World of digital banking author muthu siva


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World of digital banking author muthu siva

  1. 1. World of Digital Banking – AStrategic ViewAuthor:Muthu SivaME(Distinction), MBA(Australia)FIC(UK), FCMI(UK), FBCS(UK)Dated 29 Jan 2013Version 1.027 March 2013 1World of Digital Banking - Author: Muthu Siva
  2. 2. WORLD OF DIGITAL BANKING – A STRATEGIC VIEWI am publishing this paper on World of Digital Banking a strategic view. This channel isbecoming a ‘enabler’ and cash cow for the banks. 13 banks acrossUK/USA/Australia/Asia/Europe (Barclays, Santander, HSBC, Lloyds TSB, RBS, ANZ(Australia), Commonwealth Bank of Australia, JP Morgan, Bank of America, ICICI Bank,Bank of China, Credit Suisse and Deutsche Bank) are selected for this strategiccomparison.The main areas of study are :• Registration for Online Banking•Customer On-boarding time•Online banking channel features•Types of payments that can be made through online•Online banking security•Online banking compatibility with browsers and operating systems•Customer service timings•User ExperienceThis is a high level strategic comparison from customer perspective based oninformation available in their respective websites.I have also given what is special about each bank and also chances forimprovement to acquire more market share. This is my personal view based oncustomer/strategic perspective and digital banking experience.NEXT: I am currently working on next version of paper with more details. This is due tobe released every three months.27 March 2013 2World of Digital Banking - Author: Muthu Siva
  3. 3. BARCLAYS Link Eligibility to Register Barclays Cash Card, authentication card or business debit card and a valid UK postcode Time to activate the 7 working days service Channel Features Statements will be available online for seven years. Statements for closed accounts will be available for five years following account closure Customize the homepage, rename accounts. Transfer between accounts, make payments to others or pay bill, track payments, update personal details. Export data to money management software. All Barclays account will be automatically added to your online banking. Types of Payment Internal transfer up to 250k per transfer and many transfers are allowed Setup standing orders to an account within UK Payments can be made to anyone. It takes same day payment to Barclays account and same day or next day payment to Non-Barclays accounts.27 March 2013 3World of Digital Banking - Author: Muthu Siva
  4. 4. BARCLAYS Security Login online banking using PINsentry Online Banking Guarantee New payees setup for standing order requires PINSENTRY Suggested to get Kaspersky Mobile Security Software free of charge if you use Online Banking. Online banking Microsoft Internet Explorer version 7 or higher compatibility Mozilla Firefox version 3 or greater Safari version 4 or greater Opera version 10 or greater Google Chrome 3 or greater iPhones running iOS4.2.1 or later, Android 2.3 and above or BlackBerry OS 5.0 and above. Customer Support Phone - Lines open Monday to Sunday 7am-11pm Online Forms User Experience The functions seem to be useful but it is not easier and the recent changes made in March 2012, had further aggravated the problem. The technical aspects of the banking system make it inefficient. But it is customizable and allows users to identify with themselves. Special and Needs Special - International Payments, New level of online banking Improvement security - PINSentry Needs Improvement - "Online banking unavailable" appears often 4World of Digital Banking - Author: Muthu Siva
  5. 5. SANTANDERLink to Register Debit or Credit CardTime to activate the 5 to 7 working daysserviceChannel Features Can view more than 4 years worth of transactions and statements online. Customers can customoize the summary view, rename accounts, change order of display, transfer or move money, pay bills, organize standing orders and direct debits, pull money from external accounts, download transactions to spreadsheet or other softwares, Set up and manage Savings Goals, Order duplicate statements and tax certificates, Order replacement PINs, cards and chequebooks, View and update personal details, Set up to receive FREE alerts by email or sms, Open a new accounts / rename and reorder existing account, Set up an overdraft or request a new limit, Check & repay Santander credit card balances Santander Banking, Savings and Credit Card accountTypes of Payment Santander Current or Savings accounts, arrive on the same day; Santander Cards Ltd, arrive the same day but take a working day to show on Santander credit card statement; Non-Santander accounts in the UK will usually be available the same day if it goes by Faster Payments‘ 5World of Digital Banking - Author: Muthu Siva
