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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Getting To The Point –

Everything You Need To Know About Golf Swing Mechanics

You should know that mastering golf swing mechanics can be quite difficult without the right guide and training regimen. It’s going to be close to impossible, especially when you don’t have any clue about the elements of a good golf swing. There is only one way of swinging correctly and every golfer who wants to become a professional has to follow this way of swinging a golf club. If you want to know more about the golf swing mechanics and your body’s mechanics, make sure to check the article below.

Some of the tips to get your golf swing mechanics right involves the way you can chip the ball. Your swing here will be quite different and you can use any type of golf club as long as you can get the golf ball rolling as fast as it can. The best thing you can do is to go to a golf fitness professional and have him or she has a look at your golf swing mechanics so that the golf fitness professional can recommend the fitness plan that will help you improve. Once you follow the first step, you can slowly improve your game and golf swing mechanics faster than you could even imagine. This is why you have to do the proper training because training is what will make you better in everything when you dedicate yourself to becoming better.

There are a number of things that you have to consider and understand when it comes to your golf swing mechanics. You will start to notice little things a lot faster, especially when you work hard to emulate the golf swing mechanics while you watch. You will see that your swing will justify a unique kind of training and that is actually the very reason why golf exists today. You should know that it is not good to rely entirely on the training because there are other things to consider like your reflexes and instincts. You have to look for the right technique that will help you make great shots using your hips. The hips are very important when it comes to swinging the golf club, it is considered to be where the power of your swing comes from and your follow-through swing is also going to be essential to get the ball to where you want it to go. You need to understand that golf is something more than just hitting a golf ball, golf uses most of your muscles without you noticing it because of the minimal movements, but when you swing, your whole body is generating force to get the ball to where you want it to be.

Learning the golf swing mechanics is not easy, but with dedication and a little guide, you will be able to become better at the game and eventually turn pro if you follow through. You need to know that golf swing mechanics will be very important if you want to become a better golfer.

What Research About Can Teach You

A Simple Plan:

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Getting Creative With Advice

Essential Points about Citrol Cleaner

Citrol cleaner refers to a type of detergent that is mainly used in industries areas when one is cleaning. Citrol cleaner is preferred a lot in these settings for its much soluble and has high cleaning power. There is a lot of greases and oily substances in these industrial areas. Thus the use of the normal sops can make one find it hard washing. When one makes use of citrol cleaner, all the oily and grease can be removed with much ease. Citrol, the cleaner is preferred, for it ensures that all the machines have been well cleaned; thus, one can always avoid making them fail to function well. Employees, especially in industrial settings, can learn how to maintain the best hygiene without much struggle when they use citrol cleaner in washing the parts needed. When one wants to purchase a citrol cleaner; they have to ensure that they have considered some of the guidelines. Learning through these tips is essential whenever finding the best citrol cleaner to purchase.

One of the major tip that one need to check when purchasing citrol cleaner is the effectiveness. One need to ensure that they have purchased a citrol cleaner that is effective and that one can use to remove all the oily and grease without much struggle. Another guideline that one needs to consider when buying a citrol cleaner is the Concentration. These citrol cleaners are available in different concentration; hence, checking on the concentration of the one you are purchasing is always advisable. Water dilatable is important to check when one is choosing the best citrol cleaner to purchase. It’s essential that one should purchase a citrol cleaner that dissolves in water. One that can be of good help, especially when cleaning, is the right to select when one is looking for the best. Finding the best shops that supply this product is also important when one is looking for the best to purchase. One needs to ensure that they look for shops that only specialize in selling citrol cleaner alone. Shops that specialize in these types of cleaners are important for they provide one with the best products.

To add, one needs to ensure that they have looked from reputable shops. Shops that are known for dealing with the best and quality products are the best to purchase from when one is choosing where to buy. Also, one needs to seek more details from professionals that have worked in this industry for many decades. Getting advice from them for they usually offer one with details that are mainly based on truth and knowledge. These professionals are all willing to offer the required advice; therefore, inquiring from them is important. When one seeks from them it’s advisable for they have the knowledge of the best detergent that one should use in cleaning these machines. Checking the price of this product is important when one is looking for the best to purchase. One needs to know the pricing for one can make a good budget of expenses used in buying citrol cleaner.

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Tips for The Average Joe

Factors To Consider Before Ordering Food Online

Most people order food online nowadays. The reason behind the ears is the development over the years to be an easy experience since one can easily order from home. In an average city there are over twenty online food delivery services indicating that this is a growing market. It is clear that a lot of people use these services. Even though these services are readily available, it is important to know how to choose one that will offer the best and quality services. In the article below we shall discuss the factors that one should consider in order to make an informed decision on where they would like to order the online food.

An important factor to consider is the location of the service provider. In case an online food delivery services far from home it will take a longer time to arrive than one that is close. In order to determine the location one can consider what they want and the nearest delivery service that offers exactly that. Taking into account the amount of time it will take for the food to arrive is paramount. In an emergency, it is not advisable for one to order food from a service provider that is quite a distance from their location. A person should consider making another choice of food is what they want is not as close as they would have liked it.

It is important for a person to consider the mode of payment that is offered. Modes of payment differ from one online food delivery service to another. Most online delivery services offer most or all modes of payment available in the city or country. However, others offer very limited options for payments. Before even ordering it is important to know what options are available for payment so that they can know whether they can pay for the services. Most developed online food delivery services have a variety of payment methods to choose from.

Furthermore, it is important to consider the store schedule. Some stores open from ten in the morning. and others open earlier or later. A person can order food from an online delivery service by calling or ordering in advance from their website. If it is an emergency they are advised to order from the store’s website as this is an advanced order and the staff will work on it as soon as they arrive. Having the store schedule will also help the person estimate how long the food will take to be delivered.

What Almost No One Knows About

The Art of Mastering

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