Digital Technology: Online Banking, Training, and E-Commerce

Flashcards covering key concepts, advantages, disadvantages, and definitions related to Digital Technology, focusing on online banking, training, and e-commerce.

What is online banking?

A service that allows customers to access their bank account via the internet through a secure website.

What are some activities customers can do with online banking?

Customers can open/close accounts, check balances, view transactions, pay bills online, and transfer money.

What are the advantages of online banking for customers?

Available 24/7, accessible from any location, faster payment services.

What are the disadvantages of online banking for customers?

Lack of appropriate technology, no face-to-face contact, risk of fraud.

What benefits does online banking provide to banks?

Fewer branches required, availability of online-only products, and an increased customer base.

What is a significant risk associated with online banking security?

The potential for criminals to breach security systems, even with passwords and PINs.

What is online training?

A method of instruction that occurs completely over the internet, often through a Virtual Learning Environment.

What are the advantages of online training for employees?

Flexibility in learning time, no travel costs, and the ability to learn at their own pace.

What disadvantages does online training present for employees?

Limited opportunities for face-to-face interaction and potential feeling of isolation.

What is e-commerce?

The buying and selling of products and services over the internet.

What are some advantages of e-commerce for businesses?

Less time required for ordering, reduced costs for physical retail spaces, and access to a global customer base.

What are the disadvantages of e-commerce for customers?

Concerns over credit card fraud, inability to inspect products beforehand, and delays in delivery.

What is the difference between B2C and B2B e-commerce?

B2C involves businesses selling directly to consumers, while B2B focuses on transactions between businesses.