Online Transaction Platforms and Challenges (Essay Sample)

Online Transaction Platforms  and Challenges
1 Introduction
1 Abstract.
The current global community has opened new opportunities for diverse information technology and digitization of virtually every aspect of our lives. For businesses, scalability and digitization of the modus operandi characterized by such drastic changes present both opportunities and challenges. Through an exponential growth in reliance on social networks, mobile applications, and electronic distribution channels by consumers, most organizations find themselves at the height of their revenue generation, while others struggle to keep up. According to Shpak et at., (2020) the technological innovation of governments, sectors, and individual businesses is aided by the telecommunication services industry and modern innovative skills. Economic growth is accomplished as a result of digitalization, and the efficiency of commodities improves. Given the magnitude and speed of today's digitalization, the ability to respond quickly to their primary trends is considerably a competitive advantage for various industries.
Moreover, digitalization is among the most profitable instruments of communication and information technology, according to common practice. Because customers choose brands and enterprises that swiftly understand the use of the online platform, the expansion of the information age, the smart market, and internationalization processes necessitates the digitization of marketing activity. Simultaneously, the number of commercial processes is growing in today's environment, necessitating new techniques and practices to change perspectives on managing a company's marketing strategies. Many global and domestic organizations' experiences show that digitalization has a substantial impact on sales operations as a critical component of a company's marketing system. Digital communication processing and use technologies are significant sources of effectiveness and efficiency in these kinds of activities.
2 Online banking and money transfer services.
One of the most impacted industries, therefore, is the banking and online payment methods for money transfers and international transactions. At the height of digital money transfers and global payment methods, competitors are flourishing and have traditionally set the world's records in these areas. However, due to the emergence of new methods, such as bitcoin and digital money transfers, the number of innovations is increasing. Due to the technological changes that have become a reality in many industries, including the banking industry.
457200-1905In recent years, several banks have observed a sharp rise in their online banking services. Online banking services facilitate online financial transactions that relate to access and transfer of funds between a bank and its customers via Internet-based technologies. The use of online banking in terms of online access has helped many individuals who previously did not own computers or telecommunication technology to benefit from this type of service (Aissa & Thabit, 2019). In addition, online banking services have been of great use to people whose locations are far from the physical bank. Online banking has also helped increase customers' access to financial service providers. Today, consumers can easily perform a few basic transactions without having to visit a branch office. In particular, it is not very difficult for them to pay bills and deposit money using their mobile devices or personal computers. Internet-based banking strategies provide customers with exclusive privileges and additional support in comparison with the traditional branch strategy (Al-Eisa & Al-Shahry, 2014). Banks offer many opportunities for individuals and businesses through technologies that allow them to make payments using their mobile devices through methods of contactless payment systems and mobile payments.
2 Literature Review
Since the mid-nineteenth century, the term "digitalization" has been used to refer to advancements in technology. In light of organizational endeavors, some define it as companies, industries, countries, and other entities accepting or expanding their use of virtual or computer technology. Castells recognizes this notion as one of the hallmarks of the modern period in the digital economy, community, and culture that has emerged as a result of digitalization (Shpak et at., 2020). Other scholars, for example, have defined digitalization as the organization of many diverse aspects of social life through electronic information and communications technology. According to Shpak, not only is the employment of computer technologies vital for preserving competitiveness or conquest in the current time but so does the transfer to current inventive revenue streams (2019).