Bank of Illuminati

Report on Online BankingPrepared for:

Bank of Illuminati Board of Directors & CEO, Joan Magnusson

Prepared by:Jacob Chapman, Chinonyerem Ogbonnaya, Hrvoje Opacak & Jose Pinto

11/19/2013

Outline1. Accessibility of Online Banking

1. Online Banking is Versatile

2. Online Banking Empowers the Customer

3. Online Banking is Efficient

2. Convenience of Online Banking

1. Easier Access

2. Easier to Understand

3. Cost and Time Effective

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?

Contents continued…

2. Economic Benefit of Online Banking

3. How do Customers benefit from Online Banking?

5. Conclusion

6. Recommendation

7. References

Accessibility of Online Banking

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…

Online Banking Empowers the Customer

Not just technical people bank online: 62% of individuals prefer Online Banking [1]

More Available Services = More Used Services

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

Convenience of Online Banking

On the Internet

No more “waiting in line”

Customers can access from home, from anywhere.

Possibility of international expansion

Easier Access

Figure 2:

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

Available Instructions

FAQ Section

Faster Customer Service

Easier to Understand

Less Resources Needed

Time Saving

No Monthly Fee

Cost & Time Effective

Manage online transactions

Pay Bills & Transfer Funds Faster

Various Account Services

Update your Account

Keep Track of your Transactions

Security of Online Banking

Secure, encrypted websites

Less Fraud related crimes

Customer’s money can’t get stolen

Secure encrypted websites

Information is not stored on your computer

Accounts are being constantly monitored

No physical information to be stolen

2009 RCMP report [2]: 10 million dollars lost due to fraud

2013 European Bank report [3]: 7.8% reduction in credit card fraud

Less Fraud related crimes

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

Your Money can’t get Stolen

Accounts are insured for Theft

CDIC Insures Banks across Canada

Security is constantly being Improved

Economics of Online Banking

How would the Bank Save on Costs?

Reduced Operation Costs:

Less Staff

Less Handling

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

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

Conclusion

Online Banking It’s More Accessible It’s More Convenient It’s More Secure It’s more Cost Effective for

Bank and Customer

Traditional banking Limit hours of operation Geographical limitations Documents can be stolen Less quality customer

service

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

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, "ecb europa," 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].

Questions?