in rapid growth markets, empowering consumers by giving them greater access to financial services. The necessity, marked interest and the blossoming mobile finance infrastructure means that countries such as Brazil and China have the right ingredients to drive mobile finance growth, not just in their own markets, but globally as well." The research has been released as part of TNS Mobile Life, an annual report on mobile consumer usage, and reveals a wealth of opportunities for banks, retailers and mobile 26
36 service providers to develop for existing and potential customers. In the UK the proportion of people using mobile banking increased from 9.7% in 2010 to 20.4% in 2011, while in the USA the rates from 11.4% to 21.9%. In Sweden it was greater still: 8.1% to 20%. And while adoption rates increased, desire for mobile banking in areas where it is not widespread is strong, peaking in sub-saharan Africa, where almost two-thirds (63%) of mobile owners expressed an interest in mobile banking. Bob Neuhaus, Global Finance Sector Head at TNS, said: "A significant proportion of the world's population does not have access to banking services. Sears national customer service phone number mobile banking easy to access in these markets will not only help create a more sophisticated consumer marketplace and drive development of the banking sector, but also provides a huge opportunity for the mobile industry." "Our insights from the Mobile Life study demonstrate that in more mature markets, mobile banking is simply a matter of convenience, and largely an extension of the PC online experience - allowing the same online convenience, while mobile; however in developing markets mobile may provide an entry point to banking for millions of 'unbanked' people, in countries where banking infrastructure is poor, and banking restrictions create barriers. 2.5 Operational performance According to Jack and Suri (2009), profit efficiency is one of the indicators of firm performance. For incidence, frontier efficiency computed using a profit function is a more appropriate measure. It controls for the effects of local market prices and other exogenous factors and because it provides a reasonable benchmark for each individual firm s 27
37 performance. Profit efficiency accounts for how well firms raise revenues as well as control costs for value maximization. Standard profit efficiency measures how close a firm is to earning the predicted profit that a best practice firm would earn facing the same exogenous conditions. Wilson, Watson and Summers (1995), points out that, revenue growth is another aspect of performance indicator. Monetizing the value of customer analytics, delivering greater realtime access to products and services; expanding distribution and coverage models. Mobile money transfer performance can be measured in the potential to expand beyond the geographical footprint as well as ability to cross sell and up-sell products to existing customers. Thompson (2001) argues that, firms that harness these additional mobile financial services capabilities can see a profound impact on the nature of the money transfer relationship. This puts banks in a specific position to develop a new line of business focused on bundling data analytics for retailers and other entities vying for customer intelligence while maintaining the privacy of individual customers information. Merchants could employ such aggregated information to target customers more effectively than they might through other means. In addition, banks could use this knowledge of their core customers to strengthen their own abilities to acquire new customers, cross-sell existing customers, improve decision making capabilities and provide better customer service resulting in significant value streams for banks. 28
android.permission.ACCESS_ALL_DOWNLOADS, android.permission.ACCESS_DOWNLOAD_MANAGER, android.permission.READ_APP_BADGE, android.permission.WRITE_INTERNAL_STORAGE, com.anddoes.launcher.permission.UPDATE_COUNT, com.google.android.finsky.permission.BIND_GET_INSTALL_REFERRER_SERVICE, com.htc.launcher.permission.READ_SETTINGS, com.htc.launcher.permission.UPDATE_SHORTCUT, com.huawei.android.launcher.permission.CHANGE_BADGE, com.huawei.android.launcher.permission.READ_SETTINGS, com.huawei.android.launcher.permission.WRITE_SETTINGS, com.majeur.launcher.permission.UPDATE_BADGE, com.oppo.launcher.permission.READ_SETTINGS, com.oppo.launcher.permission.WRITE_SETTINGS, com.sec.android.provider.badge.permission.READ, com.sec.android.provider.badge.permission.WRITE, com.sonyericsson.home.permission.BROADCAST_BADGE, com.sonymobile.home.permission.PROVIDER_INSERT_BADGE, me.everything.badger.permission.BADGE_COUNT_READ, me.everything.badger.permission.BADGE_COUNT_WRITE
Bank for International Settlements
International financial institution owned by central banks
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. It opened its doors in Basel, Switzerland, on 17 May 1930.
