World of digital banking v3 Author Muthu

World of Digital Banking – A Strategic ViewAuthor: Muthu Namasivayam

ME, MBA(Aust)

FCMI(UK), FIC(UK), FBCS(UK)

Dated 1 Jan 2015

Version 3.0

World of Digital Banking - Author: Muthu

Namasivayam

1

WORLD OF DIGITAL BANKING – A STRATEGIC VIEW

I am publishing this paper on 'World of Digital Banking' a strategic view. 10 banks across the world are selected(Barclays, Santander, HSBC, Lloyds TSB, RBS, ANZ (Australia), Commonwealth Bank of Australia, JP Morgan, Bank of America and Citi ) are selected for this strategic comparison.

The main areas of study are :

• Registration for digital Banking

•Customer On-boarding time

•Digital banking channel features

•Types of payments that can be made through online

•Digital banking security

•Supplementary digital channel related products

•Digital banking compatibility with browsers, devices and operating systems

•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 or retain existing customers. This is my personal view based on customer/strategic perspective and my 15 years of digital banking and 5 years of mobile banking experience.

NEXT: I am working on next versions of paper with more details due to be released every three months.

World of Digital Banking - Author: Muthu

Namasivayam

2

BARCLAYS Link http://www.barclays.co.uk/PersonalBanking/P1242557947640

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 • See all your accounts and balances in one place• Check and download your statements• Transfer money and pay bills• Make daily international paymentsNew

• Manage Direct Debits and standing orders• Get Text Alerts to confirm online payments and keep track of

your money

• Use tools to stay on top of your finances and plan savings goals• Securely upload and store documents on Barclays Cloud It

Other offerings Premier Banking & Business Account

Type of accounts & Fee Regular Bank account:No Monthly Account fee

Premier Banking:Premier Travel Plus Pack - £11.50 per month

Premier Tech Pack - £7.50 per month

Business Banking:Mixed Payments Plan - £6.00

E-Payments Plan - £6.50

http://www.barclays.co.uk/Helpsupport/Internationalpayments/P1242593395280

BARCLAYS Fee for various Business accounts services

Security Login online banking using PINsentry card readerOnline Banking GuaranteeNew payees setup for standing order requires PINSENTRYSuggested to get Kaspersky Mobile Security Softwarefree of charge if you use Online Banking.

Online banking compatibility

Available on all popular browsers – IE, Mozilla Firefox, Safari and Chrome

Recommended to use latest version of the browser.

Customer Support Premier & Business Banking available 24x7Regular: Account opening 8am – 6pm (M to F); 9am – 5pm (Sat)

Existing customers: 7am – 11pm (Mon – Sun)

User Experience SmartSpend service you easy access to products and services through trusted partnerships, all aimed at saving you time and money & Customized features for online banking

Special and Needs Improvement

Webpage interface needs improvement

Service Mixed Payment Plan E-Payments Plan

Electronic payments (in or out) £0.35 / transaction Free

Cash payments (in or out) £0.90 / transaction £1.50 per £100

Cheques & assisted payments (in or out) £0.65 / transaction £1.50 / transaction

ATM cash out & electronic internal

transfersFree Free

SANTANDERLink http://www.santander.co.uk

Eligibility to Register Debit or Credit Card & Residence details


5 to 7 working days

Channel Features • Check your balance, interest rates and fee

• See what you have done online

• View and download ‘Account Summary’ for current accounts which

shows all the information needed to complete a tax return

• Manage current accounts, credit cards, savings, cash ISA and

Flexible Offset Mortgage online

• Make payments to people and companies and transfer money

between your accounts

• Check payments due to go out of your accounts and change or

cancel them

• Make lump sum payments, pay more, pay less, withdraw money or

request a payment holiday on your Flexible Offset Mortgage

• Update your personal information.

