The application of e-commerce in the banking industry has attracted more technological innovations so as to maintain the strategic development in the banking industry. Organization development which aims at putting down plans and efforts to help an organization achieve its goals has used e-commerce as a means to the end. Organizational development aims at using various strategies, such as use of e-commerce in order to influence the attitudes, culture and values to resolve the challenges facing the marketing challenges.
The use of technology has boosted and facilitated the efforts made by organizational development in improving the bank. The effectiveness of e-commerce has seen its success based on the efforts that have deliberately been put in place to develop a culture that uses e-commerce. This has come due to the many advantages e-commerce offers to the bank. It has made it easy to carry out transactions between the bank managerial team at the headquarters and the other managers at all their branches. With the growth of globalization and the organizational development in corporations has been experiencing fast changes due to the fast change of the business settings especially due to globalization of most business. These changes have also been greatly affected by introduction of new technologies in the banking businesses. It is a difficult responsibility to keep check and understand the organizational development in a corporation without the help of technological advancement. It is an uphill task to understand the behavior of one person but it is even more difficult when you are dealing with a group.
Lloyds bank has gone through much technological change that they also require a certain class of well trained and highly skilled workers who can work using the new complex technology. The companies expect all employees to maintained an upward trend in improving their skills in order to fit in a highly diverse corporation both cultural and technologically. Companies are no longer looking for permanent employees; rather they engage employees with specific skills in technology to undertake a specific task on a contractual basis. They have to remain available by phones, tablets, computers either via their emails or other mechanisms of communication, be it at the work place or otherwise.
The success or failure of any system depends on the management team, (Buckley 2013). The management team at Lloyds bank makes policies that affect the bank. They have to have the will to initiate an e-commerce system in order for it to come to fruition. The management team at Lloyds has a policy where they listen to proposals from the junior staff on the policies they would wish the company to enroll for better performance. It is such kind of system that led to the introduction and implementation of the e-commerce system.
Further Linked Business Models
There is a link in the use of e-commerce in the business model used with B2C and B2B. This is because both have been using e-commerce to move their products and services. Although there may be complexity in the mode of communication, the cost and scale of carrying out sales, businesses may thus need experts to verify which model is better for them. The B2C sells products directly to the consumer while B2B while the business sells its products and services to other businesses.
Ethical Responsibility and Security of Data
Lloyds bank just like other business that have adopted extensive use of e-commerce, faces a myriad of challenges. The use of e-commerce has given the bank a great competitive edge in especially reaching various consumers all over the world. In using e-commerce however a lot of measures have to be put in place in order to secure the interests of the customers.
In order to provide quality service to customers, Lloyds bank has set up values and ethical rules to guide its workers. This code of ethics reassures the customers that the bank is ready to provide good and quality services with their interests at heart.
A code of ethics is crucial in that it will create the needed trust among the customers of the bank. The use of e-commerce has to achieve certain minimum standards and quality which results to better outlook of the company. For example the website of the bank has an official look which reassures the customers of the precautions the bank takes to ensure the confidentiality of the customers information.
The security of the customers is the most important rule in the banking industry. The e-commerce platforms contain a myriad of the customers emails, passwords, addresses, residence and other crucial private information. It is the responsibility of the bank to ensure that all this information is protected from other online intruders for example hackers.
The bank has put in place a Secure Socket Layer which is a layer that encrypts data belonging to clients especially when its being transmitted from one system to another. This keeps hackers and other intruders from accessing such information which if leaked would greatly harm the customers right to privacy and result to suits against the bank. Such loss of private information would also cause negative publicity of the bank which may consequently result to loss of customers.
As part of good ethical conduct in using e-commerce Lloyds bank has a group of technicians who control, evaluate, analyze and filter the materials to be written on their online platforms and websites. This team ensures that the information that is published on the websites is not misleading information which may lead to misrepresentation of the services that the bank offers. This includes misrepresenting information which often exaggerates the services and products the bank has at their disposal. If a customer having put faith on such information accepts to subscribe to the services and the company fails to deliver, this again will create negative publicity of the bank. Now days such negative publicity of a company may easily reach millions of people through the social media platforms. This therefore has made the banks management to appoint a team of players who ensure all the information relayed through their websites is not only correct and reliable but the company can also deliver.
E-commerce which is an online based service delivery system may sometimes attract loads of contents flowing in and out the system. Such information should be controlled to ensure the clients are safeguarded from misleading information. The Lloyds technical team says it is not good when most of the content supplied to customers is irrelevant and unoriginal, as this often becomes spam information which most clients do not like.
E-commerce is a technological advancement that the banks, including Lloyds bank cannot avoid. However in its implementation the players cannot give a blind eye to a strategic way of launching e-commerce. The various elements affecting the utility of e-commerce have to be put in place in order to enjoy the full benefits of e-commerce. As more banks enroll on the use of e-commerce, so are the risks that attach to it. As such banks have to ensure they have the right risk management tools and the technical skills required to carry out the maintenance of its smooth running.
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