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Internet Banking: Relevance in a Changing World
Surprising but true – Internet-based activities aren’t just the preserve of the younger “digital natives” generation. A 2008 survey showed that Generation X (those born between 1965 and 1976) use online banking significantly more than any other group, with two-thirds of Internet users in this age group using online banking services .
Gen Xers also say they prefer to use apps like Facebook to share, connect and be part of a larger community.
This is somewhat ironic because online banking as we know it today offers minimal interactivity. Unlike in a branch, where the comfortable two-way interaction facilitates various transactions, the one-way approach of e-banking is limited to more routine tasks such as balance inquiries or funds transfers.
It’s not that hard to put two and two together. For banks, there is a clear opportunity to transform today’s passive online banking services into ones that offer a broader and interactive customer experience.
As a result, banks must transform their online offerings to match customers’ new expectations. In addition, online banking must go to popular online customer gathering places, rather than waiting for customers to come to their door.
There are clear signs that the transition to a “next generation” online banking environment has already started. It is only a matter of time before these trends become the norm.
use social networks
Forward-thinking banks are leveraging existing social networks on external sites to increase their visibility among interested groups. They also deploy social software technology on their website to engage the same community in discussions both ways. As a result, their online banking takes on a more general image—that customers are interacting with the bank, along with its products and services, even when they’re not actually transacting online.
In addition to increased visibility, banks can gain tremendous customer insight from this unstructured, informal interaction. For example, a group of 18- to 25-year-olds having a discussion about an uncertain financial future could signal a bank to offer long-term investment products to a previously untargeted segment. Taking it a step further, aggressive publicity surrounding a newly launched service can create valuable word-of-mouth advertising for a business.
Collaborate via Web 2.0
The collaborative aspect of Web 2.0 applications is making banks more engaging with customers than ever before. Traditional methods such as focus group discussions or market research have the disadvantages of being costly, limited in scope and potentially introducing bias. The feedback form is for post-mortem purposes only. In contrast, Web 2.0 has the ability to attract a large audience from the beginning and continue to do so. Thus, communities of interested prospects and customers engage in the co-creation of products and services that meet their expectations.
The proliferation of Web 2.0 has made it possible to offer electronic banking services in multiple online locations and on web-based gadgets such as Yahoo! Widgets, Windows Live or the iPhone.This means the next generation of online banking customers will enjoy increased access and convenience
A New York-based analyst firm found that 15 percent of the 70 banks it tracks have adopted Web 2.0, some within the past 12 months.
Standard Chartered employees connect with colleagues via Facebook and use the platform to share knowledge, clarify questions and engage in discussions about ongoing activities at the company.
Bank of America, Wachovia Bank, and Commonwealth Credit Union built a presence in interactive media to raise awareness and maintain dialogue with interested communities. They’ve taken a variety of approaches, from creating a YouTube community to running a campaign on Current TV, a channel where the audience determines the content.
Online Banking Personalization
Common e-banking divides customers into very large, heterogeneous groups – usually corporate, retail or SMEs, each with one type of online banking page. This is in stark contradiction to how banking institutions want to view their customers. Banks are moving towards customer specificity, treating virtually every customer as “part of” across other channels, and online banking will follow suit. For example, it is very likely that in the future there will be a specific home page for home loan customers and private banking customers.
Interestingly, the National Bank of Kuwait had the foresight a few years ago – they gave customers the ability to decide which products they would view and access, and reaped the rewards of a massive increase in online transactions.
Yes Bank’s Money Monitor allows customers to choose their landing page – for example, they can set ‘All Transactions’, ‘Equity’ or ‘Portfolio’ as their default view. Other features include the ability to categorize transactions according to the client’s convenience and the printing of custom reports.
There is no doubt that online banking has created a class of more informed and empowered customers. This climbs to the next level once customers are allowed to actively participate in more transaction-related processes. The Internet has enabled customers to compare product loan products, simulate financial scenarios and design custom retirement portfolios. Going forward, they will be able to close the deal – meaning, after comparing rates, they can initiate a loan online, and once secured, they can also initiate repayments online.
The advent of Web 2.0 technologies, combined with banks’ desire to maximize the personalization of electronic banking, will likely lead to the “portalization” of Internet banking. The idea that banking customers would be able to create their own space online, filled with everything that concerns them, is not far-fetched. Customers can personalize their online banking pages to reflect the location of multiple accounts across different banks; they can include their credit card information, subscribe to their favorite financial news, consolidate their physical asset positions, share their experience and do more – all from one “place”.
Money Monitor enables customers to add multiple “accounts” (choose from 9,000) to their page. The account can be a savings or loan account with a major Indian bank, or it can be with a utility provider, credit card company, brokerage firm or even a frequent flyer program. Users can customize their pages as previously described.
As banks seek to develop their vision of the future of online banking, they also need to address key issues of security and ‘due defense’. While having customers as ambassadors is every marketer’s dream, adequate precautions must be taken to prevent the spread of malicious or false claims. Therefore, before an individual is allowed to participate in an online forum, he or she must already have a good track record with the bank. The individual must be an approved customer of the bank and have used a minimum amount of the product within a reasonable period of time. Qualitative information about the person’s interactions with the bank’s support staff (e.g. frequency and type of calls to their call center, results of such interactions, etc.) can be invaluable in portraying the ‘right’ type of customer to be recruited as A possible advocate.
Collaborative Web 2.0 applications may require opening banking websites to external technologies and exchanging information with third-party websites, increasing data and infrastructure security. Strong checks and balances must be in place to ensure that third-party sites are secure, properly authenticated, and do not pose a threat to Home Bank’s site. Likewise, before a third-party widget is allowed to be brought into the site, it must pass strict security controls.
Due diligence must be done before allowing a user to place a link to another site to prevent the possibility of inadvertently downloading malware, which in worst cases could even lead to phishing from banking sites.
It is equally important for banks to protect their customers from invasion of privacy, data theft or misuse. The concept of portalization envisages deploying technology to bring information from other banks’ or financial service providers’ websites into the local bank’s website. Home banks must ensure that customer personal or transaction-related information that may be shared with other providers is not vulnerable to disclosure or outright misuse.
Banks are best off partnering with an online banking solution provider who not only has the expertise to translate their vision into a cutting-edge e-banking experience for users, but also has the vision to define security boundaries. With security concerns fully addressed, the next generation of online banking is full of exciting possibilities. Banks that seize the opportunity may find that online banking can be a means of differentiating themselves from competitors, rather than just a cost-cutting tool. Clearly, delivering a more robust and interactive e-banking experience is the way forward.
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