Business / Analyzed Three Banking Web Sites In Terms Of Managemrnt Information System
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Autor: anton 29 May 2011
Words: 3040 | Pages: 13
Internet is one of the significant communication channels that businesses, industries, and organizations used. Our group decided for our paper to concentrate on the online banking industry. Before analyzing commercial bank websites, understandings internet usersâ€™ behavior is crucial.
The banks that we chose to study are Siam Commercial Bank (Thailand), La Banca Popolare Di Milano, or BPM (Italy) and Commerce Bank (United States). We have picked these banks because each one is situated in a different continent in the world. Analyzing the different world banks can help us to compare differences in website style in the e-commerce banking industry. For each website, after an overview of the bankâ€™s history, we analyzed certain parameters which we feel are important towards evaluating the efficiencies of the website. The parameters are as followed: Appearance, Accessibility, Extra Features, E-Banking Services and Security.
1. Commerce Bank opened its first bank in the 1970â€™s in Marlton, New Jersey. Today there are more than 400 branches in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, DC, Virginia, Maryland, and Florida. Commerce Bankâ€™s headquarters is located in Cherry Hill, New Jersey and is traded on the New York Stock Exchange. Commerce believes they are â€œAmericaâ€™s Most Convenient Bankâ€™â€™. Their competitive strategy is to give their customers the ability to have things their way, which allows for â€œconvenience and quality financial services wherever, whenever and whatever the matter.â€ Commerce is open for banking 7 days a week, both online and at a branch. The online services include all online banking and stock trading. They provide 24-hour customer service.
2. Siam Commercial Bank Company Capital Limited, a full-fledged commercial bank, was founded in January 30, 1906. Today, Siam Commercial bankâ€™s (SCB) branches are almost eight hundred, which is the highest among the competitors. In retail market, SCB entrusts employees who are positioned in each branch at different areas to make relationships and sell financial products to customers, such as deposits, loans, personal investment, credit cards, debit cards, car leasing, and insurances. In the corporate market, the branches are functioned to use to connect with firms in each area, and then those customers are dispatched to head branches in each area. The products for corporate market are syndicate loan, which is divided to different industry, and investment.
3. The Banca Popolare di Milano is a limited-liability cooperative society founded in Milan in 1865, and is the leader of the Bipiemme group, which includes also banks from Ireland and Luxembourg. At the present time, it is among the first ten banks in Italy in terms of capitalization and has more than 6,000 employees, over 1,400,000 customers, 702 branches and a cash reserve of almost 60 billions euro (80 billions dollars). The number of shareholders recently went over 130 thousands. Banca Popolare di Milano is quoted in the Borsa di Milano market and is present in the S&P Mib index. In the last 5 years, both earnings and dividends have continuously risen. In the last two months the BPM stock price has increased by 19%.
In regards to the appearance of each website, we noticed that Commerce Bank webpage is cluttered with a lot of different information on the website. Also, it is very colorful with the red, white and blue of the national flag. The Siam Bank website had the traditional cultural colors which were regionalized to the specific Asian users. The Thailand website had a lot of purple which make the bank different among competitors. La Banca Popolare Di Milano website offers a white background with a picture of a smiling couple, in which the prevailing colors are the green and orange of the bankâ€™s logo. Clearly, the message that the website wants to send to surfers is that they can trust the bank and feel safe.
ACCESSIBILITY and E-BANKING
1. Siam Commercial Bank Website (www.scb.co.th)
SCB EASY NET consists of banking services, bill payment and e-bill, mobile top up and online shopping, SCB credits card info SCB easy fund, and international fund transfer. As for banking services, SCB credit card, and bill payment and e-bill make the company reduce costs for updating balance, book costs, and invoices fee for sending to customers. The Mobile top up and shopping online helps the company to reach new markets, but the online shopping via the bankâ€™s website is not implemented, preparing to foster e-commerce trend. The Mobile top up is the distribution which allows customers who use mobile in prepaid system to recharge money online. SCB is the first company which launched these services. The companyâ€™s new partners - AIS and DTAC are the two big companies in communication industry. For mutual fund services, the company and subsidiary, SCB asset management provides services for selling and buying units trusts via its branches in IPO, and then customers who want to sell those unit trusts are able to sell them via this site. Furthermore, the mutual fund services also accommodate the sell information such as prospectuses, net asset value for each fund, past performances, and mark to market value.
SCB BUSINESS NET offers e-banking services leveraging leading- edge technology that empowers cash management for business and corporations. This service provides business to monitor account, transfer payment on demand under control, stop checks, see interest rate and secure messaging. This service has a potential to help the company to extent income from old corporate customers. In other words, the company can use this service for its customers having problems in cash management system. Consequently, quality of the bank is enhanced.