The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I, and to act as the trustee for the German Government International Loan (Young Loan) that was floated in 1930. The need to establish a dedicated institution for this purpose was suggested in 1929 by the Young Committee, and was agreed to in August of that year at a conference at The Hague. The charter for the bank was drafted at the International Bankers Conference at Baden-Baden in November, and adopted at a second Hague Conference on January 20, 1930. According to the charter, shares in the bank could be held by individuals and non-governmental entities. However, the rights of voting and representation at the Bank's General Meeting were to be exercised exclusively by the central banks of the countries in which shares had been issued. By agreement with Switzerland, the BIS had its corporate existence and headquarters there. It also enjoyed certain immunities in the contracting states (Brussels Protocol 1936).
The BIS's original task of facilitating World War I reparation payments quickly became obsolete. Reparation payments were first suspended (Hoover moratorium, June 1931) and then abolished altogether (Lausanne Agreement, July 1932). Instead, the BIS focused on its second statutory task, i.e. fostering the cooperation between its member central banks. It acted as a meeting forum for central banks and provided banking facilities to them. For instance, in the late 1930s, the BIS was instrumental in helping continental European central banks shipping out part of their gold reserves to London.
As a purportedly apolitical organisation, the BIS was unable to prevent transactions that bibanking banco industrial guatemala contemporaneous geopolitical realities but were also widely regarded as unconscionable. As a result of the policy of appeasement of Nazi Germany by the UK and France, in March 1939, the BIS was obliged to transfer 23 tons of gold it held, on behalf of Czechoslovakia, to the German Reichsbank, following the German annexation of Czechoslovakia.
At the outbreak of World War II in September 1939, the BIS Board of Directors – on which the main European central banks were represented – decided that the Bank should remain open, but that, for the duration of hostilities, no meetings of the Board of Directors were to take place and that the Bank should maintain a neutral stance in the conduct of its business. However, as the war dragged on evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the Allies accused the Nazis of looting and pleaded with the BIS not to accept gold from the Reichsbank in payment for prewar obligations linked to the Young Plan. This was to no avail as remelted gold was either confiscated from prisoners or seized in victory and thus acceptable as payment to the BIS.: 245–252 Operations conducted by the BIS were viewed with increasing suspicion from London and Washington. The fact that top-level German industrialists and advisors sat on the BIS board seemed to provide ample evidence of how the BIS might be used by Hitler throughout the war, with the help of American, British and French banks. Between 1933 and 1945 the BIS board of directors included Walther Funk, a prominent Nazi official, and Emil Puhl responsible for processing dental gold looted from concentration camp victims, as well as Hermann Schmitz, the director of IG Farben, and Baron von Schroeder, the owner of the J.H. Stein Bank [de], all of whom were later convicted of war crimes or crimes against humanity.
The 1944 Bretton Woods Conference recommended the "liquidation of the Bank for International Settlements at the earliest possible moment". This resulted in the BIS being the subject of a disagreement between the U.S. and British delegations. The liquidation of the bank was supported by other European delegates, as well as Americans (including Harry Dexter White and Secretary of the Treasury Henry Morgenthau Jr.). Abolition was opposed by John Maynard Keynes, head of the British delegation.
Keynes went to Morgenthau hoping to prevent or postpone the dissolution, but the next day it was approved; the liquidation of the bank was never actually undertaken. In April 1945, the new U.S. president Harry S. Truman ended U.S. involvement in the scheme. The British government suspended the dissolution and the decision to liquidate the BIS was officially reversed in 1948.
