World of digital banking v 2.0


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I have done a strategic comparison of major banks in terms of their digital banking proposition.

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World of digital banking v 2.0

  1. 1. World of Digital Banking – A Strategic View Author: Muthu Siva ME(Distinction), MBA(Australia) FIC(UK), FCMI(UK), FBCS(UK) Dated 21 April 2014 Version 2.0 21 April 2014 World of Digital Banking - Author: Muthu Siva 1
  2. 2. WORLD OF DIGITAL BANKING – A STRATEGIC VIEW I am publishing this Version 2.0 paper on 'World of Digital Banking' a strategic view. This channel is becoming a ‘enabler’ and cash cow for the banks. 13 banks across UK/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 strategic comparison. 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 Experience This is a high level strategic comparison from customer perspective based on information available in their respective websites. I have also given 'what is special' about each bank and also chances for improvement to acquire more market share. This is only my personal view based on customer/strategic perspective and digital banking experience. NEXT: I am releasing next versions due to be released every three months. 21 April 2014 World of Digital Banking - Author: Muthu Siva 2
  3. 3. BARCLAYS Link Eligibility to Register Debit card and a valid UK postcode; activation code is required if the account is opened at a branch Time to activate the service Immediate Channel Features Customizable home page. Rename/Reorder accounts on the home page. Short-cuts to day-to-day banking. Transfer funds. Track a payment. Change personal information. Export data into money management software. Make daily international payments. Securely upload and store documents on Barclays Cloud It New Types of Payment Same day domestic payments (cut-off time 2:30pm) for a fee of £25 (however if the payment is under £10,000, make a payment under online banking feature can be used for no additional cost. Online Payment daily transaction limit: Personal - £10,000; Premier - £100,000; Business - £100,000
  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 compatibility Recommended to use latest version of the browser. Microsoft Internet Explorer version 7 or higher Mozilla Firefox version 3 or greater Safari version 4 or greater Opera version 10 or greater Google Chrome 3 or greater iPhones running iOS4.3 or later, Android 2.3 and above or BlackBerry OS 5.0 and above. Customer Support Existing customers 24x7; Barclaycard Internet banking: 8am to 10pm(Mon to Fri), Sat – 10am to 6pm, Sun 11am to 7pm Question/comment can be tweeted at @barclaysonline User Experience Lot of improvements in the home page of the online banking which provides shortcuts to day-to-day banking and can also be customized. Special and Needs Improvement Needs Improvement - "Online banking unavailable" appears often
  5. 5. SANTANDER Link Eligibility to Register Debit or Credit Card Time to activate the service 5 to 7 working days Channel Features Can view more than 4 years worth of transactions and statements online. Customers can customize 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 account Types 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‘
  6. 6. Types of Payment Transfer money up to and including £100,000 between accounts using Faster Payments Scheme anytime (24x7) for free. 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 compatibility Recommended to use latest version of the browser.Microsoft Internet Explorer version 7 or higher Mozilla Firefox version 10 or greater Customer Support Existing customers – 24x7; Online Banking support: 7am – 11pm (Mon – Sat), 8am – 10pm (Sun) User Experience System has many useful functions 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 Improvement Special - Faster Payments, OTP passcode, image and phrase combination security Needs Improvement – better user interface and customizable home page like it’s competitors. Social media support SANTANDER
  7. 7. HSBC Link Eligibility to Register Account number or Credit Card along with Telephone banking security number Time to activate the service Immediate 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 Guarantee
  8. 8. 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 compatibility Microsoft Windows 7, Vista, XP, Apple OS 10.6.8 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 Year's 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 Improvement Special - facility to request the stopping of a cheque, have a new PIN sent, secure key. Tweet @HSBC_UK_HELP Needs Improvement - No good financial management tool, no sorting options, no way to bundle money. HSBC
  9. 9. LLOYDS BANK Link Eligibility to Register Need to be over 16, have a current account, credit card or savings account Time to activate the service Immediate Channel Features Quick transfer of funds between own accounts. Simple user interface to access various functions like UK & International payments, Direct debits & Standing orders, Account benefits. Add-on services like Money Manager to see your spends in the past and help you plan for the future. View/Download/Print and search any statement entries back to 1st July 2002. Apply for an overdraft, loan, credit card. Open a current account. Order Travel Money Types of Payment Payment limit of £25,000 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 payee
  10. 10. Security Internet Banking guarantee Fraud detection, Automatic logoff, Secure logon, Deactivation, telephone masking Online banking compatibility Windows 7 or higher Windows 2000. 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. Customer Support 7am - 10pm Mon to Fri and 8am - 6pm Sat-Sun 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 Improvement Special - Money Manager Needs improvement - Data management LLOYDS BANK
  11. 11. ROYAL BANK OF SCOTLAND Link Eligibility to Register RBS account and RBS Credit Card Time to activate the service Immediate access 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
  12. 12. Online banking compatibility Iphone, Ipad, Android, Blackberry app 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 Improvement Special - Certificates of interest (makes tax filling easier), Card Reader, International Payments Needs Improvement - Financial management tools, bundling options ROYAL BANK OF SCOTLAND