  6. 6. SANTANDER Types of Payment Transfer money up to and including £100,000 between accounts using Faster Payments Scheme OTP Password to secure payment Security Online banking guarantee Free Rapport security software A unique image and phrase combination to secure login Recommended not to use when using public wi-fi Online banking Mobile banking through any mobile phone with internet compatibility access whose network allow secure SSL-enabled web traffic. Mobile banking app is compatible with Iphone or Ipad. Customer Support 7am-11pm Monday to Saturday and 9am-9pm Sunday Messages User Experience System has many useful funcitons but there has been wide concerns regarding the inclusion of personal data in cookies. There are technical issues regarding error pages, delay in receiving passwords, frozen payments and accounts. These delays, required visits to branches, repeated identification verification process makes it difficult to be identified with the customers. Special and Needs Special - Faster Payments, OTP passcode, image and phrase Improvement combination security Needs Improvement - android mobile app, overall service 6World of Digital Banking - Author: Muthu Siva
  7. 7. HSBC Link Eligibility to Register Account number or Credit Card; (10 digit personal banking number, 6 digit pin, HSBC secure key) Time to activate the Immediate access using Tax ID number, HSBC ATM, credit or debit service card and associated PIN Channel Features Review the last 24 months of transactions for Personal Internet Banking, View eligible checking and savings statements for the last 12 months through eStatements Pay bills, Online Check Images, Transfer funds, Bank to Bank Transfers service, Initiate wire transfer requests, View information about mortgage account, Obtain quotes for several insurance products, View investment and brokerage balances, Request a credit card line increase, Apply for HSBC select accounts and services, Order new checks, Request copies of statements, Request a Stop Payment for an HSBC check, Email Customer Relationship Center, Online Password Reset View balances and transactions on deposits, loans, credit card, and mortgage accounts Types of Payment Move up to $350,000 in or out of your HSBC account daily at one time Wire Transfer requests submitted before 3:00 PM Eastern Time on a business day will be reviewed the same day Bill Payments scheduled before 1:00 P.M. Eastern Time, Monday through Friday (excluding federal holidays), will be processed on that day. Payments and other transfers secured through Online Guarantee27 March 2013 7World of Digital Banking - Author: Muthu Siva
  8. 8. HSBC Security $0 Liability, Online Guarantee Login Online Banking using Security key $0 liability for unauthorized credit card charges, $0 liability for unauthorized online bill payments or transactions on the HBSC accounts Online banking Microsoft Windows 7, Vista, XP, Apple OS 10.6.8 compatibility Internet Explorer Up to version 9.x, Firefox Up to version 11.x, Safari Up to version 5.x, ChromeTM Version 18.x Web-based mobile banking or Mobile App in Apple, Android, Blackberry mobiles Customer Support Lines are open 8am to 10pm every day except for Christmas Day, Boxing Day and New Years Day. Online Messages User Experience Easy to use, plenty of technical support online, appealing visual design with everything clearly and logically laid-out. Customizable making the customers identify with themselves. Additional tools would give the users a wow experience. Neverthless, it is valuable to customers with comparatively additional features. Special and Needs Special - facility to request the stopping of a cheque, have a Improvement new PIN sent, secure key Needs Improvement - No good financial management tool, no sorting options, no way to bundle money.27 March 2013 8World of Digital Banking - Author: Muthu Siva
