Bank of Illuminati Report on Online Banking Prepared for: Bank of Illuminati Board of Directors &...
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Transcript of Bank of Illuminati Report on Online Banking Prepared for: Bank of Illuminati Board of Directors &...
Bank of Illuminati
Report on Online BankingPrepared for:
Bank of Illuminati Board of Directors & CEO, Joan Magnusson
Prepared by:Jacob Chapman, Chinonyerem Ogbonnaya, Hrvoje Opacak & Jose Pinto
11/19/2013
Outline1. Accessibility of Online Banking
1. Online Banking is Versatile
2. Online Banking Empowers the Customer
3. Online Banking is Efficient
2. Convenience of Online Banking
1. Easier Access
2. Easier to Understand
3. Cost and Time Effective
Contents continued…
4. Manage Online Transactions
3. Security of Online Banking
1. Secure, Encrypted Websites
2. Less Fraud Related Crimes
3. Your Money Can’t get Stolen
4. Economics of Online Banking
1. How would the Bank save on Costs?
Contents continued…
2. Economic Benefit of Online Banking
3. How do Customers benefit from Online Banking?
5. Conclusion
6. Recommendation
7. References
Accessibility of Online Banking
Online Banking is Versatile
Almost all services are available in one stop: Manage transactions Transfer between accounts with ease Make credit applications Pay bills And much more…
Online Banking Empowers the Customer
Not just technical people bank online: 62% of individuals prefer Online Banking [1]
More Available Services = More Used Services
Online Banking is Efficient Customers can do more with less Customer’s with more, do more.
Figure 1:
Source: http://www.tedeytan.com/2008/02/27/732
Convenience of Online Banking
On the Internet
No more “waiting in line”
Customers can access from home, from anywhere.
Possibility of international expansion
Easier Access
Figure 2:
Source: http://thefinancialbrand.com/24376/cisco-multi-channel-branch-online-mobile-banking-study/cisco_virtual_banking_advantages
Available Instructions
FAQ Section
Faster Customer Service
Easier to Understand
Less Resources Needed
Time Saving
No Monthly Fee
Cost & Time Effective
Manage online transactions
Pay Bills & Transfer Funds Faster
Various Account Services
Update your Account
Keep Track of your Transactions
Security of Online Banking
Secure, encrypted websites
Less Fraud related crimes
Customer’s money can’t get stolen
Secure encrypted websites
Information is not stored on your computer
Accounts are being constantly monitored
No physical information to be stolen
2009 RCMP report [2]: 10 million dollars lost due to fraud
2013 European Bank report [3]: 7.8% reduction in credit card fraud
Less Fraud related crimes
Source: https://www.ecb.europa.eu/press/pr/date/2013/shared/img/pr130716.en_img000.jpg
Your Money can’t get Stolen
Accounts are insured for Theft
CDIC Insures Banks across Canada
Security is constantly being Improved
Economics of Online Banking
How would the Bank Save on Costs?
Reduced Operation Costs:
Less Staff
Less Handling
Economic Benefit of Online Banking
Our Bank has 1.5 million customers 67% are online bankers
RESULTS: Reduced support costs by $4 Million [4] Additional $70/per new Online Banking Customer
How do Customers Benefit from Online Banking?
Online Banking Fees: Banking with PC Software costs 1.5¢ An Internet-based Transaction costs 1¢
Removed Fees: Handling Fees Paper Statement Fees Minimum Balance Fees
Conclusion
Online Banking It’s More Accessible It’s More Convenient It’s More Secure It’s more Cost Effective for
Bank and Customer
Traditional banking Limit hours of operation Geographical limitations Documents can be stolen Less quality customer
service
Recommendation
Online Banking is the Future
Online Banking Saves Time & Money
Online Banking is Profitable
Based on our authority, we recommend the
Bank of Illuminati focus on growing our Online
Banking Services
References
[1] “David Mcmillan,” 09/10/2011, “Bankrate”. [Online]. Available: http://www.bankrate.com/financing/banking/boomers-move-to-online-banking/ [Accessed 2013]
[2] Royal Canadian Mounted police, "rcmp-grc," 1 october 2013. [Online]. Available: http://www.rcmp-grc.gc.ca/scams-fraudes/id-theft-vol-eng.htm. [Accessed 13 November 2013].
[3] E. C. Bank, "ecb europa," 16 July 2013. [Online]. Available: 2013. [Accessed 13 November 2013].
[4] Finweb, "FinWeb," 2012. [Online]. Available: http://www.finweb.com/banking-credit/online-banking-vs-traditional-which-is-better.html#axzz2jtdB5s5K. [Accessed November 2013].
Questions?