Internet Banking: Relevance in a Changing World

Surprising, but true – Internet-based activity is not the preserve of the young “digital native” generation alone. A 2008 survey says that Generation X (those born between 1965 and 1976) uses Internet banking significantly more than any other demographic segment, with two thirds of Internet users in this age group banking online.

Gen X users have also professed their preference for applications such as Facebook, to share, connect and be part of a larger community.

This is some irony in this, since online banking, as we know it today, offers minimal interactivity. Unlike in a branch, where the comfort of two way interaction facilitates the consummation of a variety of transactions, the one way street of e-banking has only managed to enable the more routine tasks, such as balance enquiry or funds transfer.

It’s not hard to put two and two together. A clear opportunity exists for banks that can transform today’s passive Internet banking offering into one that provides a more widespread and interactive customer experience.

It is therefore imperative that banks transform their online offering, such that it matches the new expectations of customers. Moreover, Internet banking must journey to popular online customer hangouts, rather than wait for customers to come to it.

There are clear indications that the shift towards a “next generation” online banking environment has already been set in motion. It is only a matter of time before these trends become the norm.

Leveraging of Social Networks

Forward thinking banks are leveraging existing social networks on external sites to increase their visibility among interested groups. They are also deploying social software technology on their own sites to engage the same communities in two way discussions. Thus, their Internet banking has assumed a more pervasive persona – customers are engaging with the bank, along with its products and services even when they’re not actually transacting online.

Heightened visibility apart, banks can gain tremendous customer insight from such unstructured, informal interactions. For example, a discussion on the uncertain financial future among a group of 18 to 25 year olds could be a signal to banks to offer long term investment products to a segment that was previously not considered a target. Going one step further, a positive buzz around a newly launched service can create valuable word-of-mouth advertising for the business.

Collaborating through Web 2.0

The collaborative aspect of Web 2.0 applications has enabled banks to draw customers inside their fold more than ever before. Traditional methods such as focus group discussions or market research suffer from the disadvantages of high cost, limited scope and potential to introduce bias. Feedback forms merely serve as a post-mortem. In contrast, Web 2.0 has the ability to carry a vast audience along right from the start, and continue to do so perpetually. Thus, an interested community of prospects and customers participate in co-creating products and services which can fulfil their expectations.

The pervasiveness of Web 2.0 enables delivery of e-banking across multiple online locations and web-based gadgets such as Yahoo!Widgets, Windows Live or the iPhone. This means next generation online banking customers will enjoy heightened access and convenience

A New York based firm of analysts found that 15% of the 70 banks tracked by them had adopted Web 2.0, a number of them having done so within the last 12 months.

Standard Chartered Bank employees connect with their colleagues through Facebook and use the platform to share knowledge, clarify questions and participate in discussions on ongoing company activities.

Bank of America, Wachovia Bank and Commonwealth Credit Union have built a presence within interactive media to create awareness and keep up a dialogue with interested communities. They have employed a variety of methods, ranging from creating YouTube communities to launching campaigns on Current TV, a channel in which viewers determine content.

Personalisation of Online Banking

Vanilla e-banking divides customers into very large, heterogeneous groups – typically, corporate, retail or SME, with one type of Internet banking page for each. That’s in sharp contradiction to how banking organisations would like to view their clientele. Banks are moving towards customer-specificity, almost viewing each client as a “segment of one”, across other channels, and online banking is set to follow suit. For instance, a specific home page for home loan customers and another for private banking clients could well be a possibility in future.

Interestingly, National Bank of Kuwait had the foresight to do this several years ago – they enabled customers to determine which products they would view and access, and were rewarded with a dramatic increase in online transactions.

Money Monitor from Yes Bank allows customers to choose their landing page – for example, they can set “all transactions”, “net worth” or “portfolio” as their default view. Other features include the ability to categorise transactions as per customers’ convenience and the printing of custom reports.