After World War II, the BIS retained a distinct European focus. It acted as Agent for the European Payments Union (EPU, 1950–58), an intra-European clearing arrangement designed to help the European countries in restoring currency convertibility and free, multilateral trade. During the 1960s – the heyday of the Bretton Woods fixed exchange rate system – the BIS once again became the locus for transatlantic monetary cooperation. It coordinated the central banks' Gold Pool: 416 and a number of currency support operations (e.g. Sterling Group Arrangements of 1966 and 1968. The Group of Ten (G10), including the main European economies, Canada, Japan, and the United States, became the most prominent grouping.
With the end of the Bretton Woods system (1971–73) and the return to floating exchange rates, financial instability came to the fore. The collapse of some internationally active banks, such as Herstatt Bank (1974), highlighted the need for improved banking supervision at an international level. The G10 Governors created the Basel Committee on Banking Supervision (BCBS), which remains active. The BIS developed into a global meeting place for regulators and for developing international standards (Basel Concordat, Basel Capital Accord, Basel II and III). State bank of cross plains its member central banks, the BIS was actively involved in the resolution of the Latin American debt crisis (1982).
From 1964 until 1993, the BIS provided the secretariat for the Committee of Governors of the Central Banks of the Member States of the European Community (Committee of Governors). This Committee had been created by the European Council decision to improve monetary cooperation among the EC central banks. Likewise, the BIS in 1988–89 hosted most of the meetings of the Delors Committee (Committee for the Study of Economic and Monetary Union), which produced a blueprint for monetary unification subsequently adopted in the Maastricht Treaty (1992). In 1993, when the Committee of Governors was replaced by the European Monetary Institute (EMI – the precursor of the ECB), it moved from Basel to Frankfurt, cutting its ties with the BIS.
In the 1990s–2000s, the BIS successfully globalised, breaking out of its traditional European core. This was reflected in a gradual increase in its membership (from 33 shareholding central bank members in 1995 to 60 in 2013, which together represent roughly 95% of global GDP), and also in the much more global composition of the BIS Board of Directors. In 1998, the BIS opened a Representative Office for Asia and the Pacific in the Hong Kong SAR. A BIS Representative Office for the Americas was established in 2002 in Mexico DF.
The BIS was originally owned by both central banks and private individuals, since the United States, Belgium and France had decided to sell all or some of the shares allocated to their central banks to private investors. BIS shares traded on stock markets, which made the bank an unusual organization: an international organization (in the technical sense of public international law), yet allowed for private shareholders. Many central banks had similarly started as such private institutions; for example, the Bank of England was privately owned until 1946. In more recent years the BIS has bought back its once publicly traded shares. It is now wholly owned by BIS members (central banks) but still operates in the private market as a counterparty, asset manager and lender for central banks and international financial institutions. Profits from its transactions are used, among other things, to fund the bank's other international activities.
Organization of central banks
As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 60-member central banks, except in the case of Eurozone countries which forfeited the right to conduct monetary policy in order to implement the euro. While monetary policy is determined by most sovereign nations, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. BIS aims to keep monetary policy in line with reality and to help implement monetary reforms in time, preferably as a simultaneous policy among all 60 member banks and also involving the International Monetary Fund.
Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private arbitrage exploiting shifts in policy or difference in policy, are rare and quickly removed.
Two aspects of monetary policy have proven to be particularly sensitive, and the BIS, therefore, has two specific goals: to regulate capital adequacy and make reserve requirements transparent.
Regulates capital adequacy
Capital adequacy policy applies to equity and capital assets. These can be overvalued in many circumstances because they do not always reflect current market conditions or adequately assess the risk of every trading position. Accordingly, the Basel standards require the capital/asset ratio of internationally active commercial banks to be above a prescribed minimum international standard, to improve the resilience of the banking sector.
The main role of the Basel Committee on Banking Supervision, hosted by the BIS, is setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is key for central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules cause economic crises as "bad money drives out good" (Gresham's Law).
Encourages reserve transparency
Reserve policy is also important, especially to consumers and the domestic economy. To ensure liquidity and limit liability to the larger economy, banks cannot create money in specific industries or regions without limit. To make bank depositing and borrowing safer for customers and reduce the risk of bank runs, banks are required to set aside or "reserve".
