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Strategic Information Of The Information Superhighway Internet At Cb Financial Bank

2856 words - 12 pages

STRATEGIC IMPLICATIONS OF THE INFORMATION SUPERHIGHWAY/INTERNET AT CB FINANCIAL BANK

Strategic Implications of the Information Superhighway/Internet

at CB Financial Bank

School of Management

IS535

Fall Term 2009

ABSTRACT

.This report will discuss the impact of the Information Superhighway/ Internet on CB Financial Bank Focus will be emphasized on current business issues such as customers’ online banking, fraud and identity theft prevention and information security strategies utilized at CB Financial. Employee job loss due to customers’ increased use of information technology (ATMs) will be briefly addressed. Proposed solutions and suggested recommendations to resolve ...view middle of the document...

Not only is CB Financial taking a lead on the Information Superhighway but its three main competitors (J.P. Morgan Chase, Harris Bankcorp, & Wintrust Financial) are also forging ahead utilizing the power of information technology in banking (Tubin, 2008).
As many innovation activities involve adding new services, expanding existing ones and/or improving the service delivery process, the success of an organization, banks

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included, depends on how well it implements its services innovation to create new markets (Dewitt & Jones, 2001).
I. Definition of Information Superhighway/Internet
Wikepedia, the online free encyclopedia, gives a plethora of definitions for this term. The term, “Information Superhighway”, was coined in 1970 by former United States Senator and later Vice-President Al Gore to refer to digital communication systems and the Internet telecommunications network. The popular term peaked during the 1990s and is presently used today. The terms Information Superhighway and Internet are frequently used interchangeably and synonymously.
Wikepedia also defines the Internet as a global network of computer networks utilizing a suite of protocols called TCP/IP (Transmission Control Protocol/Internet Protocol) that supports interconnection of a number of different computer networks. Today the Internet is also referred to as the “Net,” “Information Superhighway” and “Cyberspace.”
The Oxford English Dictionary (OED) defines the term as “a route or network for the high-speed transfer of information; (a) a proposed national fiber-optic network in the United States; (b) the Internet.
Historically, the banking business has a strong affiliation with information networks. The Rothschild family is renowned for having constructed an information network that spanned Europe in the 18th and 19th centuries, and they accumulated vast wealth by capitalizing on their information network for financial transactions. This history encourages the assumption that there is a strong casual link between the
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Information Superhighway network and profits in the banking model (Matsumoto, 2008; Gallegos & Senft, 2008).

II. Brief Background of CB Financial Bank
Founded in 1911, CB Financial, Inc. has been helping its customers grow, manage and protect their assets for nearly 100 years. It operates as the holding company for CB Financial Bank in Chicago that offers commercial and retail banking and wealth management services to small and middle market businesses, and leasing companies in the United States. In addition, CB Financial owns Technology Solutions whose core business is providing flexible equipment financing and asset management solutions primarily in the technology arena. CB Financial Bank provides customer-driven financial solutions to privately-held, middle-market businesses as well as to small businesses and individuals who work and live in the communities that the bank...

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