Empowerment Online

Beyond doubt, Internet banking has created a more informed, empowered class of customers. This is set to climb to the next level once customers are allowed to proactively participate in many more transaction-related processes. The Internet has already made it possible for customers to compare product loan offerings, simulate financial scenarios and design custom retirement portfolios. Going forward, they would be able to consummate related transactions – which means, after comparing interest rates, they could originate a loan online, and once secured, they can begin to repay it online as well.

Portalisation

The emergence of Web 2.0 technology coupled with banks’ desire to personalise their e-banking to the highest degree is likely to result in “portalisation” of Internet banking. The idea of banking customers being able to create their own spaces online, filled with all that is relevant to them, is not that far-fetched. Customers can personalise their Internet banking page to reflect the positions of multiple accounts across different banks; they could include their credit card information, subscribe to their favourite financial news, consolidate their physical assets position, share their experiences with a group and do more – all from one “place”.

Money Monitor enables customers to add multiple “accounts” (from a choice of 9,000) to their page. Accounts could be savings or loan accounts with major Indian banks, or those with utilities providers, credit card companies, brokerage firms and even frequent flyer programs. Users can customise their pages as described earlier.

As banks seek to develop their Internet banking vision for the future, in parallel, they will also need to address the key issues of security and “due defence”. While it is every marketer’s dream to have customers work as ambassadors, adequate precaution must be taken to prevent the proliferation of malicious or spurious publicity. Therefore, before an individual is allowed to participate in a networking forum, he or she must have built up a favorable track record with the bank. The individual must be a recognized customer of the bank, having used a minimum number of products over a reasonable length of time. Qualitative information about the person’s interaction with the bank’s support staff (for example frequency and type of calls made to their call centre, outcome of such interaction and so on) may be invaluable in profiling the “right” type of customer who can be recruited as a possible advocate.

Collaborative Web 2.0 applications may necessitate opening up banks’ websites to outside technology and information exchange with third party sites, raising the spectre of data and infrastructure security. A robust mechanism of checks and balances must be built to ensure that the third party sites are secure, appropriately certified and pose no threat to the home banks’ sites. Likewise, before a third party widget is allowed to be brought on to a site, it must have passed through stringent security control.

Due diligence must be exercised before permitting users to place a link to another site to guard against the possibility of inadvertent download of malicious software, which could, in the worst case, even result in phishing originating from the banks’ sites.

It is equally important for a bank to guard its customers against invasion of privacy, data theft or misuse. The concept of portalisation envisages deploying technology to bring information from other banks’ or financial service providers’ websites into the home bank’s site. The home bank must ensure that its customers’ personal or transaction related information, which may be shared with the other providers, is not susceptible to leakage or outright misuse.

Banks will do well to partner with an Internet banking solution provider which has not only the expertise to translate their vision into a cutting edge e-banking experience for the user, but also the foresight to define boundaries for safety. With security concerns adequately addressed, next generation Internet banking is full of exciting possibilities. Banks that seize the opportunity may find that Internet banking can become a means of differentiating themselves from competitors, rather than a mere cost cutting tool. Clearly, providing a more powerful and interactive e-banking experience, is the way forward.

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Questions About You Must Know the Answers To

Why you Need to Work with Greatest of the Military Pins and Courses

Since you enroll for the Military mate school and are so made plans to get the best out of the program you may contemplate what the best way to deal with intuition about it view selection. But in case your preparing for the whole program has been guided by the correct sort obviously and assorted structures, there different endeavors of an arrangement that can go inconsequential. This may, thusly, bring about a mind blowing loss of significant endeavors. This doesn’t need to happen. This is the explanation we have organized this article will offer an inconceivable end on essential indications that you can watch out for and you will get over your work inside no time.

As you plan for the Military life partner school, consistently guarantee that you are taking the early advantage. This is a condition that in a general sense impacts the last understudies and in addition the pre-last understudies in the school. There has been an investigation of the regular age of the trick s who get the chance to attempt the IAS or even the UPSC tests that it midpoints at twenty-eight years. As an understudy, you should, along these lines, guarantee that you don’t pass up on the chance before you clear collage. You can too do earlier expecting to guarantee that you will be able to clear the tests and the course before you discover the chance to clear with the school structure.

