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FHLBNY Back to the Future Presentation Final

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FHLBNY Back to the Future Presentation Final

  1. 1. FEDERAL HOME LOAN BANK OF NEW YORK© 2011 FEDERAL HOME LOAN BANK OF NEW YORK • 101 PARK AVENUE • NEW YORK, NY 10178 • WWW.FHLBNY.COM Back to the Future David Aponte, Lauren Alin, Man Na Cheung, Jhoon Jeon, Faranak Sadeghi Naieni Fard June 2014
  2. 2. FEDERAL HOME LOAN BANK OF NEW YORK 2 » Demographics » Online Banking » Mobile Banking » Conclusion Agenda
  3. 3. FEDERAL HOME LOAN BANK OF NEW YORK 3 » Transitioning from Baby Boomers to Millennials Demographics Future of Branch Banking Notes
  4. 4. FEDERAL HOME LOAN BANK OF NEW YORK 4 » Branchless Banking – Shift from brick and mortar stores as bank branches are closing » Real Time Service – Banks offer online banking for real time account information and an electronic payment system Online Banking: Current State
  5. 5. FEDERAL HOME LOAN BANK OF NEW YORK 5 » Tailored Products – Moving from traditional products to new consumer needs in the digital channels » Customized Marketing – Activity based marketing and usage of analytics to improve customer experience and interaction » Emerging Businesses – Savings banks and federal credit unions will move towards 3rd party vendors for online banking Online Banking: Trends
  6. 6. FEDERAL HOME LOAN BANK OF NEW YORK 6 » Automation/ Heading towards self-service – 1Link » Wires » MULOC » Multiplatform » Updating Infrastructure » Marketing » Regulation Impact on FHLBNY: Online Banking
  7. 7. FEDERAL HOME LOAN BANK OF NEW YORK 7 » Potential threats: – Hacking – Phishing Security: Online Banking NY State Dept. of Financial Services: Report on Cyber Security in the Banking Sector » Security must keep pace with technology
  8. 8. FEDERAL HOME LOAN BANK OF NEW YORK 8 » Wide availability – Offered by thousands of banks worldwide to regular customers and small business owners » Accessible on all platforms – SMS, mobile sites, downloadable apps » Variety of functions – Most offer similar services, though certain banks can provide specialized options » Mobile wallet services – Venmo, Google wallet Mobile Banking: Current State
  9. 9. FEDERAL HOME LOAN BANK OF NEW YORK 9 » Growing number of users – Significant numbers of mobile device users are utilizing the mobile banking options available to them » Functions tied to technology – As hardware and software on phones and tablets improves, so do the applications developed for them » Corporate-level mobile banking – Growing demand for shows that corporate mobile banking may emerge as a strong market Mobile Banking: Trends
  10. 10. FEDERAL HOME LOAN BANK OF NEW YORK 10 Mobile Banking: Trends Corporate Mobile Banking: A Look at J.P. Morgan ACCESS Mobile
  11. 11. FEDERAL HOME LOAN BANK OF NEW YORK 11 » Increase efficiency – Stay updated and approve transactions from any phone- accessible location » Low data costs – Only transactional data is exchanged between the device and the bank’s servers » Apps for members – Create customized solutions based on member statistics Impact on FHLBNY: Mobile Banking
  12. 12. FEDERAL HOME LOAN BANK OF NEW YORK 12 » Physical security of mobile devices – Stolen mobile devices can be sold or hacked » Multi-stage authentication linked to current bank systems » Device fingerprinting – Record device-specific elements such as serial no., model, carrier, phone no. » Secure encryption of data Security: Mobile Banking
  13. 13. FEDERAL HOME LOAN BANK OF NEW YORK 13 » Changing Environment » Update 1Link » Integrate Social Media » Efficiency and Convenience » Future Outlook Conclusion

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