Introduction- define e-business PDF TO BE USE FRM RALPH

Background- core business

The Bank commenced business on June 12, 1990 at the Waterfront Plaza, Plot 270, Ozumba
Mbadiwe Avenue, Victoria Island, Lagos. It was listed on the Nigerian Stock Exchange on June
25, 2004. Oceanic Bank International Plc, therefore, is a nineteen year old commercial bank with
business offices located in several parts of Nigeria.

The Bank is one of the largest in Nigeria. Her financial year runs from January 1 to December 31
of the subsequent year. Oceanic bank's impressive performance over the years accounts for the
quality of its customer portfolio which includes Corporate Organizations, High Net-worth
Individuals, the Federal Government and some State Governments. Ocean Bank’s core business
is as follows; Corporate Banking Group (CBG), Treasury and Financial Institutions Group
(TFIG) , Retail Banking Group (RBG) and Public Sector Group (PSG)

What does your industry operate in?

The bank operates in the following;

* 1 of top 3 in Balance Sheet size, Capitalization & profitability

* Financial Holding Group

* Regulation Compliant Bank

* Opinion Leader on Economic and Business Issues

* Customer Service Oriented Bank

The main players and adopters of e-commerce in Nigeria are as follows;

E-commerce Adopters
ACCESS BANK PLC

CENTRAL BANK OF NIGERIA

FIRST BANK OF NIGERIA PLC

GUARANTY TRUST BANK PLC

NIGERIAN INTERNATIONAL BANK LIMITED

ZENITH BANK PLC

OCEANIC BANK PLC

Position of Oceanic Bank Plc

Ocean Bank is a primary dealer for FGN Bonds. One of the fastest growing financial institutions
in the Country, this clearly evident in financial performance, strong balance sheet size and
remarkable rise in deposit base. The bank has witnessed 597.3% growth in total assets over the
past five years with FYE06 figure of N371 billion. In 2006, Oceanic bank signed an agreement
with Cominvest (the asset management subsidiary of CommerzBank AG) to become one of the
banks appointed by the CBN to manage the nation’s external reserve.

Oceanic Bank wins 2007 Bank of the Year Award, the second time in a row. Oceanic Bank
International Plc was named the Bank of the Year in Nigeria by The Banker magazine, a
subsidiary of the Financial Times of London. Oceanic Bank International Plc was named the
Bank of the Year in Nigeria by The Banker magazine, a subsidiary of the Financial Times of
London. The Banker magazine - an internationally recognized and acclaimed organization
involved in providing coverage and analysis of banking and banks - has been an authoritative
source of global financial intelligence since 1926.

BASIS OF COMPETITION

New competitors are emerging in the electronic transaction switching and payment processing
industry, initially monopolized by Interswitch. The web site of the Central Bank of Nigeria
defines a switch as a system that captures electronic financial transactions from touch-points,
applies rules, determines destinations, delivers the transactions and gives appropriate feedback.
Despite the fact that technology is on the verge of attaining its development stage in Nigeria,
Oceanic Bank has strived much to adopt the e-commerce business. However, the competition
amongst most bank exist nevertheless Ocean bank still try to communicate the quality of their
products and services via e-commerce to their potential customers.

Oceanic bank Organization aim

Oceanic Bank's contribution to efforts aimed at fostering development, peace and prosperity
across the globe. Trends in today's global economy suggest that effective human capital
development is essential for outstanding success in individual and corporate endeavours. The
complex world economy requires every organization and nation to harness its human capital
potential through continuous engagement. The process of engagement helps to assess the impact
of change on people and provide ways to help them understand and commit to a higher-level of
performance.

Oceanic bank largest market

Oceanic Bank has a lot of experience and expertise in the capital and money markets. However
the bank will utilize it’s ability, capital and size to ensure that they add value to the bond
market.” assuring that the bank would continue to live up to expectations and would not relent in
its efforts at providing modern electronic banking services as well as offer products tailored to
meet specific needs of customers. This gives the bank the opportunity to use the bond market to
attract investment into the country. The bond market is one of the most important money markets
in the country and investors will always be willing to put their money there.

