We discussed our findings on a web seminar on 14 March 2006.
Order a CD with an audio recording of the web seminar and a PDF of the Report. (pdf)
An effective website can give a financial services provider a competitive advantage through:
· Improving customer satisfaction;
· Automating business processes;
· Providing information and training to employees;
· Providing information about the company to potential employees, potential franchisees, shareholders and other investors, media and the community at large.
Notwithstanding consumer security concerns, new products such as High Interest Online Savings Accounts and new functionality have had a dramatic effect on the number of online banking users.
One source indicates that online banking in Australia represents in excess of 225 million transactions a quarter and growing.
Providing financial services has high risks: there are high compliance costs and restrictions on new products and services because of changing and uncertain regulatory requirements. Providing financial services over the internet brings additional risks. The law is still not “technology neutral”: some products will be treated differently if they are electronic rather than paper-based.
Failure to comply could have catastrophic consequences: fines, penalties and loss of reputation.
To be successful a financial services website needs inbuilt compliance systems as well as good technology, good design and good products. Compliance systems will help when designing new products or services for a financial services website.
This 60 page report focusses on processes to assist financial service providers in managing the risks related to websites in an environment of rapidly changing technology. The section on risk management is intended to assist you to identify, quantify and, where possible, reduce related technology risks. See the index (pdf)
The report reviews the latest information on financial institution customer satisfaction and online banking in Australia.
For examples of best practices we reviewed Australian and global websites which provide financial services to consumers.
The websites included Australia’s “big four” banks, foreign banks, medium sized banks, regional banks, building societies, credit unions, non-banks, insurers, friendly societies and superannuation funds.
In choosing examples, we looked at how each website had implemented its compliance obligations as well as how the website presented the company as a potential business partner, employer or investment from the point of view of security, innovation, personalisation and interactivity.
The report concludes with 17 Guidelines for financial services websites illustrated by screenshots.
This report has important information for anyone who is responsible for the design or content of a financial services website or involved in compliance of a financial services provider.
We discussed our findings on a web seminar on 14 March 2006.
Order a CD with an audio recording of the web seminar and a PDF of the Report. (pdf)
