Influence of electronic banking and the internet on Lebanese banking system

Abstract

The purpose of this research project is to show the inflow of technological means that affect business especially Lebanese banks. the Lebanese private sector seeks always to implement technologies that are aimed to provide increase in its profits. Electronic Banking is now adapted by foreign banks outside Lebanon (and soon it can be adapted) by the Lebanese banks. There exists in the market an array of advanced machines to serve customers in a faster pace, and as offer them new services to facilitate their daily transactions, thus easing economic business cycle. Internet is the most advanced communication mean in the present time. This network is causing a revolution in data availability. Data availability (liable data that decisions could be based upon) is very important and the more this data is available the more efficient users of this data will be. Most banks are connected to commercial networks that is used to send and receive information locally and on the international level. One major problem facing adaptation of this new technology is the Bank of Lebanon's regulations and the security (world wide problem) of those networks (I will not go into details concerning laws and regulations.) Another important aspect will be acquisition and implementation of new tools and skills resulting from this new technology. This technology is acquired from foreign countries and adapted according to Lebanese characteristics. Sooner or later banks will have to adapt since they are an active sector in the Lebanese economy and time for this shift will not be far.