1. 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

2. 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

3. 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?

4. Contents continued… 2. Economic Benefit of Online Banking
3. How do Customers benefit from Online Banking?
5. Conclusion
6. Recommendation
7. References

5. Accessibility of Online Banking

6. 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…

7. Online Banking Empowers the Customer
Not just technical people bank online:
62% of individuals prefer Online Banking [1]
More Available Services = More Used Services

8. Online Banking is Efficient
Customers can do more with less
Customer’s with more, do more.
Figure 1:
Source:

9. Convenience of Online Banking

10. Easier Access On the Internet No more “waiting in line”
Customers can access from home, from anywhere.
Possibility of international expansion
Figure 2:
Source:

11. Easier to Understand Available Instructions FAQ Section
Faster Customer Service

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

13. Manage online transactions
Pay Bills & Transfer Funds Faster
Various Account Services
Update your Account
Keep Track of your Transactions

14. Security of Online Banking
Secure, encrypted websites
Less Fraud related crimes
Customer’s money can’t get stolen

15. Secure encrypted websites
Information is not stored on your computer
Accounts are being constantly monitored
No physical information to be stolen

16. 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:

17. Your Money can’t get Stolen
Accounts are insured for Theft
CDIC Insures Banks across Canada
Security is constantly being Improved

18. Economics of Online Banking

19. How would the Bank Save on Costs?
Reduced Operation Costs:
Less Staff
Less Handling

20. 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

21. 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

22. 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

23. 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

24. References
[1] “David Mcmillan,” 09/10/2011, “Bankrate”. [Online]. Available: [Accessed 2013]
[2] Royal Canadian Mounted police, "rcmp-grc," 1 october [Online]. Available: [Accessed 13 November 2013].
[3] E. C. Bank, "ecb europa," 16 July [Online]. Available: [Accessed 13 November 2013].
[4] Finweb, "FinWeb," [Online]. Available: [Accessed November 2013].

25. Questions?