Reserve policy is harder to standardize, as it depends on local conditions and is often fine-tuned to make industry-specific or region-specific changes, especially within large developing nations. For instance, the People's Bank of China requires urban banks to hold 7% reserves while letting rural banks continue to hold only 6%, and simultaneously telling all banks that reserve requirements on certain overheated industries would rise sharply or penalties would be laid if investments in them did not stop completely. The PBoC is thus unusual in acting as a national bank, focused on the country and not on the currency, but its desire to control asset inflation is increasingly shared among BIS members who fear "bubbles", and among exporting countries that find it difficult to manage the diverse requirements of the domestic economy, especially rural agriculture, and an export economy, especially in manufactured goods.
Effectively, the PBoC sets different reserve levels for domestic and export styles of development. Historically, the United States also did this, by dividing federal monetary management into nine regions, in which the less-developed western United States had looser policies.
For various reasons, it has become quite difficult to accurately assess reserves on more than simple loan instruments, and this plus the regional differences has tended to discourage standardizing any reserve rules at the global BIS scale. Historically, the BIS did set some standards which favoured lending money to private landowners (at about 5 to 1) and for-profit corporations (at about 2 to 1) over loans to individuals. These distinctions reflecting classical economics were superseded by policies relying on undifferentiated market values – more in line with neoclassical economics.
Goal: monetary and financial stability
The stated mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. The BIS pursues its mission by:
- fostering discussion and facilitating collaboration among central banks;
- supporting dialogue with other authorities that are responsible for promoting financial stability;
- carrying out research and policy analysis on issues of relevance for monetary and financial stability;
- acting as a prime counterparty for central banks in their financial transactions; and
- serving as an agent or trustee in connection with international financial operations.
The role that the BIS plays today goes beyond its historical role. The original goal of the BIS was "to promote the co-operation of central banks and to provide additional facilities for international financial operations; and to act as trustee or agent in regard to international financial settlements entrusted to it under agreements with the parties concerned", as stated in its Statutes of 1930.
Role in banking supervision
The BIS hosts the Secretariat of the Basel Committee on Banking Supervision and with it has played a central role in establishing the Basel Capital Accords (now commonly referred to as Basel I) of 1988, Basel II framework in 2004 and more recently Basel III framework in 2010.
BIS denominates its reserve in IMF special drawing rights. The balance sheet total of the BIS on 31 March 2019 was SDR 291.1 billion (US$403.7 billion) and a net profit of SDR 461.1 million (US$639.5 million).
Sixty-three central banks and monetary authorities are currently members of the BIS and have rights of voting and representation at general meetings. The number of countries represented in each continent are: 35 in Europe, 15 in Asia, 5 in South America, 3 in North America, 2 in Oceania, and 3 in Africa. The 63 members represent the following countries:
The first chairman was Gates W. McGarrah (1863–1940), who had risen from the job of cashier at a New York industrial bank to its president, and later the first Chairman of the Federal Reserve Bank of New York. The chairs concurrently held the role of president from April 1930 to May 1937 and July 1946 to 27 June 2005, when it was abolished. Johan Beyen of the Netherlands served as president from May 1937 to December 1939 and the position was vacant until July 1946.
BIS General Managers
Board of directors
- Andrew Bailey, London
- Roberto Campos Neto, Brasília
- Shaktikanta Das, Mumbai
- Alejandro Díaz de León Carrillo (es), Mexico City
- Stefan Ingves, Stockholm
- Thomas Jordan, Zurich
- Klaas Knot, Amsterdam
- Haruhiko Kuroda, Tokyo
- Christine Lagarde, Frankfurt am Main
- Juyeol Lee, Seoul
- Tiff Macklem, Ottawa
- Jerome H. Powell, Washington, D.C.