• Register for Paym, a mobile to mobile payment service that lets you

pay people using just a mobile number

• Set up free email or text alerts and savings goals for your current

account and request and manage your overdraft

• Order new chequebooks, cards, PINs and statements

• Update your phone number, address and other personal details;

security settings and report lost or stolen card

• See how much of your ISA allowance you have left

Types of Payment Santander Current or Savings accounts, arrive on the same day;

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 guaranteeFree Trusteer Rapport security software to protect against identify theft, identify and stop threats by working long with antivirus software; easy to use software


Recommended to use latest version of the browser and available on all popular browsers IE, Chrome, Safari & Firefox

Customer Support Online Banking support: 7am – 11pm (Mon – Sat), 8am – 10pm (Sun)

eSaver: 7am – 11pm (Mon – Sat), 8am – 10pm (Sun)

eMortgage: 8am – 7pm (Mon – Fri), 9am – 2pm (Sat)

User Experience Lot of complaints on social media about banking operations


Special - Faster Payments, OTP passcode, image and phrase combination securityNeeds Improvement – better user interface and customizable home page like it’s competitors. Social media support

SANTANDER

HSBCLink https://www.hsbc.co.uk

Eligibility to Register Sort code and Account number; Credit Card or Pension Contact

number – along with Telephone banking security number

Time to activate the

service

Immediate

Channel Features • Pay bills and make payments to friends and family in the UK

and overseas (please note, fees apply to international

payments)

• Manage personal details: Update some of your personal

details online such as your marital status, number of children,

contact details and your address

• Secure eMessages: Contact us securely about your accounts

and products

• 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

Payments and other transfers secured through Online Guarantee

Security Free Trusteer Rapport security software to protect against identify theft, identify and stop threats by working long with antivirus software; easy to use softwareDigital Security Key for safe and secured access to Online

and Mobile Banking


Recommended to use latest version of the browser and available on all popular browsers IE, Chrome, Safari & Firefox

Customer Support Lines are open 8am to 10pm every day except for Christmas Day, Boxing Day and New Year's Day

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 - facility to request the stopping of a cheque, have a new PIN sent, secure key. Tweet @HSBC_UK_HELPNeeds Improvement - No good financial management tool, no sorting options, no way to bundle money.

HSBC

LLOYDS BANK

Link http://www.lloydsbank.com/

Eligibility to Register • Current account, savings account, credit card, mortgage or other loan if you're aged 18 or over

• Current or savings account if you're aged 16 or 17• Current account if you're aged 11 to 15• Joint account holders must apply separately


Immediate

Channel Features • Check your balance and view recent transactions• Transfer money and pay bills; Manage your accounts• Apply for a new or increased overdraft, credit card or

loan; Upgrade your current account• Open online savings accounts• View/Download/Print and search any statement entries

back to 1st July 2002

Types of Payment Payment limit of £25,000Faster Payments, make same day paymentsInternational Payments - Send up to £75,000 a day (additional charges apply)Secure Payments - Automated call to set up payee

http://www.lloydsbank.com/

Security Internet Banking guaranteeFraud detection, Automatic logoff, Secure logon, Deactivation, telephone masking


Windows 7 or higherWindows 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


Special - Money Manager to get a picture of your finances with handy graphs and charts

Needs improvement - Data management

LLOYDS BANK

ROYAL BANK OF SCOTLANDLink http://www.rbs.co.uk

Eligibility to Register RBS account; RBS Debit card; RBS Credit card


Immediate access

Channel Features View and search transactions and statements going back up to seven yearsTransfer money, make payments, arrange standing orders, Direct Debits, Order stationery and card readers, apply for other products.Switch on text alerts to keep track of your accounts on the moveView four months of credit card statements

Types of Payment Faster Payments, CHAPSSecure payments through card readerMulti currency account for international payments - an income of at least £75,000 per annum, or £25,000 to deposit

Security Online and Mobile Security promiseFree Rapport Security softwareCard ReaderAlerts service


Iphone, Ipad, Android, Blackberry appWindows 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 aboveAOL 8.0 and above)MAC - (Safari 3.2 and above Firefox 3.5 and aboveGoogle Chrome 8.0 and above Opera 10.0 and above)

Customer Support Lines open 24 hours a day, 7 days a weekOnline 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 - Certificates of interest (makes tax filling easier), Card Reader, International Payments

