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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6 Facts About Everyone Thinks Are True

Tips for Becoming the Best Self-Employed Boss
Being in control of everything you do feels good but at some point, it can be hectic to manage yourself. For you to succeed in your self-employment you must embrace a high level of discipline. If you are used to formal employment where you are used to getting instructions, in this case, you will have to make your instructions and follow them so that you will meet your goals . In case you are finding it hard to manage your self-employment this page will provide you with the tips on how to become the best boss of yourself.

Before you do anything else you must be organized for you to become a successful self-employed boss. Now that you are on your own it’s more likely that you will be tempted to be disorganized. Being disorganized will disrupt your day make you forget some of the important things that you will have to do. You have to make sure your files are well kept and have a calendar to help you remember some important dates. The best thing is to use your tablet or phone calendar because with that you will be receiving some pop up which will be reminding you of what you are have planned. If you use the Trello website to keep track of your tasks you can be more organized. You can learn more about the Trello website if you click here.

The other thing that you should consider to do is Coworking. There are many challenges that you will come across if you work from home as the need to sleep after waking up and also feeling lonely. The advantage of Coworking is that you will be meeting other self-employed bosses who you can share with them about your business. Make sure you carry your business cards to give to the people that you are sharing the Coworking facility with. This link will help you to know more about Coworking facility.

You must make sure you have used your social handles like Facebook, Twitter, Instagram, and others so that many other people will realize your business and what you offer. People will not trust a business that is not available online.

The other thing is to go paperless. With the advancement in technology paperwork is outdated and you can learn more about expense reimbursement.

hiring some employees to help you with some task is important so that you will not have to overwork yourself.

More to that you must make sure you give yourself some break and not working throughout. In case you are interested to learn more about being a successful self-employed boss, click here for more.

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A 10-Point Plan for (Without Being Overwhelmed)

Jewelry That Men Are Allowed to Wear
When you encounter the word jewelry what you immediately think about at first is that this is an item that can only be worn by women. That is why your reaction to your mom’s gift to you of a bracelet is that of a complete surprise. Your immediate thought is that bracelets are only for women. But actually there are jewelry items that men can wear while they are out and about. You can read further to find out about it.
Rings
When one speaks of rings people usually think that the only rings for men that they can wear are their weddings rings. But if you make a quick search about you will find information on the other rings for men. If you search the topic on rings for men on the internet you would easily be able to find out about it.
Another kind of rings for men that men can put on their finger is the signet ring. What makes this ring special is that there are symbols that are engraved on it representing the family that one comes from. That is why they wear it proudly. Another type of ring that men can wear on their finger is their frat ring or university ring.
If you find yourself wanting to wear a ring that isn’t any of those mentioned above of course you have the freedom to do so. But be sure that you choose rings for men that are simple and classic.
2. Bracelets
You might have an idea that such piece of jewelry can be worn by women only but men can wear them too. If you read up on it you will realize that this has become quite a trend for different people recently. There are different kinds of it that you can find being sold today to men.
Beaded bracelets
When it comes to this type of bracelet many men opt to wear the black ones because it makes them look more manly.
Leather bracelets
This is the most widely used type of bracelet among men. It is actually easy to match this bracelet with any outfit.
Bracelet Cuffs
Bracelet cuffs can be made out of different metals. When you wear this then you need to wear it on the arm that doesn’t have your watch.
Watches
This is perhaps the most popular piece of jewelry that men wear. However not a lot of men see their watch as a form of jewelry. There are many designs and styles of watches that are available in stores now for men.
4. Cufflinks
This kind of jewelry is usually worn during formal events such as a black tie event.
5. Tie Clips
These serve the purpose of keeping your tie in place. Just because it serves a function does not mean that it need to be boring. You can make yours not boring by putting an engraving on it.

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The Beginner’s Guide to

Important Considerations to Make When Choosing a Moving Company

The movement of people and their properties junk removal option can be seen on a daily basis across the world. This is a process which continuously repeats itself almost daily. The safety of the properties you will be moving should be your number one priority, and therefore you should consider working with the best moving company. It is advisable that you have some information on the moving company you want to hire so that you can choose the best moving company with high reputation. These are the consideration you should know when you will be choosing an ideal moving company to hire.

It is essential that you look at the location of the particular moving company you want to choose. It is important to seek the services of a moving company form your location so that you can get their many benefits. The reason why working with a moving company form your location is advantageous is that you will get faster consultation and your questions will be answered at the right time. You should ensure that you work with a moving company form your location as you will be able to get a quick response at any time you will be moving your properties.

It is important to consider the cost of the moving company you want to choose. You should know the amount which you are going to use for you to get moving services to form a moving company you will choose. You should avoid the moving companies with no valid contacts as you may fall in the hands of scammers who will only want to exploit your cash. The best things you should do is to prepare a list of some of the moving companies you may know so that you can compare the rates at which they offer their moving services. number of things you will be having. You will then choose a moving company with good quality services and their rates will not break your bank account.

You should do some follow up and research on the moving company you want to choose. One of the ways you can follow the moving company is by asking your friends and the family members on the services you will get from the moving company you want to hire. You can also go through the online reviews so that you can read what other past clients say about the services they got from the particular moving company you want to choose. You will know that you are working with a moving company with a good reputation if they have many positive comments from past clients.

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