- François Villeroy de Galhau, Paris
- Ignazio Visco, Rome
- John C. Williams, New York
- Pierre Wunsch, Brussels
- Yi Gang, Beijing
One of the Group's first projects, a detailed review of payment system developments in the G10 countries, was published by the BIS in 1985 in the first of a series that has become known as "Red Books". Currently, the red books cover countries participating in the Committee on Payments and Market Infrastructures (CPMI). A sample of statistical data in the red books appears in the table below, where local currency is converted to US dollars using end-of-year rates.
|Per Capita||Country||Billions of Dollars|
|$8,471||Hong Kong SAR||$63|
Sweden is a wealthy country without much cash per capita compared to other countries (see Swedish krona).
- ^"Board of Directors". www.bis.org/. Archived from the original on 22 April 2011. Retrieved 2011-04-14.
- ^"About BIS". www.bis.org. 2005-01-01. Retrieved 2016-03-17.
- ^"About BIS". Web page of Bank for International Settlements. January 2005. Archived from the original on 14 May 2008. Retrieved May 17, 2008.
- ^"UNTC". treaties.un.org.
- ^"About the BIS – overview". www.bis.org. 1 January 2005.
- ^BIS History – Overview. BIS website. Retrieved 2011-02-13.
- ^"Protocol regarding the immunities of the Bank for International Settlements"(PDF).
- ^"Note on gold shipments and gold exchanges organised by the Bank for International Settlements, 1st June 1938 – 31st May 1945". www.bis.org. 1 September 1997.
- ^Kubu, E. (1998). "Czechoslovak gold reserves and their surrender to Nazi Germany" In Nazi Gold, The London Conference. London: The Stationery Office, pp. 245–48.
- ^Toniolo, G., Central Bank Cooperation at the Bank for International Settlements, 1930-1973 (Cambridge: Cambridge University Press: 2005), pp. 245–252.
- ^Higham, Charles (1995). Trading with the Enemy: The Nazi-American Money Plot, 1933–1949. Barnes & Noble. ISBN .
- ^United Nations Monetary and Financial Conference, Final Act, Article IV. London, 1944.
- ^Raymond Frech Mikesell. The Bretton Woods Debates: A Memoir. Princeton: International Finance Section, Dept. of Economics, Princeton University. p. 42. ISBN 0-88165-099-4. Retrieved 8 July 2013. Essays in International Finance 192 brief history of the BIS
- ^A brief history of the BIS
- ^Kaplan, J. J. and Schleiminger, G. (1989). The European Payments Union: Financial Diplomacy in the 1950s. Oxford: Clarendon Press
- ^Toniolo, Central Bank Cooperation at the Bank for International Settlements, 1930-1973 (Cambridge: Cambridge University Press: 2005), p. 416.
- ^James, H. (2012). Making the European Monetary Union, The Role of the Committee of Central Bank Governors and the Origins of the European Central Bank. Cambridge-London: The Belknap Press of Harvard University Press
- ^"Press release: BIS completes redistribution of shares". www.bis.org. 1 June 2005.
- ^"Products and services". www.bis.org. 21 January 2003.
- ^Bank for International Settlements, Statutes, 20 January 1930 (text amended 7 November 2016).
- ^BIS, "Time to ignite all engines, BIS says in its Annual Economic Report", 30 June 2019.
- ^Jones, M., "Bank for International Settlements sees first expansion since 2011", Reuters, January 14, 2020.
- ^BIS member central banks, BIS.
- ^"Functionaries of the Board of Directors". 10 November 2015.
- ^"Functionaries of the Board of Directors". October 2008.
- ^"About the CPMI". www.bis.org. 2 February 2016.
- ^"Banknotes and coins in circulation".
- Official website
- They've Got a Secret by Michael Hirsh, The New York Times, 2013 (a book review of Tower Of Basel, Adam LeBor, 2014.)
- "The Money Club", by Edward Jay Epstein, Harpers, 1983.
- Andrew Crockett statement to the IMF.
- An account of the use of reserve policy and other central bank powers in China at the Wayback Machine (archived February 4, 2012), by Henry C K Liu in the Asia Times.
