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Online Banking Service: More Pros than Cons

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Discuss a product or service that you or a family member thought a dud but was successful. Why did you think it not a viable product, what features made it successful, and do you now see previously unrecognized value?

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https://brainmass.com/business/marketing-strategy/online-banking-service-more-pros-than-cons-597183

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One such service would be online banking. Both parents, and several of their adult peers, were not very keen to try out online banking at first. They were hesitant to replace the traditional banking model with an online mechanism. They really valued customer service and the personal contact that came with a banking representative to solve any of their banking issues. Additionally, they assumed that there would be several security issues with online banking and they were fearful of ...

Solution Summary

This solution looks at a service, which is online banking in this case, that was initially thought of as a soon-to-be failed service, and how customers' perception changed of this service. Essentially, online banking, in the perspective of a few working adults, provides more pros than cons.

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PROBLEM 1
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Go to http://www.bankrate.com/brm/rate/bank_home.asp. Select the Checking/Savings tab. Search for a "Local, Interest Checking Account in a State and City near where you live." Select an interest-bearing account. Which account requires the highest average minimum balance to avoid monthly service fees? Which account requires the lowest average minimum balance to avoid monthly service fees? Which account would you select for your personal checking account from this list?
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Go to http://www.bankrate.com/finance/checking/onlinebanking-still-favorable.aspx. Read the article about online banking. List the pros and cons of online banking compared to a traditional checking account. Which account type do you feel would be the best fit for a typical banking customer? Which type of account would be the best for you, and why?
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1. In the future, will we see more or less online banking? Why?
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Chpt 5
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Ticket to ride
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Chpt 6
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Chpt 8
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Chpt 10
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Chpt 11
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T-bill tips
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