• Set up a savings goal and keep a close eye on your progress

Needs Improvement - Financial management tools, bundling options

ROYAL BANK OF SCOTLAND

ANZGOMONEY

Link http://www.anz.com/personal

Eligibility to Register Customer Registration Number and Telecode


Immediate access

Channel Features View online statements up to 7 years.120 days of transaction history.Money Manager - categorization, budget goals, spending limits, notifications, reportingCheck balances, change contact details, pay bills, transfer moneyInternational services - Transfer fund overseasCheque/savings account, Card accountsInvestment accountsLoan accounts

Term deposits

Types of Payment A limit of $50,000 per transaction and $75,000 per day appliesBPAY for Bill PaymentsThe daily limits range from $1,000, $5000, $10,000

Security ANZ Shield gives you the option to add an additional layer of security to certain ANZ Internet Banking payments and activitiesRecommends security software like AVG and Symantec on your computer


Windows 2000®Mac OS X (10.6)Windows 7®Internet Explorer® 9.x (preferred)Internet Explorer® 8.xFirefox® 13.xGoogle ChromeTM 20.xSafariTM 5.xScreen resolution of 1024x768 is optimal

Customer Support 24 hours/7 daysLive ChatOnline 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 - International services, green receipts, secure banking; Additional security feature of ANZ Shield

ANZGOMONEY

COMMONWEALTH BANK OF AUSTRALIA

Link http://www.commbank.com.au/

Eligibility to Register Debit card or Credit card or Keycard or Travel Money Card + Card pin + Mobile phone


Immediate access

Channel Features view up to seven years of statementsView last 2 years of stored transactionsNetBank payment limits:$20k for Unlinked Accounts$100k for BPAY$5k for International Money TransfersCheck transactions, transfer money, BPAY, Manage accounts, CustomizeStatement accounts, Passbook accounts, Credit Card accounts, Home Loans/Mortage Interest accounts, Personal loans, Term depositsReport lost; stolen or damaged card

Types of Payment Online payments secured using Netcode - OTPExtra verification and investigation for transfers to unlinked accounts or third partyInternational Money transfers - upto $22 per transfer

Security 6 months Internet McAfee security100% Security guaranteeAutomated timeoutsNetcode SMS


Windows 7MAC OSXInternet 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 Improved user interface; Easy to use, highly accessible, powerful features making the system valuable and identifiable with customerLot of FAQs and Online support


Special - Realtime banking; Social media support/comments

COMMONWEALTH BANK OF AUSTRALIA

CHASE (JP MORGAN)

Link https://www.chase.com

Eligibility to Register Social Security Number, Account number or Credit/Debit card, Access to a phone or email address provided with the bank.


Immediate access

Channel Features See and print 7 years of statements anytime.View 24 months transaction historyCheck balances, pay bills, transfer money, send overnight checks, initiate wire transfers, view documents like Check images, receipts, summariesChecking/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 guaranteeFraud monitoring toolsSecurity AlertsZero liability


Windows 7Internet Explorer 8 and higherFirefox 14 and higherChrome 26 and higherSafari 5.0 and higher

Customer Support 24 hours/ 7 daysOnline MessageFraud reportTwitter @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 - Online resources, Online Bill Pay.Needs improvement - Lot of customer complaints regarding fee/charges/account froze

CHASE (JP MORGAN)

BANK OF AMERICA

Link https://www.bankofamerica.com/

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 transactionsView 18 months of statementsView 24 months of payment historyCheck balances, receive text and email alerts, transfer funds, bill pay, e-bills, portfolio management, self service, download information, Budget and track your spendings; dashboard for easy account access and comparisonInternational and domestic wire transfersDeposit accounts, credit card, mortgage, loan or line of credit.

Types of Payment Payments using safepass - one time 6 digit passcodes combined with sitekeyBill payments can be for any amount between $1.00 and $99,999.99Transfers 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.

