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Future of Online Banking: Empowering Customers and Enhancing Efficiency

This report highlights the benefits of online banking such as empowering customers, enhancing efficiency, and increasing security. It showcases how online banking is versatile, cost-effective, and secure, making it the future of banking.

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Future of Online Banking: Empowering Customers and Enhancing Efficiency

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  1. Bank of Illuminati Report on Online Banking Prepared for: Bank of Illuminati Board of Directors & CEO, Joan Magnusson Prepared by: Jacob Chapman, Chinonyerem Ogbonnaya, HrvojeOpacak & 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: http://www.tedeytan.com/2008/02/27/732

  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: http://thefinancialbrand.com/24376/cisco-multi-channel-branch-online-mobile-banking-study/cisco_virtual_banking_advantages

  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: https://www.ecb.europa.eu/press/pr/date/2013/shared/img/pr130716.en_img000.jpg

  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 Limit hours of operation Geographical limitations Documents can be stolen Less quality customer service • It’s More Accessible • It’s More Convenient • It’s More Secure • It’s more Cost Effective for Bank and Customer

  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: 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, "ecbeuropa," 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].

  25. Questions?

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