  9. 9. LLOYDS TSB Link Eligibility to Register Need to be over 16, have a current account, credit card or savings account. Joint account holders to register separately Time to activate the 5-8 working days service Channel Features View your statements and transactions (as far back as 1 July 2002) Money Manager tool, Bill Manager tool, order foreign currency View Lloyds TSB accounts which include most credit cards, savings, loan balances and mortgage balances. Can view statements, check balance, manage Direct Debits and standing orders, move money and make payments, apply to increase credit limit, apply for other products. Types of Payment Payment limit of £25,000 BACS and Faster Payments, make same day payments International Payments - Send up to £50,000 a day (additional charges apply) Secure Payments - Automated call to set up payee27 March 2013 9World of Digital Banking - Author: Muthu Siva
  10. 10. LLOYDS TSB Security Internet Banking guarantee Fraud detection, Automatic logoff, Secure logon, Deactivation, telephone masking Online banking Windows 7,Windows Vista,Windows XP,Windows 2000. compatibility MAC OS X, Microsoft Internet Explorer version 7 or 8. Mozilla Firefox version 3 or newer, iPhone iOS4.0 and above. Android 2.2 and above, Blackberry 5.0 and above. Most Nokia smartphones up to Symbian^3. Customer Support open 7am - 10pm Mon to Fri and 8am - 6pm weekends. Online questions User Experience Easy to use service, well documented, transaction side is efficient and concise. The recent changes to make it customizable has gained popularity. The simple nature of the system has attracted customers and adds value. Special and Needs Special - Money manager, bill manager, real time balances Improvement and transaction history back to 2002 Needs improvement – Collaborative tools like live chat to support customers, secure messaging. Ability for customers to do more personalisation. Setting up payments can be without telephone banking interaction. Better user experience by using SMS/email. 1027 March 2013World of Digital Banking - Author: Muthu Siva
  11. 11. ROYAL BANK OF SCOTLAND Link Eligibility to Register Aged 11 or over, have RBS account (need account number, sortcode, debit card) Time to activate the Immediate access service Channel Features View and search transactions and statements going back up to seven years Transfer money, make payments, arrange standing orders, Direct Debits, Order stationery and card readers, apply for other products. View four months of credit card statements Types of Payment Faster Payments, CHAPS Secure payments through card reader Multi currency account for international payments - an income of at least £75,000 per annum, or £25,000 to deposit Security Online and Mobile Security promise Free Rapport Security software Card Reader Alerts service 1127 March 2013World of Digital Banking - Author: Muthu Siva
  12. 12. ROYAL BANK OF SCOTLAND Online banking Iphone, Ipad, Android, Blackberry app compatibility Windows XP or later – including Vista and Windows 7, MAC OS X 10.4 or later, Windows - (Microsoft Internet Explorer version 7 and above Firefox 3.5 and above Google Chrome 8 and above Safari 4.x and above Opera 10.0 and above AOL 8.0 and above) MAC - (Safari 3.2 and above Firefox 3.5 and above Google Chrome 8.0 and above Opera 10.0 and above) Customer Support Lines open 24 hours a day, 7 days a week Online questions User Experience Convenient and easy to use, simplified transaction search, Customizable view makes digital banking favorable and valuable. Fast system and available mostly. Safe and Secure with track records. Special and Needs Special - Certificates of interest (makes tax filling easier), Improvement Card Reader, International Payments Needs Improvement - Financial management tools, bundling options 1227 March 2013World of Digital Banking - Author: Muthu Siva
