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Chase Bank Essay

985 Words4 Pages

Technology has made banking more accessible and convenient. Consumers can now access their accounts and complete transactions online or through mobile apps, which saves time and reduces the need to visit a bank branch. Additionally, new technologies like mobile check deposit and digital wallets have made it easier to deposit checks and make payments. However, technology has also increased the risk of fraud and cyber attacks. Chase Bank is one of the largest banks in the US and has been at the forefront of using technology to improve the banking experience for consumers. They have invested heavily in mobile banking, introducing features like mobile check deposit, mobile bill pay, and person-to-person payments. Chase has also introduced digital …show more content…

As times change as technology advances, Chase must adapt with the times as well to stay in business. The technology advancements may make it difficult for Chase to keep track and maintain each individual's personal system, along with their balance. There could be times such as the 2008 market crash where consumers may have lost everything and relied all their holding to the banks. Chase Bank is a well known bank to be reliable and trustworthy amongst their consumers, especially after 2008, the crash helped consumers realize they need more trusty and reliable bankers to entrust their valuables. An issue or controversy amongst Chase Bank and their use of technology was their data leakage in 2021. According to this article, “ Chase Bank has admitted to the presence of a technical bug on its online banking website and app that allowed accidental leakage of customer banking information to other customers.” This shows us that even perfect systems can be faulty. This can also connect back to consumers because not only were they the victim in this situation but they have to go out of their way and dedicate time and money back into fixing their financial situation because of the recklessness of Chase Bank. The impact this left on the consumers was a perfect example that they should not be totally reliable on technology. In this article it states, “BleepingComputer has asked Chase specific questions including how many customers were impacted by this issue and what was its cause. We are awaiting their response.” This shows us how impactful the data leakage could have been. Not only did Chase not know how many accounts were breached but they don’t know how many people may have suffered and got their information

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