  13. 13. ANZGOMONEY Link Eligibility to Register Customer Registration Number and Telecode Time to activate the service Immediate access Channel 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 deposits Types 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
  14. 14. Security Online banking guarantee Fraud detection systems Encrypted data Automatic time-outs Online banking compatibility Windows 2000® Mac OS X (10.6) Windows 7® Internet Explorer® 9.x (preferred) Internet Explorer® 8.x Firefox® 13.x Google ChromeTM 20.x SafariTM 5.x Screen resolution of 1024x768 is optimal Customer Support 24 hours/7 days Live Chat Online Questions User 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 Improvement Special - International services, green receipts, secure banking. ANZGOMONEY
  15. 15. COMMONWEALTH BANK OF AUSTRALIA Link Eligibility to Register Debit card or Credit card, card pin and mobile phone Time to activate the service Immediate access Channel 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 deposits Types 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
  16. 16. Security 6 months Internet McAfee security 100% Security guarantee Automated timeouts Netcode SMS Online banking compatibility Windows 7 MAC OSX Internet Explorer 8 and above Google Chrome (v16-v18) Mozilla Firefox (v8 - v12) Safari (v4, v5 & v5.1) 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 Improvement Special - Realtime banking; Social media support/comments COMMONWEALTH BANK OF AUSTRALIA
  17. 17. CHASE (JP MORGAN) Link Eligibility to Register Social Security Number, Account number or Credit/Debit card, Access to a phone or email address provided with the bank. Time to activate the service Immediate access Channel 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 payments Security Online and Mobile banking guarantee Fraud monitoring tools Security Alerts Zero liability
  18. 18. Online banking compatibility Windows 7 Internet Explorer 8 and higher Firefox 14 and higher Chrome 26 and higher Safari 5.0 and higher Customer Support 24 hours/ 7 days Online Message Fraud report Twitter @ChaseSupport (M-F 7am-9pm ET, Sat 8am – 5pm) User 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 Improvement Special - Online resources, Online Bill Pay. Needs improvement - overwhelming information combined with graphics and marketing blurbs gives a little disoriented experience CHASE (JP MORGAN)
  19. 19. BANK OF AMERICA Link Eligibility to Register Social Security Number (SSN) or Tax Identification Number (TIN), Account number, associated pin, email address Time to activate the service Immediate Access Channel 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.
  20. 20. Security Online banking security guarantee Free year of McAfee Internet Security Rapport online fraud protection Secure Sitekey Online banking compatibility Microsoft Internet Explorer 8.0 and higher Firefox 14 and higher Chrome 26 and higher Safari 5.0 and higher 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 and convenient 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 Improvement Special - Safepass and Sitekey fraud protection, ebills, International transfers, Safe shop Needs Improvement – Needs enhanced user friendly website, No Social media support BANK OF AMERICA
  21. 21. ICICI Link Eligibility to Register User id and password given at the time of account opening - Savings Account holders Credit Card holders Demat Account holders Loan Account holders Time to activate the service Immediate access Channel 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 calculator Types 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
  22. 22. 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 compatibility Microsoft® Internet Explorer 8 and above Windows XP and above Chrome 22 and above Firefox 10 and above Customer Support 24 hours, 7 days Online message User Experience Superior user interface, Personalized and Customized view, Personal Financial Tools, Enhanced security Special and Needs Improvement Special - Online features and security Needs Improvement – Frequent downtime for maintenance. ICICI
  23. 23. BANK OF CHINA Link Eligibility 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 service Immediate access Channel 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 BOC Types of Payment Payment limit is freely set based on personal needs Secure through E-Token Automatic opening and flexible setting of payment cards
  24. 24. Security Do not access online banking in public places Security Applet free download - Security control Online banking compatibility Windows 2000 or Windows XP(32-bit) or Windows Vista(32-bit) Internet Explorer version 7 or above 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 Improvement Special -Secure transactions, easier wealth management Needs improvement - English information BANK OF CHINA
  25. 25. CREDIT SUISSE Link Eligibility 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 the service Channel 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-documents Types 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
  26. 26. Security Secure SMS code SecureMail Payments through secure environment Online banking compatibility Windows 7, Vista, XP, MAC OS X >= 10.4 128 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 Improvement Special - Investment products and real time investment Needs improvement - Mobile apps for other smartphones, Online Guarantee and security CREDIT SUISSE
  27. 27. DEUTSCHE BANK Link Eligibility to Register Customer ID and IPIN provided with welcome kit while opening an account Time to activate the service Immediate Access Channel 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
  28. 28. Security 128 bit encryption Two passwords to provide enhanced security Monitors Trojan program Email and SMS alerts Virtual keypad Online banking compatibility Internet Explorer 6 or above 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 Improvement Special - Investment features Needs improvement - Technical issues and compatibility with browsers DEUTSCHE BANK