E-business and JP Morgan Chase Essay Example

stock trading, statement viewing, checkbook balancing, and budget tracking.

The implementation of this online banking system provided Chase with a competitive edge in the banking sector, prompting numerous individuals to switch their accounts to Chase. The introduction of online banking opened up new avenues for Chase to target customers who were previously out of reach, as it offered them more convenient alternatives for conducting their banking activities online. Additionally, these opportunities resulted in significant profits for Chase during the 1980s.

Chase has found success in the e-business industry through online banking, which has become a standard in today's world. With online banking, customers can access various services such as bill pay, money transferring, commercial banking, investment management, and credit monitoring. These services come with small fees that contribute to Chase's increased profits. Moreover, online banking has sparked technological innovation within the banking industry. As a result of this development, other banking services are now accessible through the internet or mobile technology, simplifying personal and commercial financial management.

Chase has experienced positive outcomes from adopting online banking, including an increase in new customer accounts, improved competitive edge, and the implementation of new banking standards. Nevertheless, these benefits also expose the company to certain risks that can jeopardize its operations. In today's digital environment, Chase needs to confront external threats such as hackers, malicious users, and security breaches since failing to protect against them could have a significant negative impact on their business.

Acohido (2010) stated that in September of 2010, Chase faced a three-day outage in its consumer online banking system which caused all online banking services to cease. According to Chase, this issue was caused by a system outage

from a third-party vendor rather than an online attack. However, cybersecurity experts argued against dismissing the possibility of a malicious attack. Regardless of whether it was a system outage or deliberate attack, these incidents emphasize the risks associated with e-business that Chase must defend against. Such events can harm the company's reputation and potentially compromise its security. As a result, Chase and other banks have had to develop new innovations to safeguard their business and customers from potential attacks like this.

The extent to which e-business is limited depends on the investment of capital by the business. If a business decides not to allocate funds to their e-business, its operations will have restricted functionality and fewer benefits for the organization. Nonetheless, Chase online banking provides customers with unrestricted access to all banking services. Furthermore, online banking has enabled Chase to gain customer insights, develop new marketing approaches, and expand their global customer base.

Today, businesses are using the Internet to maintain their competitive advantage. JP Morgan Chase has created a virtual banking world to attract more customers and increase their profit. The decision to open an online banking website has positively impacted Chase by providing more banking options for their customers. This paper explores how e-business has affected Chase, including the advantages, limitations, and risks it has presented, and how Chase is benefiting from their online banking platform.

Reference

Acohido, B. (2010, September 16). JPMorgan Chase's online banking outage sparks questions. USA Today. Retrieved from http://content.usatoday.com/communities/technologylive/post/2010/09/investigators-seek-specific-trigger-to-jpmorgan-chases-online-banking-outage/1

JPMorgan Chase. (2010). The History of JPMorgan Chase and Co. Retrieved from http://www.jpmorganchase.com/corporate/About-JPMC/document/shorthistory.pdf