  13. 13. ANZGOMONEYLink to Register Customer Registration Number and TelecodeTime to activate the Immediate accessserviceChannel Features View online statements up to 7 years. 120 days of transaction history. Money Manager - categorization, budget goals, spending limits, notifications, reporting Check balances, change contact details, pay bills, transfer money International services - Transfer fund overseas Cheque/savings account, Card accounts Investment accounts Loan accounts Term depositsTypes of Payment A limit of $50,000 per transaction and $75,000 per day applies BPAY for Bill Payments The daily limits range from $1,000, $5000, $10,000 1327 March 2013World of Digital Banking - Author: Muthu Siva
  14. 14. ANZGOMONEYSecurity Online banking guarantee Fraud detection systems Encrypted data Automatic time-outsOnline banking Windows 2000®compatibility Mac OS X (10.6) Windows XP® (SP2+) Windows Vista® Windows 7® Internet Explorer® 9.x (preferred) Internet Explorer® 8.x Firefox® 13.x Google ChromeTM 20.x SafariTM 5.x Iphone, Android banking app Other mobiles - SMS based mobile bankingCustomer Support 24 hours/7 days Live Chat Online QuestionsUser Experience Easy, reliable to use system, well-rounded with necessary special features, value for money, continual support, without much waiting and unnecessary delays.Special and Needs Special - International services, green receipts, secure 14 Improvement27 March 2013 banking. Needs Improvement – Transaction history for more periodWorld of Digital Banking - Author: Muthu Siva
  15. 15. COMMONWEALTH BANK OF AUSTRALIALink to Register Account number, card pin and mobile phoneTime to activate the Immediate accessserviceChannel Features view up to seven years of statements View last 2 years of stored transactions NetBank payment limits: $20k for Unlinked Accounts $100k for BPAY $5k for International Money Transfers Check transactions, transfer money, BPAY, Manage accounts, Customize Statement accounts, Passbook accounts, Credit Card accounts, Home Loans/Mortage Interest accounts, Personal loans, Term depositsTypes of Payment Online payments secured using Netcode - OTP Extra verification and investigation for transfers to unlinked accounts or third party International Money transfers - upto $22 per transfer 1527 March 2013World of Digital Banking - Author: Muthu Siva
  16. 16. COMMONWEALTH BANK OF AUSTRALIA Security 6 months Internet McAfee security 100% Security guarantee Automated timeouts Netcode SMS Online banking Windows 7, XP, Vista, compatibility MAC OSX Internet Explorer 7 and above Google Chrome (v16-v18) Mozilla Firefox (v8 - v12) Safari (v4, v5 & v5.1) Safari (iPhone & iPad) recommend iOS5.1 (Requires iOS 3.1 or later) Webkit (Android mobile) Android Honeycomb 3.0+ Android Ice Cream Sandwich 4.0+ Chrome app Customer Support 24 hours a day, 7 days a week, Online Message and forms User Experience Easy to use, highly accessible, powerful features making the system valuable and identifiable with customers. A recent scam of a fake website to obtain details of customers has been rectified at last. Special and Needs Special - Realtime banking and transaction history for Improvement extended period 16 Needs improvement –Availability of banking for customersWorld of Digital Banking - Author: Muthu Siva
  17. 17. CHASE (JP MORGAN)Link to Register Social Security Number, Account numberTime to activate the Immediate accessserviceChannel Features See and print 7 years of statements anytime. View 24 months transaction history Check balances, pay bills, transfer money, send overnight checks, initiate wire transfers, view documents like Check images, receipts, summaries Checking/Savings account, Credit Card, Mortgages & Home Equity, Auto Finance.Types of Payment Online Bill Pay guarantee Onetime or repeated paymentsSecurity Online and Mobile banking guarantee Fraud monitoring tools Security Alerts Zero liability 1727 March 2013World of Digital Banking - Author: Muthu Siva
  18. 18. CHASE (JP MORGAN)Online banking Windows XP, Windows Vista, Windows 7compatibility Internet Explorer 7 and higher Firefox 3.0 and higher Chrome 12 and higher Mac OS-X Tiger, Leopard, Snow Leopard and Mountain Lion Firefox 3.0 and higher Safari 4.0 and higher Chrome 12 and higher Mobile app available for Iphone, Ipad, Android, Blackberry, Kindle Fire, Windows PhoneCustomer Support 7 AM to 9 PM, 7 days a week Automated service - 24 hours/ 7 days Online Message Fraud reportUser Experience Clean layout. Text based navigation makes process quick. Provides overwhelming information. User friendly systems makes the customer identify with themselves. Overall, the online banking system is appealing and valuable.Special and Needs Special - Online resources, Online Bill Pay.Improvement Needs improvement - overwhelming information combined with graphics and marketing blurbs gives a little disoriented experience 1827 March 2013World of Digital Banking - Author: Muthu Siva