- Banking with Hitler on YouTube, Timewatch, Paul Elston, producer Laurence Rees, narrator Sean Barrett (UK), BBC, 1998 (a video documentary about the BIS role in financing Nazi Germany)
- eabh (The European Association for Banking and Financial History e.V.)
- Bank for International Settlements in the Dodis database of the Diplomatic Documents of Switzerland
- Documents and clippings about Bank for International Settlements in the 20th Century Press Archives of the ZBW
Banco Banrural Guatemala Bank Account
Advantages and Disadvantages of Social Logins
A sort of account authentication known as behavioral login allows users to access a website or app without having to create an account. They instead utilize credentials from a third-party service like Facebook, Twitter, Google+, or LinkedIn. This concept is growing rapidly among social media users, with more than 65 percent of Facebook users using it. The goal of social login, also known as social sign-on, is to make it easier for users to access websites without having to create an account. However, there are some specific plusses and minuses of storing crucial information for many accounts on a singular social media platform. In this post, we'll analyze the advantages and drawbacks of integrating social logins, as well as whether it's safe to use them in everyday life and what guidelines to follow. How do social logins work? Auth0 (recently acquired by Okta) is the major manufacturer of social login software. Cognito, an Amazon challenger, has lately joined the market, while nothing seems to acquire traction. This combination allows users to create a free account on any website they visit without having to fill out all of the standard information boxes. They will now be able to access stuff more easily. as a result of this. A user only required to complete a few basic steps in order for the social login to work. First, the user will attempt to log into a website and will have the option to sign up using a social network provider. Next, they will choose the social network of choice depending on what the specific website decides to allow. This will prompt a request to the social network to allow the user to sign in, which will pop up on an additional screen. Then, the user will be asked if they’d like to connect with that particular website/app. If they say yes, both accounts will be linked and stored on their account page. Finally, the user will be logged into the website or application. The user can log in at any time using this method. Advantages of using social logins on your website In today's market, social logins have grown commonplace, making them a great proposition for both visitors and applications. Here are some of the most significant benefits of providing social logins into your website. 1. Increasing demand for social login Whether they realise it or not, people on social media are gradually requiring social logins. In fact, according to a report by the State of Consumer Privacy & Personalisation, 94% of 18-24 year olds and 95% of 25-34 year olds have used social logins when log into an app or website, comparing this option over creating a username and password for each site or app. 2. Improved customer experience When it comes to social login, one of the most potential advantages is the user experience. In fact, 74% of people claimed that user experience was a critical element in determining whether or not to join a website or make a purchase from a business. Integrating social login allows people to join up for their app or website quickly and effectively. This allows visitors to access your content right away rather than having to wait for an account to be created. 3. Irradicates password fatigue 92% of users want to leave the website rather than resetting their account if they forget their password. Integrating social login into your website makes it easier for users to log in to your content. This eliminates the tedious process of resetting your account and provides your customers with a streamlined experience. Customers no longer have to remember another login or compromise their personal password when logging in to a website. 4. Mobile-friendly option More than 90% of the world's Internet users use some type of mobile device to connect to the Internet. It's clear that mobile internet is here to stay. However, most connected systems make this difficult. By using social login, you meet the needs of users who want to be able to quickly access your website from their phones. This will help you expand your reach in the market and make meredith village savings bank alton nh easy for your customers to take advantage of all the services on your app or website. 5. Increases sign-ups on applications and websites Using social connections provides a consistent and recognizable way of connecting. When social connections are used, the conversion rate is higher. Not only will potential customers feel more comfortable signing up with a website or app, but the simplicity of signing up with their social media accounts makes them more likely to convert. 6. Decreases fake accounts Another great benefit of social logins is that they help reduce fake accounts. This can be extremely beneficial for bothwebsite administrators and customers. Fake accounts are often created to access personal information or pay for different services or products through another account. However, when a connection is logged into a social network account, it reduces the number of fake registrations. 7. Increases data collection for companies Having accurate data for your website is essential to increase conversions, improve marketing campaigns, and ensure you accurately define your target audience. However, it can be difficult when you have a fake account or incomplete information. Using social logins, a website may collect necessary data such as name, email address, age, interests, friends, etc. This explicit information can be used as needed to provide a more personalized experience. 