E-commerce use in Oceanic Bank

The dependent variable is adoption of ecommerce. In this study, adoption of ecommerce is
defined as the use of computer networks, principally the internet, for sharing of business
information; maintaining of business relationships; and conducting of business transactions
(Turban et al., 2004)
All over the world, advances in Information and Communication Technology (ICT) increase
opportunities to create new products and service delivery channels that are fast transforming
businesses. The recognition of this emerging reality has propelled Oceanic Bank to place high
premium on its ICT infrastructure, to foster interaction as a basis for creating value for its
communities of customers. And just last week, the bank took its service delivery to another level
by introducing a value-added service known as Oceanic T-Alert to keep customers informed on
transactions on their accounts.

The new service, known as Oceanic Transaction Alert, is available to all savings and current
account customers of the bank. The service is based on short messages sent through mobile
phones or e-mail (SMS) within minutes of transaction to customers whose accounts have
recorded transactions. This new service is basically in line with the bank’s vision of making
excellent service delivery the hallmark of its operations. Among the e-banking products of
Oceanic Bank are both Mobile Commerce and E-commerce. While Mobile Commerce enables
customers’ to check their account balance, buy airtime for phones, pay utilities and check
statement of accounts for last five transactions, E-commerce allows customers make purchase of
goods and telecom products online.

Current State of E-commerce at Oceanic Bank

It is only through this that the issue of customer loyalty comes to bear and it remains the main
distinguishing factor among financial institutions.
All over the world, advances in Information and Communication Technology (ICT) increase
opportunities to create new products and service delivery channels that are fast transforming
businesses. The recognition of this emerging reality has propelled Oceanic Bank to place high
premium on its ICT infrastructure, to foster interaction as a basis for creating value for its
communities of customers. And just last week, the bank took its service delivery to another level
by introducing a value-added service known as Oceanic T-Alert to keep customers informed on
transactions on their accounts. The new service, known as Oceanic Transaction Alert, is
available to all savings and current account customers of the bank. The service is based on short
messages sent through mobile phones or e-mail (SMS) within minutes of transaction to
customers whose accounts have recorded transactions. This new service is basically in line with
the bank’s vision of making excellent service delivery the hallmark of its operations.

The T-Alert communicates details of financial transactions as they occur. It also notifies new
account holders of the opening of their accounts, keeping them informed of their new account
numbers. It also sends messages to customers on their birthdays, wedding anniversaries, and
seasonal greetings. Through the service, customers can send feedback to the bank on the e-mail
SMS and SMS to e-mail platform.

What distinguished the Oceanic T-Alert service from others is its capacity to alert customers on
both outgoing and incoming cheque lodgments. It also notifies customers of cleared cheques and
returned cheques. These added values are key to Oceanic Bank. The service is meant for both old
and new customers of the bank, and it only requires a customer walking into any of the branches
of the bank and requested to be signed on. Among the e-banking products of Oceanic Bank are
both Mobile Commerce and E-commerce. While Mobile Commerce enables customers’ to
check their account balance, buy airtime for phones, pay utilities and check statement of
accounts for last five transactions, E-commerce allows customers make purchase of goods and
telecom products online. Other e-banking products from the bank include.
 Privacy Policy complying with the industry.

Banks need to update the safety of confidentiality of each an every customers patronizing the
services of said bank (oceanic bank). In as much as there are major hindrances for online
banking and transaction aspect of e-commerce at oceanic bank, it needs to self guide client’s
private information that floats around internet. This is vital that the firm must invent legislation
to control the utilization of customer’s private information and self keeping.

Oceanic Bank understands the importance of the confidentiality of the personal and financial
information there customers and visitors to there website supply and as such we maintain
appropriate security standards and procedures regarding unauthorized access to information.
They use your information to manage your account(s), give you statements and provide services.
They also use your information for assessment and analysis such as to determine what kinds of
products, services and sections of our site may be of greatest interest to you. Your information
also helps us to develop and improve on our existing products and services.

Oceanic Bank has established security standards and procedures which are periodically reviewed
and tested in order to safeguard and protect customer information. As a result of this, they can
and will treat your personal and financial information that may come to there knowledge with
utmost secrecy and confidentiality such that your information shall not be made known to a third
party without your express authorization unless otherwise required by law.