Report on Online Banking

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Presentation transcript:

Report on Online Banking Bank of Illuminati Report on Online Banking Prepared for: Bank of Illuminati Board of Directors & CEO, Joan Magnusson Prepared by: Jacob Chapman, Chinonyerem Ogbonnaya, Hrvoje Opacak & Jose Pinto 11/19/2013

Outline Accessibility of Online Banking Online Banking is Versatile Online Banking Empowers the Customer Online Banking is Efficient Convenience of Online Banking Easier Access Easier to Understand 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

Easier Access On the Internet No more “waiting in line” Customers can access from home, from anywhere. Possibility of international expansion Figure 2: Source: http://thefinancialbrand.com/24376/cisco-multi-channel-branch-online-mobile-banking-study/cisco_virtual_banking_advantages

Easier to Understand Available Instructions FAQ Section Faster Customer Service

Cost & Time Effective Less Resources Needed Time Saving No Monthly Fee

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

Less Fraud related crimes 2009 RCMP report [2]: 10 million dollars lost due to fraud 2013 European Bank report [3]: 7.8% reduction in credit card fraud 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 Traditional banking It’s More Accessible It’s More Convenient It’s More Secure It’s more Cost Effective for Bank and Customer 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?