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Online Banking Service: Customers
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The Commerce Online Banking site ... provides a service center users’ guide to address issues and questions that might come up when a customer is on the Web site. Commerce Online customers always have access to live help, 24 hours a day, seven days a week, via phone and e-mail. Additionally, Commerce Online Banking is fully compatible with Quicken®, QuickBooks® and Microsoft® Money and provides an accurate and comprehensive exchange of data with these money management software applications.
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Although the convenience of online banking is well-known, there are significant barriers to widespread use of the service. In the API market space, the issue of language needs to be overcome—a significant number of APIs prefer to use their native language in banking, yet most banks don’t offer in-language services. Admerasia’s Ng believes this deters a lot of new immigrants from switching to banking online. “Charles Schwab’s online customers are 50 percent Asian because they are the only bank to offer [Asian native] languages online in the U.S.,” Ng said.
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Online banking has a huge growth potential in China. According to the China Banking Regulatory Commission, China's major commercial banks signed up 75 million online banking customers by the end of 2006, representing an addition of 21 million from a year ago. For 2007, the online banking transactions volume is projected to exceed 118 trillion RMB and the online banking user will reach 117 million.
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Bank of America, which has the most online banking customers in the country, was the first major bank to roll out an extra level of protection for online banking when it introduced SiteKey(R) in 2005. SiteKey includes an image, a brief phrase and challenge questions that help customers confirm that they are at the legitimate bank Web site and help the bank verify the customers' identity. Customers will continue to use SiteKey in addition to SafePass.
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Even so, online banking in America is growing at a healthy pace. The Economist reported in its May 27 issue that a total of 74 U.S. banks operate on the Internet—some small, like Delaware-based Wingspan Bank with 100,000 customers. Other online players have massive customer bases like Citigroup with 500,000, Bank of America with 2.3 million and Wells Fargo with 1.8 million online customers.
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Customers accessing Online Banking from their cell phone or smartphone are protected with the bank's SiteKey (R) security service, as well as its Zero Liability Online Banking Guarantee. To help protect customer information, the bank has developed a unique end-to-end security feature that ensures information remains encrypted when sent between the mobile phone and the bank.
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