1. money across the globe. Advantages and disadvantages of

1. Network convergence is nothing but providing different
kind of communication services such as Voice, data and video inside a single
network. It can also be referred as media convergence. CORE has voice and data as
part of their network convergence. Voice communication is a significant part of
financial institutions and it is very important to improve customer service. Video
convergence is another type of additional Convergence opportunity. Network convergence
will bring voice, data and video communications together to provide better
service to the CORE members.

2. CORE provides its members Business services, ATM Deposit,
Mobile banking and Visa Debit cards. Apart from these services CORE should
offer the following services and products.

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Payroll deduction:

Second mortgages

Prepaid debit and travel cards.

Notary service

Individual retirement accounts

Electronic tax filing

Stock brokerage services

Mutual funds

If CORE offers the above services to its members, then it’ll
become single stop for customers seeking many services.


4. CORE depends on many third-party vendors to maintain its
business by providing multiple services and products to its customers. The ATMs
of CORE are linked with third-party ATM networks which are proficient of
providing access to the money across the globe. Advantages and disadvantages of
depending on the third-party vendors is listed below.



CORE Can reduce the cost of payment
processing by processing the transactions of CORE through third party vendors.
Example: PayPal. This can reduce the operational cost for the company. Recruitment
can be brought down thus by reducing the costs.


Third party vendors can have proficient resources specialized in the respective
service. The technical expertise will help the CORE provide the better services
and quality products to their members.



When working with third party vendors the
data of the company will be accessible by many people. Data can be compromised



Customer service sometimes can be not up to
the mark when working with third party vendors. Service level agreements can
not be reached sometimes when working with outsourced vendors.  

5. With the usage of internet increasing day by day, the
online transactions are also increasing exponentially. Still people seem to be
not interested in Online banking for many reasons. Concerns over the security,
lack of knowledge on how to make the online transactions and ignorance of the online
banking benefits are some of the reasons.

If I were a manager at CORE, I’ll do the following things to
encourage more members to do most of their banking online.

Providing an educational support on Online
banking, Paperless statements and many other online services.

Designing marketing strategies to promote online
banking. This can be done by explaining the members the time and money they can
save with the depositing money/checks online and transferring the money using
mobile banking.

By assuring them about the security of online

Explain members the Cashback and the other card
benefits which are available with credit card.

6. As mentioned in the case study it is very important for
any company to provide security to the member accounts especially for financial
companies. There are many back up and security measures being carried out by CORE
to protect their member accounts. In addition to that there are few other
measures which can improves the security. Authentication is one of the major mechanism
which can improve the security. By enabling the Two factor authentication for
mobile payments and online transactions CORE can assure safety to the Members. Data
encryption should be enforced so that CORE can protect the data before placing it
on a network. Encryption is very powerful mechanism of providing data
confidentiality. Firewalls should be set with specific rules so that the traffic
can be denied or allowed. Proxy firewall is one of the advanced firewall type which
can prevent the intrusion. Backup mechanisms are also integral part of company.
Both data related, and network related Backups should be maintained. Back up
for the data should be maintained regularly. Offline copies of the data backup should
be maintained apart from the cloud backup depending on how important the data
is. The frequency also decided by the importance of data. Coming to the network
related backup, battery backup should be provided to all the critical
components so that they can be up and running all the time and prevent losing
any data.