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Every Detail About Cheerios

More than often, you will walk into a grocery store to find various products that all indicate how healthy they are. It is not uncommon for people to opt for cheerios, assuming that they offer health benefits. You will note that they will often indicate that they have low cholesterol levels. However, understanding the constituents of these cheerios will often be essential in making sure that you make better decisions in the long run. As you read on, you will learn more about how healthy this product is.

You will note that cheerios are usually made of whole grain oats. This ingredient will often come in handy in giving you the health benefits that you so need in the long run. You will note that it has vitamins, fibers, antioxidants, and proteins. Whereas many assume that carbohydrates are all bad, it is not always true. You should understand that there are specific types of carbohydrates that could contribute to more weight only if taken inappropriately. These carbs feature different sugars. The speed with which the sugars will be absorbed will be definitive of how healthy the product will be for you. The presence of fiber plays a significant role in lowering cholesterol. Additionally, it will be vital in making sure that the body enjoys a lower metabolism rate as insulin spikes. This will be carried out in a way that will assure you of the energy you need. It is through this that you will get a better body at the end of the day.

It is also important to understand the sugar content in cheerios. It is imperative to point out that a single serving of cheerios will often contain approximately a gram of sugar. Therefore, you do not need to worry about taking too much sugar when consuming them. you will however note that different flavors come with different amounts of sugar. For instance, one serving of fruity pebbles will attract about 14 grams of fruity pebbles. Besides, most people do not measure the exact cup of cereal. This way, the content will often vary. You will also learn of many other ingredients as well. Such will often be dependent on the type of cheerio. Often, they will come with starch, salt, as well as bran oil.

You will also find that different types of milk will be essential in making these cheerios. Often, non-dairy milk tends to be more preferable in this case. Most of these cheerios will feature coconut milk, almond milk, macadamia, oat, or cashew milk. Each alternative will assure you of a different flavor.

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Smart Tips for Choosing the Right Upholstery Cleaning Service

If you keep coughing or sneezing whenever you are inside your house there are high chances that your upholstery needs some good cleaning to restore its hygienic features. This is because your upholstery tends to be the most used part of your house and it collects the most dust, allergens and other disease causing microorganisms as a result. The result is a regular need for the services of professional upholstery cleaning companies from time to time. This is the only way a homeowner can ensure that his or her home has the highest level of comfort for those who live there.

The only challenge for homeowners is trying to choosing the best upholstery cleaning companies in the market. The search is likely to be marred by so many findings, locations and websites of cleaning companies. This makes it hard to choose the best among them. However for homeowners who are aware of what to look for when searching for the most competent companies in the industry the task can be the most straightforward they have ever undertaken. The following are the guidelines that homeowners should follow when they are looking for upholstery cleaning companies.

To choose the right cleaning company check how competent it is. This should be indicated by the nature of upholstery cleaning equipment that the company is using. The best upholstery cleaning company should use the latest tools for ease and efficiency in the cleaning process.

Besides it is important to know more about the cleaners who are employed by the company you are about to hire. The best way to do this is to see how the upholstery cleaning company hires and recruits its cleaners. The way to go is to go for a company that is popularly known to recruit only trained cleaners as well as retrains them from time to time. This ensures that the cleaners who will be sent to offer services in your home have the right professional ethics and they are also conversant with the latest cleaning technologies and techniques.

You will also want to check the duration of the company when it comes to offering experienced services. Ten years is the average period that come offer super quality services. It is also a fantastic thing to consider the background of the company you are hiring. Those companies that have clean historical backgrounds are highly committed to offer super quality services since they have a reputation to protect.

To get connected to the best upholstery cleaning companies click more on this site.

The 10 Best Resources For

The 10 Best Resources For

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