In the first of a two-part series, Global Finance identifies the best online corporate and consumer banks by country and product or service category.
I ts hard to believe that it has been 10 years since Web banking kicked off. In the years that have passed, consumer and corporate use of the Internet to manage accounts and conduct transactions has continued to steadily increase and become more sophisticated. Internet banking has largely avoided the booms and busts of other e-commerce applications, such as those experienced by online brokerages, retailers and trading exchanges. Internet banking continues to produce quietly and at a sustained growth rate.
But thats not to say there isnt big growth out there.At leading banks and in emerging markets and emerging types of financial services, payment and transaction volumes are exploding. For example. Wells Fargo last year processed nearly $6 trillion in electronic payments for commercial and business customers, a six-fold increase over the year-earlier period. Users of online services are becoming much more active now that theyve become familiar with the medium and made it a part of their daily business routines. As it matures, the global Internet banking marketplace is exhibiting some clear trends.
Changing Business Processes
business processes to make their employees more efficient and effective. Corporates increasingly seek online offerings, such as workflow management solutions, which present them with a fundamentally better way of operating. So banks are building corporate banking applications that have customized features and access based on what role the employee has in their company and what theyre responsible for.
Whats very appealing for customers is making it easier for their employees to do their jobs, says Danny Peltz, executive vice president of wholesale Internet solutions at Wells Fargo. For example, Wells Fargo has established and is expanding panels of functionality that allow corporate clients to access disparate accounts, information and functions all in one place, their personal home page, says Peltz.
Companies also want services that improve previously inefficient business processesforeign exchange, payments and trade settlement, for examplesaving them time and money. Leading banks now process more than twothirds of their customers wire transfers and more than half of their foreign exchange transactions online.
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THE AWARDS: HOW THEY WORK |
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This is the fifth year that Global Finance has set out to identify and honor the most successful and innovative providers of online banking services to corporate/institutional customers and to consumers. In the first round of competition, winners were selected for Best Corporate/Institutional Internet Banks and Best Consumer Internet Banks in individual countries. Also announced were Regional winners in subcategories such as Cash Management, Design, and Bill Payment and Presentment.
Winners were chosen from entries evaluated by a world-class judging panel made up of representatives from the consulting firms TowerGroup, Bearing Point, Deloitte and Tata Infotech. Global Finance editors were responsible for final selection of winners in the first round. Only banks that entered the competition were considered for awards, and awards were given only in those regions, countries and categories in which there were entries. The number of banks entering doubled from last year. Winning banks were selected on the basis of strength of strategy for attracting and servicing online customers, success in getting clients to use Web offerings, growth of online customer base, breadth of products offered, evidence of tangible benefits gained from Internet initiatives, and website design and functionality. Sub-category winners, such as Best Online Cash Management, were selected based on the relative strength of those products and services. AR |
Security
Transaction and information security continue to be paramount considerations for online banks, as privacy concerns, identity theft and money laundering remain important, high-profile issues. So banks are beefing up their security systems with elaborate, sophisticated systems that feature multiple layers of user access control so that the wrong people dont get access to customer data and information.
Attributes of the Leaders
The best Web banks and services have a lot in common, such as being well organized, integrated and consistent across multiple channels; saving time and money for clients, as well as the banks themselves; and fostering customer loyalty. In short, the best banks use technology to differentiate themselves from competitors.
Clearly, the clicks-and-mortar model has won out, as many banks have added online, mobile and wireless offerings even as they continue to open branches, service centers and sales offices. The idea now is delivering information to customers where and when they need it, whether that be via mobile or wireless access, email, voicemail, fax or in-person.