  19. 19. BANK OF AMERICALink to Register Social Security Number, Account number, associated pin, email addressTime to activate the Immediate AccessserviceChannel Features View 12 months of transactions View 18 months of statements View 24 months of payment history Check balances, receive alerts, transfer funds, bill pay, e-bills, portfolio management, self service, download information International and domestic wire transfers Deposit accounts, credit card, mortgage, loan or line of credit.Types of Payment Payments using safepass - one time 6 digit passcodes combined with sitekey Bill payments can be for any amount between $1.00 and $99,999.99 Transfers submitted to the accounts of other Bank of America customers may not total more than $1,000 during any 24-hour period or $2,500 during any 7-day period. 1927 March 2013World of Digital Banking - Author: Muthu Siva
  20. 20. BANK OF AMERICA Security Online banking security guarantee Free year of McAfee Internet Security Rapport online fraud protection Secure Sitekey Online banking Microsoft Internet Explorer 7.0 and higher compatibility Firefox 3 and higher Chrome 3.0 and higher Safari 3.0 and higher Firefox 3 and higher Chrome 4.0 and higher Iphone, Ipod touch, android, windows phone, black berry mobile apps. Customer Support Monday–Friday 7 a.m.–10 p.m Saturday–Sunday 8 a.m.–5 p.m Online message Live Chat User Experience Easy, convenient and userfriendly website, attractive to customers, one-stop shop for most requirements, provides value to customers, effective online bill payments and ebills. Overall, provides an incredible environment for customers Special and Needs Special - Safepass and Sitekey fraud protection, ebills, Improvement International transfers, Safe shop 2027 March 2013World of Digital Banking - Author: Muthu Siva
  21. 21. ICICILink http://www.icicibank.comEligibility to Register User id and password given at the time of account opening - Savings Account holders Credit Card holders Demat Account holders Loan Account holdersTime to activate the Immediate accessserviceChannel Features Check out past transactions and statements from the date of account opening. Manage accounts, transfer funds, pay bills, shop, recharge mobile, Money manager, international fund transfer, online tax payment, Gold investment, forex, money order, trade shares, pension calculatorTypes of Payment International fund transfer - Remit up to USD 25,000 Bank, Credit card, demat and Loan accounts are linked. Bill pay - one time registration for each biller Payment secured through OTP Quick pay 2127 March 2013World of Digital Banking - Author: Muthu Siva
  22. 22. ICICI Security i-safe OTP Secure login, cap on login attempts, timed logout, userid expiry, firewall, 2048 bit secure socket layer, entrust digital certificate Online banking Microsoft® Internet Explorer 5.XX and above compatibility Netscape® 7.XX and above Windows 98, NT, 2000, XP Android, Iphone, blackberry and other smartphones app - iMobile Customer Support 24 hours, 7 days Online message User Experience Easy to navigate, personalized look and feel, self-service features. The technical problems and often occuring system downtime causes major inconvenience to customers. The system is quite valuable to users and gives a satisfactory experience. Special and Needs Special - Online features and security Improvement Needs Improvement - Technical downtime 2227 March 2013World of Digital Banking - Author: Muthu Siva
  23. 23. BANK OF CHINALink to Register BOC Great Wall electronic debit card, BOC credit card or Great Wall credit card, telephone banking service for the same card are required for online registration.Time to activate the Immediate accessserviceChannel Features Record of online payment within the last one year Enquiry of foreign exchange trading transaction status within 12 months Account inquiry, fund transfer, bill payment, credit card inquiry, investments such as forex, gold, fund, securities, treasury bond, free SMS notification, service setting Great Wall electronic debit cards, Great Wall RMB credit cards, BOC series credit cards, passbook of current deposits, ordinary current deposits, passbook of time deposits, installment savings, interest withdrawal on principal deposited, and education savings opened with BOCTypes of Payment Payment limit is freely set based on personal needs Secure through E-Token Automatic opening and flexible setting of payment cards 2327 March 2013World of Digital Banking - Author: Muthu Siva
