Page 30 - Banking Finance December 2016

ARTICLE

ing 3-D secure across the globe will be considered. Then the
scope of frauds will come down drastically.

As a preventive measure, some of the Indian banks have
started replacing the cards of their customers, who have
recently travelled to countries that do not have 3-D secure
protocol. Lenders are also substituting the magnetic strip-
based cards with chip-based cards as it is difficult to steal
data from the latter.

Conclusion them from search engines, affiliate sites, relevant blogs,
directories, and other online sources. Our goals in this
Banks now have a variety of technological means to initiate
online banking programs without incurring the investments stage of the funnel are to identify our target market
needed to develop their own system. The reach and deliv- and drive visitors to our Bank.
ery capability of computer network such as the internet far III) We need to provide more and more channels of pay-
exceeds any proprietary bank network ever built, and makes ment. More channels means more business, for eg., we
it continually easier for customers to manage their money need to explore social media wallets which is a new
anywhere anytime. platform for consumer payments and its commercial
value
If banks do not offer online banking services, affluent cus- IV) We can create payment integration of paypal, chase
tomers will be stolen away by software companies, online account integration & innovative gateway integration.
access services, brokerages or global entertainment com-
panies. In addition to wanting to protect their existing fran- V) It is always better to use credit card and paypal inte-
chises, banks hope online banking will win them new busi- gration as many users don't have the paypal account.
ness. However, few managers have clear vision of VI) We need to develop smart and user friendly interface.
tomorrow's banking environment. In fact, few banks have
VII) The navigation should be fast and robust.
strategic plans in place that anticipate the future of elec-
tronic banking. The challenge for banking industry lies in VIII)We need to make processes as quick as quick and as
creating the right atmosphere and providing the right in- smooth as possible.
centive for consumers to use personal computer regularly IX) We can have customer reward programs by offering
for banking and in making sure that they provide attrac- discounts and offers.
tive and affordable services.
X) We should be in constant touch with our customers to
assess their actual needs and come up with suitable
E-commerce is spreading much faster and the old window
shopping is taking the backseat. Due to this more and more products and services related to e-commerce.
people are shopping online. To increase the share in the XI) We need to promote mobile applications as a bridge to
billions of dollars spent on line every year, it is important mobile payments - easing consumers.
that bank should take full benefit of e-commerce.
References
To exploit the huge potential of e-commerce: 1. Online Marketing by Lorrie Thomas
I) We need to make huge investment in technology and
2. Brand Media Strategy by Antony Young
R&D, so that we can fully secure our Internet Banking, 3. Content is Cash by Wendy Montes de Oca
ATM and Mobile Banking operations. We need to train
4. E-Commerce best practices by Thomas M McFadyen
our people and equip them fully to handle alternate
channels efficiently. 5. Building the E-Empire by Steffano Corper
6. Managing your E-commerce business Brenda Kienan
II) We should invest time to identify who our target cus-
tomers are. Once we understand our target custom- 7. RBI and Ministry of Commerce websites
ers, we should make sure that our website is visible to 8. IIBF Vision, Internet and various Journals

30 | 2016 | DECEMBER | BANKING FINANCE

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