Magazine article Global Finance


Magazine article Global Finance


Article excerpt

In the first of a two-part series, Global Finance identifies the top online corporate and consumer banks by country and regionally by product and service category.

As it has annually for 13 years, Global Finance is highlighting the banks from around the globe that are blazing a trail ofleadership and success in the rapidly evolving online world. Round one of the World's Best Internet Banks Awards focuses on the best online corporate and consumer banks by country and regionally by product and service category.

Winners were chosen among entries evaluated by a worldclass panel of judges at Infosys. Global Finance editors were responsible for the final selection of first-round winners.

The Internet-banking leaders (in alphabetical order) include ActivoBank, Citi, HSBC, Industrial and Commercial Bank of China, OTP Bank, Scotiabank, Standard Chartered and Wells Fargo.

These banks and other winners are forging leadership in electronic payments, mobile banking, social media, attracting new clients in growing markets, strengthening existing customer relationships, cross-selling products and services, generating cost efficiencies and ensuring security.

The top Internet banks are producing these business results while facing immense regulatory, risk management, market and technological pressures. With technology evolving at breakneck speed, new generations of clients expect new products and services faster than ever before with 24/7 availability and service. That s not an easy task.

"Customers' demand for better service coupled with everincreasing technological innovations have compelled many banks to rethink their banking and marketing strategies. Competitive products and rates offered by banks are no longer the key differentiators in customer retention or in getting new customers enrolled," says BalajiYellavalli.VP & head of client services, US financial services and insurance, at Infosys Technologies. He notes that customers are increasingly making their banking choices based on the overall service experience and time to delivery. "Banks are taking cognizance of this fact and are now more focused on developing online, mobile and other direct channels to ensure better and faster delivery of service to customers," says Yellavalli.

Key ways banks are separating themselves from competitors include online transactions like account opening and personal organizers for bill payments, as well as personalized home pages and self-service capabilities. The banks are also using analytics such as third-party tools that allow them to pilot new online functionality with clients and include their feedback in ongoing development, according to Yellavalli. Personal financialmanagement tools, websites integrated with social-media sites and shopping sites, and the latest mobile applications round out the offerings of leading banks. …

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