SCBePP: The Company has selected CheckFree i-Series to deliver Thailand's first bank -hosted, business-to-business electronic invoicing and payment (EIP) service based on an industry-leading electronic invoicing solution. This is a strategic service which has been launched to serve B2B customers, enhance cash management, increase market competitiveness and customer satisfaction, all in accomplishment of mission statement to be region's â€œbank of choice." The first time commenced this service with old 100 corporate customers, and next step is to invite corporate internet banking customers to pay their invoices online, after that to expand to new subscribers.
SCB Trade: this service can facilitate the customers who want to do business in foreign country to obtain and transmit data between bank and customer via personal computer in online system. They are able to access the website to open L/C (letter of credit) without a waiting time period, to revising L/C online, to transfer fund payment online, and to list the transaction that have been made from PC to PC. This service makes the process of international trade easier and also reduces customerâ€™s costs, which results in increasing the customerâ€™s satisfaction and getting more incomes.
2. Commerce Bank prides itself on being â€œAmericaâ€™s Most Convenient Bankâ€. The website (www.commerceonline.com) indeed fills up this promise. When you go onto the website, there is a lot of information readily accessible for you. For example, if a new customer wanted to open an account there is a link on the page to be able to sign up to the bank. Also, two other links that are there for a new customer to access are apply for a loan and online bank sign-up. It is good for the bank to have this on the website so the average customer accessing the website can easily find what they want, and at the same time can allow for Commerce to maintain its name as the most convenient bank.
The main page has a few other features which we find to be accessible. The company divides three of the big headings and has subheadings underneath it. The three big headings that the bank offers are Commerce Bank (personal, business and online banking), Capital Markets (Personal Investing, Investing Logon and Capital Markets) and Insurance Services (Personal, Business and Employee Benefits). It is easy for the average user to go onto the page and find the specific topic that they want and easily click on the link to get into the area that they want. The bank is trying to help make the website user friendly, so the customer doesnâ€™t get turned off from using the online banking features. Commerce bank allows a user to perform all services online that are provided by the branches. A user must first create a logon account which will then permit them to perform any banking service needed. The user can perform personal banking services. A user has the ability to see real-time account information. They can also transfer funds, review account history and detail, view and print cleared checks, reorder checks, pay bills and receive confirmation. Commerce also allows businesses to perform all these services as well. All the online banking is free of charge and can be done anytime of the day.
3.BPM Website (www.webank.it)
BPM website offers five major areas that users can access to by clicking on a link visible on the home page, or everywhere in their own private area. Through the Sportello (tellers) area, users can operate on their accounts (pay bills or taxes, send wire transfers), check their credit cardâ€™s statement and ask for the Mobile Banking service which allows them to log in their accounts through their cell phones. In the Trading area, users can have information on the stock prices of the major markets of the world in real time, buy and sell stocks or read a technical and risk analysis of the quoted companies. Inside the private area of each user, there is the possibility to use a â€œvirtual portfolioâ€ which allows buying or selling virtual stocks at the market price, in order for the users to practice with their abilities before to actually trade in the real market. Accessing the Investments area, users can operate and invest in many kinds of funds, chose one of the 12 suggested funds financial management lines or examine different types of â€œcomplementary welfareâ€ programs to integrate the one offered by the government. The insurances offered by the bankâ€™s website concern in juries, sanitation, life and vehicles insurance programs. Finally, the Financing area offers information and rates of many kinds of mortgages, loans and leasing products.
Inside the userâ€™s private area, one can always easily change personal data or information such as passwords or conditions, consult a personal agenda or check an archive of old personal messages. Plus, anywhere in the websiteâ€™s areas, users can easily find a way to contact the personnel by email or telephone.
We can feel free to say that the website of the Banca Popolare di Milano is quite easy to surf and its structure is clear and neat, so that its effectiveness is surely high. Users can find what they are looking for without any waste of time or energies, and can surely feel sure about the protection and invulnerability of the information they put in the bank system. Any of the most important areas, such as the Log In or the five we examined previously, are always visible and accessible in any moment.
Nevertheless, we have noticed that the website presents some weak points. It does not offer an English version for the non Italian users, and also most detailed information about its services (loans, stock prices or insurance policies) are not accessible in the public area from non registered surfers.
