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Near Field Communication (NFC) in the context of banking sector
Word count 2600
Your managing partner is concerned with how disruptive technology will affect the future jobs and work. S/he would like you to conduct an analysis of what you consider is the most disruptive technological innovation among those that the McKinsey study has identified and prepare a report that critically analyses this disruptive technology’s impact on the nature of work both globally and in the Australian context.
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| Preview | 1.0 Abstract Growth of the online consumers and popularity of mobile devices has increased the demand for m-commerce. In this study, it is evaluated that Near Field Communication (NFC) in the context of banking sector. NFC have been brought some new capabilities to smart phones such as easier device-to-device communication, reading of other contactless chips [radio frequency identification (RFID)], and emulation of contactless cards. Two bank has been selected to analysis the impact of NFC. Commonwealth bank of Australia is one of main bank which use NFC technique since 2011. On the other hand Commercial bank of Sri Lanka also use NFC technique since 2016. 2.0 Introduction 2.1 Purpose Currently technology is changing very quickly and technology shape the society and global economy. New technology leads to new business opportunities and also block existing business opportunities. Purpose of this study is the critically analysis the disruptive technology’s impact on the current business nature. 2.2 Scope Mobile internet has become disruptive technology in most of the industries. Near Field Communication (NFC) is a newer development of mobile internet which is a specification for contactless communication between two devices. NFC enables mobile devices such as smart phones to communicate with nearby devices with a simple tap (Bonchek, 2013). NFC is a technology based on RFID and it is intended to make more convenient to exchange digital content and make transactions. A chip in the smartphone transfer radio frequency which is picked up by another NFC supported device or any object with RFID (Radio Frequency Identification) tag. Mainly NFC uses for mobile payment and also many other industries. The NFC is mainly is utilized in pay terminals in mobile devices. Mainly retailers and banks use NFC technique. |