8. Free to implement One of the most important benefits of social logins is that they are free to implement, making setup on a business website easy and quick. In fact, in many cases, you only need a few lines of code to start using social login. Additionally, most sites offer social login buttons that can be easily integrated into your account. 9. Increase revenues Integrating social logins is a simple way to reduce the number of times users have to contact customer service, request passwords for failed login attempts, or troubleshoot security issues. This cuts down on the time staff would need to spend assisting customers with issues that could be automated through the social login process. 10. Decreased cart abandonment Shopping cart abandonment is one of the biggest reasons why businesses fail to meet their sales goals. It can be difficult for customers to remember their login details, make sure they have all the products they need in their shopping cart or have other issues preventing them from paying. Using social logins enables this, so your customers can simply log in with their favorite social networking platform to sign up instantly. Disadvantages of using social logins on your website While it may seem like nothing but positives to the idea of social connection, there are some downsides that companies should consider before fully integrating this technology into their business. it's business. 1. Visitors may forget their chosen social media login Customers may feel unhappy with the login process if they have to know which social media option they signed up for instead of being able to reset instantly through the application. Instead, they may switch to another app or website, causing the loss of potential clients and money. 2. Providing visitors with too many options can be overwhelming It's possible that delivering too many different social networking options will overload your visitors. They may abandon the site then use your services, or they may be unsure which option is best for them. This can result in a reduction of revenue and a slowdown in conversions for your company. 3. Leaves out customers who aren’t on social media If your business primarily permits buyers to sign in via social media, it may exclude the 18% of people who do not use any online channels. To avoid losing these consumers, some websites have developed a feature that allows users to select between using social login or creating an account natively through the program. 4. Social media logins may be blocked on public networks While more venues are allowed access to social media networks, many places, also including schools and libraries, have disabled social media applications due to the site's potential to devour bandwidth. Customers who aren't connected to a private network some are on public land may be unable to enter your site using their social login if they aren't registered to a private network. 5. Poses security issues if customers account is hacked or banned However social logins can enhance password security, they can also become a problem if the original social network login is hijacked or blocked. Customers may be unable to log in to their accounts, requiring them to either register a new account or forsake your website entirely. Furthermore, if the social media platform is hacked, your organization may be a hazard. The hacker would then have exposure to all of the data on your platform, putting your website's security at risk. 6. Lack of trust with consumers Consumers are getting extremely cautious of websites that use social media authenticating as a result of the vast number of security problems that appear on a regular basis. If your consumers have had quality defects with other firms that provide this type of login option, it may be difficult to motivate them to sign in with their social login. 7. Decreases personalizationthrough the account creation process The sign-up process for visitors is easily achieved with social login. Customers aren't encouraged to register an account containing their name and email address, so it's nearly impersonal in that santander logo. This can hinder the personalization of your website and give the impression that you aren't attentive to client data retention. 8. Requires regular monitoring Assume your business encourages friends to participate up via apps. In that circumstances, you'll want to keep an eye on these sites on a frequent basis to create sure there aren't any problems that could endanger your customers' data. Keeping on top of the accounts on each platform might be a full-time job. 9. Social logins might contain false information Customers on social media sites aren't usually required to sign up with their real names, which means that any information related to their social login could be fraudulent. Customers, for example, may not wish to reveal where they work or their email addresses for reasons of privacy. This makes it tough to reach out to a consumer about a new order or other important purchase-related issues. 10. Need to rely on third-party uptime If you want to adopt a social login, you can rest on that third party's maintenance and security. If they go down, your entire website will have to go down with them. Some websites have built-in fallback strategies and stored backups to alleviate outages if their social login system fails. Best practices for using social media login When selecting to use a social media log-in, make sure you're appropriately utilizing it to get the most out of your app or website. Before implementing logins for your organization, here are some social media measures to ensure that your corporation is up to par.Read More