Security Online banking security guaranteeFree year of McAfee Internet SecurityRapport online fraud protectionSecure Sitekey


Microsoft Internet Explorer 8.0 and higherFirefox 14 and higherChrome 26 and higherSafari 5.0 and higher

Customer Support Monday–Friday 7 a.m.–10 p.mSaturday–Sunday 8 a.m.–5 p.mOnline messageLive 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 - Safepass and Sitekey fraud protection, ebills, International transfers, Safe shopNeeds Improvement – Needs enhanced user friendly website, No Social media support

BANK OF AMERICA

ICICI

Link http://www.icicibank.com

Eligibility to Register User id and password given at the time of account opening -Savings Account holdersCredit Card holdersDemat Account holdersLoan Account holders


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 calculatorAdvanced level of security

Types of Payment International fund transfer - Remit up to USD 25,000Bank, Credit card, demat and Loan accounts are linked.Bill pay - one time registration for each billerPayment secured through OTPQuick pay

Security i-safe OTPSecure login, cap on login attempts, timed logout, useridexpiry, firewall, 2048 bit secure socket layer, entrust digital certificate


Microsoft® Internet Explorer 8 and aboveWindows XP and aboveChrome 22 and aboveFirefox 10 and above

Customer Support 24 hours, 7 daysOnline message

User Experience Superior user interface, Personalized and Customized view, Personal Financial Tools, Enhanced security


Special - Online features and security; Differentiated experience by customer segment; Simplified Transaction Process; Advanced level of securityNeeds Improvement – Frequent downtime for maintenance.

ICICI

BANK OF CHINA

Link http://www.boc.cn/en/

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.


Immediate access

Channel Features Record of online payment within the last one yearEnquiry of foreign exchange trading transaction status within 12 monthsAccount inquiry, fund transfer, bill payment, credit card inquiry, investments such as forex, gold, fund, securities, treasury bond, free SMS notification, service settingGreat 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 needsSecure through E-TokenAutomatic opening and flexible setting of payment cards

Security Do not access online banking in public placesSecurity Applet free download - Security control


Windows 2000 or Windows XP(32-bit) or Windows Vista(32-bit)Internet Explorer version 7 or abovemobile banking through the original WAP browser

Customer Support Emergency hotlineOnline 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 -Secure transactions, easier wealth managementNeeds improvement - English information

BANK OF CHINA

CREDIT SUISSE

Link http://www.directnet.com/en/

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.


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Channel Features View payments from last 45 daysView transactions and statements for the last 2 yearsManage 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 codeDomestic payment, account transfer, international payment, cash paymentRegister with SIX Paynet AG for bill pay

Security Secure SMS codeSecureMailPayments through secure environment


Windows 7, Vista, XP, MAC OS X >= 10.4128 bit encryption

IE 7.x, 8.x, 9.xFF 3.x, 4.xSafari 4.x, 5.xIphone Mobile app

Customer Support Mondays to Fridays07:30 - 22:00Saturdays and Sundays09:00 - 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 - Investment products and real time investmentNeeds improvement - Mobile apps for other smartphones, Online Guarantee and security

CREDIT SUISSE

DEUTSCHE BANKLink https://login.deutschebank.co.in/corp/BANKAWAY?Action.RetUs

er.Init.001=Y&AppSignonBankId=200&AppType=corporate

Eligibility to Register Customer ID and IPIN provided with welcome kit while opening an account


Immediate Access

Channel Features • View your bank account, fixed deposit, loans, investments, and demat holdings details.

• Download account statements with running balances starting from the very first transaction.

• Subscribe, redeem and switch between your mutual funds

online through db WealthPro.• Transfer funds to buy direct equity and block stocks real time

to sell through our tie-up with Sharekhan.com• Transfer funds to Non-Deutsche Bank accounts using RTGS

and NEFT. Also make repetitive payments.• Use db DirectDebit to make online purchase using your bank

account without disclosing your card details.• Receive transaction alerts for all your transactions including

ATM and online transactions if you are enabled for dbOnlineBanking.

Types of Payment Bill payment, DirectDebit, Tax payment, Quick pay, other bank credit card billPayments secure through separate transaction password

Security 128 bit encryptionTwo passwords to provide enhanced securityMonitors Trojan programEmail and SMS alertsVirtual keypad


Internet Explorer 6 or aboveWindows 7, Vista, XPAndroid, Iphone, Ipad AppsMobile Websites

Customer Support 24 hours a day, 7 days a weekOnline 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 - Investment featuresNeeds improvement - Technical issues and compatibility with browsers

DEUTSCHE BANK