1. BPM offers a pretty safe website for the user to put their data and information in and log in without worrying that any other person can access it. As the website explains, both the public and private pages of the website are only accessible in https modality which guarantees the protection of all the information and the data sent. All the operations on Webank.it are made on cipher broadcast channels that can not be decipher by strangers. Other precautionary instruments allow the automatic disconnection from the private area after 20 minutes of inactivity, the access to the day and time of the last access to it, and the recording of all the information related to the connections to Webank.it. Plus, the protection of the server and the archives of the bank is guaranteed by two security systems such as firewalls and the IDS (Intrusion Detection System).
Finally, the bank offers a card with 32 different codes composed by 4 numbers. After having typed username and password to enter the private area, users are asked to digit two numbers from a randomly chosen code, which is different every time they access it".
2. Commerce Bankâ€™s website has a few security features which we find it noteworthy to implement strategies of keeping a close relationship with their customers, and thus reducing the need for people to go to the bank as opposed to doing a task online. For example, on the main page the company has a link called â€œAvoiding Identity Theft and Online Fraud.â€ When you click on the link, the company discusses about website spoofing and e-mail phishing, which helps to educate the customer on how to protect yourself from becoming a victim. Also, there is an 1800 number provided to report fraud and other information that a customer should do often, such as a credit report check, taking receipts when you use the debit card, etc. This is effective in helping to get a person to understand the dangers that are associated with fraud. In addition, when signing into your personal page, you can set security questions up to protect any unlawful access into your account. These questions help to secure that anyone that there is only you who try to sign in will need to answer a personal question about you that only yourself would know.
3. A Survey of internet usage in Thailand report that the majority of internet users did not use e- commerce services although they are competent in information technology from middle to high level. The low adoption rate was attributed to low level of customer trust on electronic payment, security, and privacy (Isrankul 1999). Therefore, personal information and security are indispensable. For this reason, the company has paid full attention to security by installing systems such as instruction detection system, fire wall system, scan virus, secure socket layer (SSL 128- bit), data encryption, cookies, and auto sign off.
Commerce Bank has a few special extra features which distinguishes it from the competitors: users can personalize their own log-in page, and also offers Mapquest to be able to locate directions to any ATM and branches in the nearby vicinity. In addition, the website lists the major US market and Commerce Bank stock prices which updates every 20 minutes.
The extra features offered to the bank customers by the BPMâ€™s website contain discounts on tickets for sport or cultural events, on subscriptions for many magazines, on the purchase of software products (such as the McAfee antivirus program) and also information on the stock market and finance rules. Plus, an area where to contact the bankâ€™s personnel or have information on the bankâ€™s privacy and security policies is always accessible by the users. Finally, by using the bank services, surfers can get points and win products for the house, travels all over the world or money to give to charity organizations.
An extra feature in Siam Commercial bank is the ability to check SET Index. The benefits of web links are to search information about financial report, stock price, and market trend. Companyâ€™s vision and mission: Vision: To be the Bank of Choice for customers, shareholders, and employees. For customers: understanding needs, producing the right products, delivering the services flawlessly. For shareholders: outperforming the competition, sustainable the profitability growth, maintaining market premium. For employees: attracting and maintaining right staff, developing the core skills and motivating for high performance. Mission: to be premier universal bank with financial strength flexibility to serve all market segments providing wide range products and services by enhancement existing level of corporation within financial groups.
Regarding the benefits of e-banking, the websites of all banks have to help with finding the potential growth. That is what www.scb.co.th has been contributing to the development of Thai Bank with the English version to exploit the global market. Standing out of all the services online, B2B is one of the keys that SCB Business Net not only support entrepreneurs to supervise their business better online but the bank analyses their customerâ€™s financial situations. As a result, this financial system can benefit both the bank and companies to adjust the cash flow, transactions, decision making. Take a simple example when the bank determine if it lends to increase capital for a company, the daily observed financial analysis of the company will be the best source of information.
"Where do you feel more comfortable?â€ This is what appears on the home page of BPM's website. This question represents the motto and the goal of the bank, which in our opinion includes both being easy to use and convenient. Through the website, Banca Popolare di Milano surely succeeds in the first part of his mission, while something more could have been done in terms of the convenience. We believe that the website could give some more contribute in that sense through giving more specific information and details about the services offered and other aspects like the bank's history, its vision and mission, or branch research."
Commerce Bank has a mission of being â€œAmericaâ€™s most convenient bank.â€ After analyzing and using the website to fulfill my banking needs and being able to go to a nearby commerce bank simply shows that they are fulfilling their goal. Commerce makes banking easy, convenient and reliable for all users. Most banking transactions can be done in the comfort at your own home at any time of the day. In addition, if there are any problems which the user incurs while banking with commerce there is a 24 hour service center to help solve any problems one may be faced with.
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