  24. 24. BANK OF CHINA Security Do not access online banking in public places Security Applet free download - Security control Online banking Windows 2000 or Windows XP(32-digit) or Windows Vista(32- compatibility digit) Internet Explorer version 5.5-7.5 mobile banking through the original WAP browser Customer Support Emergency hotline Online Forms User Experience Simple instructions, easy to use system with bilingual - Chinese and English versions. Clean layout and efficient navigation system makes the system appealing and valuable to customers. Special and Needs Special -Secure transactions, easier wealth management Improvement Needs improvement - Content Management 2427 March 2013World of Digital Banking - Author: Muthu Siva
  25. 25. CREDIT SUISSELink to Register An account with Credit Suisse AG, aged above 14. A direct net contract application has to be completed and submitted for online access.Time to activate theserviceChannel Features View payments from last 45 days View transactions and statements for the last 2 years Manage assets, national and international payments, standing orders, pay bills and ebills, real time portfolio holdings, financial products over 60 stock exchanges, market data and research reports, e-documentsTypes of Payment Payments are secured through SMS secure code Domestic payment, account transfer, international payment, cash payment Register with SIX Paynet AG for bill pay 2527 March 2013World of Digital Banking - Author: Muthu Siva
  26. 26. CREDIT SUISSE Security Secure SMS code SecureMail Payments through secure environment Online banking Windows 7, Vista, XP, MAC OS X >= 10.4 compatibility 128 bit encryption IE 7.x, 8.x, 9.x FF 3.x, 4.x Safari 4.x, 5.x Iphone Mobile app Customer Support Mondays to Fridays 07:30 - 22:00 Saturdays and Sundays 09:00 - 16:00 Online Form User Experience Clean system and easy to navigate, clear instructions and documentation, enhanced features including investment products. Bilingual. User friendly and easily identifies with customers, proving valuable to users. Special and Needs Special - Investment products and real time investment Improvement Needs improvement - Mobile apps for other smartphones, Online Guarantee and security 2627 March 2013World of Digital Banking - Author: Muthu Siva
  27. 27. DEUTSCHE BANKLink to Register Customer ID and IPIN provided with welcome kit while opening an accountTime to activate the Immediate AccessserviceChannel Features View transactions and statements from the first day Account balances, statements, mutual funds transfer, buy stocks, transfer to non-Deustche banks, Online shopping, transaction alerts Fixed deposits, bank accounts, loans, investments and demat holding accounts Manage cheques, Order Demand Drafts, physical copy of statements, update personal details.Types of Payment Bill payment, DirectDebit, Tax payment, Quick pay, other bank credit card bill Payments secure through separate transaction password 2727 March 2013World of Digital Banking - Author: Muthu Siva
  28. 28. DEUTSCHE BANK Security 128 bit encryption Two passwords to provide enhanced security Monitors Trojan program Email and SMS alerts Virtual keypad Online banking Internet Explorer 6 or above compatibility Windows 7, Vista, XP Android, Iphone, Ipad Apps Mobile Websites Customer Support 24 hours a day, 7 days a week Online Forms User Experience Clear instructions with easy to navigate system. But it does not load with FF or Safari enhancing the problems of customers. The system is valuable based on the products and features offered but it is difficult to identify with customers. Special and Needs Special - Investment features Improvement Needs improvement - Technical issues and compatibility with browsers 2827 March 2013World of Digital Banking - Author: Muthu Siva