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Discussion Questions on E-Commerce Lecture (Week 3)

Electronic banking has significantly improved personal financial management by providing convenience, real-time tracking, automation, and budgeting tools. However, challenges such as security concerns, reliance on technology, user experience issues, privacy worries, and inclusivity remain critical. Future banking apps could benefit from innovative features like AI-driven financial advisors, voice banking, enhanced security, goal-setting tools, integration with other financial services, and educational resources.

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16 views

Discussion Questions on E-Commerce Lecture (Week 3)

Electronic banking has significantly improved personal financial management by providing convenience, real-time tracking, automation, and budgeting tools. However, challenges such as security concerns, reliance on technology, user experience issues, privacy worries, and inclusivity remain critical. Future banking apps could benefit from innovative features like AI-driven financial advisors, voice banking, enhanced security, goal-setting tools, integration with other financial services, and educational resources.

Uploaded by

likeali200
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Q1 - How has electronic banking changed your

Name:Ali Mohamed abd personal financial management?


Electronic banking has really changed the way I
Date:2025/2/16 manage my finances, making everything much
more convenient and efficient. For starters, I can
Class: the second-A- handle my banking needs from anywhere at any
time, which means I don’t have to make trips to
the bank for simple tasks like transfers or bill payments.

I also appreciate the real-time tracking features in many banking apps. They provide
instant updates on my account balances and transactions, which helps me keep an eye on
my spending and adjust my budget as needed without any hassle.

Another big plus is automation. With options like automatic bill payments and scheduled
savings transfers, I can ensure that my bills are paid on time and that I’m saving regularly
without having to think about it constantly.

Additionally, the budgeting tools available in these apps are incredibly helpful. They
categorize my expenses, allowing me to see where my money goes and helping me set
financial goals more effectively.

Lastly, having easy access to financial statements and spending reports directly through
my banking app has made it much easier to make informed financial decisions.
Q2 - What challenges do you think are most critical in electronic banking?
There are definitely some challenges that come with electronic banking:

One major concern is security. Cyberattacks and identity theft are real threats, and while many
banks have protections in place, not all of them are equally robust, which leaves users
vulnerable.

Another issue is the reliance on technology. When there are outages or technical glitches, it can
be frustrating and even prevent access to funds when they’re needed most.

User experience is also a critical factor. Some banking apps can be quite clunky or confusing,
which can lead to mistakes or frustration. If users find the app difficult to navigate, they might
not take full advantage of the services offered.

Privacy is another big concern. With the amount of personal data banks collect, there are
legitimate worries about how that information is used and shared, potentially compromising our
privacy.
Finally, there’s the issue of inclusivity. Not everyone has equal access to technology or the
internet, which can leave some people at a disadvantage when it comes to benefiting from
electronic banking services.

Q3 - Can you think of innovative features for future banking apps?


Absolutely! There are several innovative features that could really enhance future banking apps:

• AI-driven financial advisors: Imagine having an AI that provides personalized financial


advice based on your spending habits and goals. It could help you make smarter financial
decisions.

• Voice banking: Integrating voice commands would be super convenient, allowing users
to perform banking tasks or get updates just by speaking.

• Enhanced security features: Using biometric authentication, like facial recognition or


behavioral biometrics, could add an extra layer of security tailored to individual users.

• Goal-setting tools: Interactive features that let users set, track, and visualize their
financial goals could make saving feel more engaging and rewarding, possibly
incorporating gamification elements.

Integration with other financial services: Seamless connections with investment platforms,
insurance services, or budgeting apps could provide a more comprehensive view of one’s
financial health in one place.

• Educational resources: Including tutorials or financial literacy content directly within


the app could help users better understand banking products and improve their financial
knowledge.

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