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CANADA Best Corporate/Institutional Internet Bank: Scotia Capital Best Consumer Internet Bank: TD Canada Trust
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Wells Fargo |
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ARGENTINA Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Banco Rio de la Plata
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Bradesco
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: BBVA
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Banamex Best Consumer Internet Bank: Banamex
Best Corporate/Institutional Internet Bank: BBVA Banco Continental Best Consumer Internet Bank: BBVA Banco Continental
Best Consumer Internet Bank: Grupo Santander
Best Corporate/Institutional Internet Bank: Banco Provincial Best Consumer Internet Bank: Banco de Venezuela/Grupo Santander |
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AUSTRIA Best Corporate/Institutional Internet Bank: RZB Best Consumer Internet Bank: RZB
Best Corporate/Institutional Internet Bank: Islandsbanki Best Consumer Internet Bank: Islandsbanki
Best Corporate/Institutional Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Millennium
Best Consumer Internet Bank: Banco ActivoBank
Best Corporate/Institutional Internet Bank: BBVA Best Consumer Internet Bank: BBVA
Best Corporate/Institutional Internet Bank: Garanti Bank Best Consumer Internet Bank: Garanti Bank
Best Corporate/Institutional Internet Bank: Citigroup |
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AUSTRALIA Best Consumer Internet Bank: ANZ
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: ICBC
Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: HSBC Best Consumer Internet Bank: HSBC
Best Corporate/Institutional Internet Bank: ICICI Best Consumer Internet Bank: ICICI
Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: AsiaUniversalBank
Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Askari Bank Best Consumer Internet Bank: Askari Bank
Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Chinatrust Commercial Bank Best Consumer Internet Bank: Chinatrust Commercial Bank
Best Consumer Internet Bank: Citigroup |
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CROATIA Best Corporate/Institutional Internet Bank: Raiffeisenbank Croatia
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Raiffeisen Bank Polska
Best Corporate/Institutional Internet Bank: Citigroup
Best Corporate/Institutional Internet Bank: Citigroup Best Consumer Internet Bank: Tatra Bank |
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ISRAEL Best Corporate/Institutional Internet Bank: Citigroup
Best Consumer Internet Bank: National Bank of Kuwait
Best Consumer Internet Bank: Bank Muscat
Best Corporate/Institutional Internet Bank: Samba Best Consumer Internet Bank: Samba
Best Corporate/Institutional Internet Bank: Citigroup |
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Best Corporate/Institutional Online Securities Research: JPMorgan Best Corporate/Institutional Online Cash Management:Wachovia Best Corporate/Institutional Website Design:Wells Fargo Best Corporate/Institutional Integrated Site: Citigroup
Payment & Presentment:Wells Fargo Best Consumer Online Credit: Wells Fargo Best Consumer Website Design: Bank of America Best Consumer Integrated Site:TD Canada Trust |
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Best Corporate/Institutional Online Securities Research: JPMorgan Best Corporate/Institutional Online Cash Management: Citigroup Best Corporate/Institutional Website Design: Banco do Brasil Best Corporate/Institutional Integrated Site: Citigroup
Trading: Banamex Best Consumer Online Bill Payment & Presentment: Banco Popular de Puerto Rico Best Consumer Online Credit: BBVA Best Consumer Website Design: Banamex Best Consumer Integrated Site: Banamex |
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Best Corporate/Institutional Online Securities Research: JPMorgan Best Corporate/Institutional Online Cash Management: Citigroup Best Corporate/Institutional Website Design: JPMorgan Best Corporate/Institutional Integrated Site: Citigroup
Trading: Banco ActivoBank Best Consumer Website Design:RZB Best Consumer Integrated Site: Millennium BCP |
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Best Corporate/Institutional Online
Securities Research: JPMorgan Best Corporate/Institutional Online Cash Management: Citigroup Best Corporate/Institutional Website Design: JPMorgan Best Corporate/Institutional Integrated Site: JPMorgan Best Consumer Online Securities Trading: HSBC Best Consumer Online Bill Payment & Presentment:HSBC Best Consumer Online Credit: Citigroup Best Consumer Website Design:HSBC Best Consumer Integrated Site: HSBC |
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Best Corporate/Institutional Online
Cash Management: Citigroup Best Corporate/Institutional Integrated Site: Citigroup |
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Best Corporate/Institutional Online
Cash Management: Citigroup Best Corporate/Institutional Integrated Site: Samba Best Consumer Online Securities Trading: Samba Best Consumer Online Bill Payment & Presentment:National Bank of Kuwait Best Consumer Online Credit: National Bank of Kuwait Best Consumer Website Design: Arab National Bank Best Consumer Integrated Site: Samba |
ADAM ROMBEL
