Argumentative Essay
Essay 3: Argumentative Revised
Banks exist to make money. Their existence began a long time ago as people needed a safe place to keep their money. The currency of that time did not make it practical for an individual to carry it around or keep at home. Banks make money by taking what is deposited from its customer’s accounts and investing it in other opportunities. They also make money by offering credit cards, mortgage and loan services, and the fees they charge for maintaining customer accounts. The business of banking has been growing more competitive as different financial institutions such as credit unions and other companies have ventured into residential banking. With the technology advancements of Integrated Voice Response (IVR) and the Internet for online banking, services and enhancements have forced the banks to offer more user friendly ways to get access to money and information. The competition has also forced banks to review their internal processes for efficiencies to ensure they stay competitive.
In order for banks to maintain their competitive advantage, they need to be constantly reviewing their processes to ensure that objectives are met quicker, more consistent, and with fewer errors. Thanks largely to technology, customers have evolved into wanting “instant gratification”. They know what they want and they require it immediately. If it is not being provided to satisfaction, there are 5 banking alternatives right on the next webpage.
Outsourcing is one way to cut monetary costs. Outsourcing is the practice of taking a daily operational task or management of a service and engaging a third party to be responsible for executing. The client and the service provider enter into a contract that outlines each party’s respective commitments, responsibilities, and other legalities. Outsourcing supporters argue that an outsourcer can provide better quality of service at a cheaper overall cost to the company. They also believe that
Banks exist to make money. Their existence began a long time ago as people needed a safe place to keep their money. The currency of that time did not make it practical for an individual to carry it around or keep at home. Banks make money by taking what is deposited from its customer’s accounts and investing it in other opportunities. They also make money by offering credit cards, mortgage and loan services, and the fees they charge for maintaining customer accounts. The business of banking has been growing more competitive as different financial institutions such as credit unions and other companies have ventured into residential banking. With the technology advancements of Integrated Voice Response (IVR) and the Internet for online banking, services and enhancements have forced the banks to offer more user friendly ways to get access to money and information. The competition has also forced banks to review their internal processes for efficiencies to ensure they stay competitive.
In order for banks to maintain their competitive advantage, they need to be constantly reviewing their processes to ensure that objectives are met quicker, more consistent, and with fewer errors. Thanks largely to technology, customers have evolved into wanting “instant gratification”. They know what they want and they require it immediately. If it is not being provided to satisfaction, there are 5 banking alternatives right on the next webpage.
Outsourcing is one way to cut monetary costs. Outsourcing is the practice of taking a daily operational task or management of a service and engaging a third party to be responsible for executing. The client and the service provider enter into a contract that outlines each party’s respective commitments, responsibilities, and other legalities. Outsourcing supporters argue that an outsourcer can provide better quality of service at a cheaper overall cost to the company. They also believe that