About the post

This is the second post from a serie that will (weekly) explore aspects around Bankings in Canada in the following order:

  1. Customer experience at first sight – account opening to daily mobile banking
  2. Internet Banking and an overview about security
  3. Saving accounts, mobility and investments. How the products work
  4. Choosing your the right bank

Intro

According to CBA – Canadians Bank Association – the number of Internet Banking users still growing (of course much less than mobile), and now about 55% of Canadians still using this as their main way to banking, while only 31% use mobile in the same way.

Despite being in the start of a long walk to become an obsolete tool, the Internet Banking still useful, especially to keep a wider set of transaction options than mobile now. Have analysed first Mobile, will allow a richer experience in this review.

As a person who had achievement as deploy an Internet Banking, with many concerns about security as token integration, invasion, complexity of passwords, hacker protection, and others; face a login that respects the card number and a password typed in the account manager’s computer, sounds unsafe and vulnerable to fraud either internal and external; however, the purpose of this analysis is more related to the customer’s feeling than in the technical and financial (investments) aspect.

The main idea is to explore the features present in the Internet Banking, also considering the security aspects: What they have inside their Web? Why login are cards? How Canadians work with security? How the Internet Banking works? is the topic for today.

“The Contest” Internet Bankings

Before start writing, I had to open all the Internet Bankings and make some tests, see the features and etc. There is my first question: Where are the banks in the people’s lives here? No approach at all, no contact at all, most of them totally impersonal. Sorry! Shocking for me!!!

Basics

Account information, Payments, Transfer, Investments, Profile, Products, and Services, Market with stock prices. Always the same.

Usability/Communication

Why more than 2 clicks from the institutional page to see your account? Why?  Once the CBA says this is the main vehicle, they suppose to make it easier.

Only Tangerine has chat. I can’t understand yet why so poor customer interaction. As soon as I understand, this post will be updated.

Approach

Exploring the menus among the Internet Bankings there is a patternn, a cliché. In this exploration, only Tangerine shows be a step ahead. Despite being more than the same, they are trying to step out the cliche like in menus like this: “Move my money”. Sounds more impersonal, modern, new!

Access

The login is done by Card’s number for all of them. Remember the card that you received when oppened your account? You will use this one.

Most of the banks give you an opportunity Let you create a nickname to your card, it makes easy your daily access better.

All the banks have the inicial usage that makes the curtomer crate new questions. Tangerine makes the same but created some pictures to help the customer (and the authentication system) works more, chossing and answering other informations.

Limits

As the same to mobile, the limits are really low. Big transactions as paying the University can give work out and don’t let the customer independent. According to RBC attendent (oly one case), there is no possibility to increase more than CAD 3,000 a day on Internet.

Security

Https for everybody, special characters in the password for most of them. No card passwords, e-tokens, no double-check authentication, surprising. Why?

Fraud numbers

Generally a decimal percentages for Security purpose can cost millions of dolars. In other words, depending on the number of frauds, it is easier pay for it than spend much more preventing it. Totally understandable. Complementing, apparently, the antifraud-centre works well, and the general number of frauds is really lower than in other countries.

Token? Security Card? For What?

The answer is easy: They don’t need it!

The odd characteristic is about the account manager, because he/she lets people digit the password in their own computers. It’s a big opportunity to internal fraud. The corious question is: They care about thar?

Conclusion

Internet Banking is the most accepted way to the customer, of contat the customer, that is the reason to have all the features, and do it really well. The weakness of all the sample was about the way they treat their customer: Not in a proactive approach, no empathy, too simple. However, they do basics really well, and unfortunatelly, they look all the same.

Easy access and low limits, make you get up of your chair and go to the branch to make bigger than normal transactions.

About security, it works really well too to the market where it has the foundation: The numbers say it. The key point is not in factores as using passwords or logins, there is nothing to do if they don’t need, what is perfect.

For an Y/Millenial customer, Tangerine always is highlighting from the others: chat available, friendly language, authentication works different with images.

Refferences

http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/125-technology-and-banking

Note

1* If you were patient to read both articles, could you send me a message telling which one the language is best? Thank you!!!!

2* This post may be updated with new information

 

 

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