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E-commerce FEATURE

The Future Banking Business

oday in the era of Information With a great progression still a few questions
Technology we wonder how to bring still rumbles to my mind. Internet is one
Tease to our lives, whether to depend of the strongest bridge that are subjected
on Artificial Intelligence or Robots. Time to online transfers, opening of the bank
has became the unaffordable aspect of life accounts and ensuring the protection of the
which enforces customers to depend on new funds with limited fees. E-commerce always
technologies for banking transactions. The have 2 phases; one online purchases and
concept of e-commerce was evolved in 1994 other with transferring payments through the
and the first industrial commercial transaction banks accounts. As we have strong internet
of $12.48 was done through the credit cards and more technological advanced level of
by “Phil Brandenberger” of Philadelphia. securing the passwords, will hackers crack
the coded to extract the money from the
According to the latest report of Export.gov accounts or cards. Symbolically, its really
e-commerce is rapidly growing in Bahrain appreciable that banks are using different
for instance “Talabat” Information technology password techniques and the responsibility to
.
gave us an upper hand through innovation protect the cutomers from frauders / hackers
and e-commerce is one of the most innovative because data protection is always the central
concept being currently practiced in business. aspect of commercial transactions. Secondly
Order and deliver of the food through Talabat if there are absence of internet for more than
is now at our finger tips. With the support of 100 days, what could be the alternative to
the Bank credit card facilities the customers deal with the transactions. Certainly we need
can even enjoy 75% of the discount when to depend back on the older system on cash
order is placed through applications . transactions.

As per Biz Bahrain (2018) Bahrain Islamic So can we be a cash less economy!
Bank (BisB) and PayPal opted a new service After the World War II when Internet was
that exclusively focus on customers and developed for the purpose to encrypt
merchants to have their e-commerce through communication between groups of army hub
the banking applications. The statement stations, it has now became the dependent
released by the Ministry of Industry (2017) factor for small to larger businesses. Even in
indicated that Bahrain preferres to work banking sectors the customers can access
towards making the regional centre for the financial product from home or offices.
e-commerce. Worldwide e-commerce has According to 2019 there are 4.13 billion
been a platform to maintain a strong GDP for internet users which clearly indicated that
the developed countries. computer literacy rate has been growing

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