Banking And The Economy


Banking is one of the most influential factors on the economies of today’s society. As with everything these days, technology is changing where, when and most of all, how we do things, specifically banking and other related financial transactions and arrangements such as mortgages, etc.
Recently, in Toronto, the very city we live in, we were in the midst of two possible bank mergers, which would have changed banking and on a larger scale the entire economy, in many ways.
In comparison to the larger banks of the world, Canada’s most major banks are not even close to the size and caliber of international banks like ING Direct, for example. This would not typically be a problem for ...

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of other countries, or even better, international banks, they are simply insignificant.
For example, hypothetically speaking, if the entire world were opting whether or not to adopt a single currency, most deciding factors would be made by the banks of each individual country. Canada, although it is a major world leader in many other categories, would not be looked upon as a country that knew much about international stature, in terms of banking. In this essay I will try to prove how banking is one of the most influential factors on the economy by using factual cases from recent times.
What does better customer relations’ mean? Increasingly, customers are demanding more convenient ways to do their banking. An Ernst and Young study (Technology in Banking Report) concluded, "nothing changes in the banking world if customers cannot get financial services when and where they wish...this means anywhere, at any time. “ Statistics show that ATM’s telephone banking, and home banking ...

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consumption of goods and services (Ammer, pg. 186), all of which, if stopped, would cause a business or a country to grind to a halt. From these statements we realize that change is an integral part of the world of economics. Not necessarily a change in what we create, rather the way we do it. Technology, that is, the development of new materials, products, machinery, and processes can create new products and concepts as well as improve production and efficiency for existing products a few key factors that determine economic growth. As a result, new jobs are created, existing ones are made easier and more efficient, and the in the end there is a greater profit margin (Thurow, pg. ...

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PAPER DETAILS
Added: 7/7/2005 08:00:27 AM
Category: Political Science
Type: Premium Paper
Words: 1889
Pages: 7

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