Current Event Summary – Article Example
Current Event Summary An article written by Yun-Hee Kim en d “Citibank Pushes High-Tech in Expanding Asian Market” published in the Wall Street Journal on October 17, 2010 proffered Citigroup, Inc.’s strategy of investing more on technological aspects of banking to support their expansion into the Asia-Pacific markets. Due to the tremendous potentials for growth and revenue expected from those markets, management of Citigroup focused on “the ‘smart-banking’ model, with interactive touch panels, video-conferencing capabilities and full-service banking from devices such as iPhones and iPads” (Kim, par. 1).
In an interview with the head for Asia-Pacific, consumer banking at Citibank, Jonathan Larsen, to discuss the role that technology plays in the banking sector, Larsen averred that banking in contemporary global markets are moving towards a paperless and wireless operating system. He further indicated that technology’s role is to adapt to the changing demands of the times emphasizing on “speed, simplicity and ubiquity” (Kim, par. 5).
With the trend on mobile banking, Kim inquired on the possible problems of security breaches and how Citibank addresses it. Larsen replied that technological breakthroughs such as the “out-of-band authentication… allows you to receive a phone call with a PIN number and you can key that number back into your phone so it never goes through the PC channel” (Kim, par. 16). The kind of sophistication in enhancing security measures including options for voice biometrics is currently being evaluated.
The article is interesting and informative as it presented issues in contemporary banking operations including trends that would continue in the near future. Society is now faced with advancement in technology which pervades and dominates all facets of a person’s life. Various professionals from diverse endeavors have envisioned the fast pace of technological breakthroughs as risky in the sense that new devices are put to work before there is the capacity or the will to control destructive side effects. These are manifested in the features and facilities offered by online banking. Although there are vast amounts of advantages offered by this type of service, risks still emerge despite reasonable measures. In addressing the concerns emerging on online banking, the most critical factor to consider is one’s personal commitment to be vigilant and aware of the threats, issues, developments, and applications that encompass it now and in the near future.
Kim, Yun-Hee. “Citibank Pushes High-Tech in Expanding Asian Market.” Wall Street Journal.
October 17, 2010. Web. October 23 2010.