I have done a strategic comparison of major banks in terms of their digital banking proposition.

1. World of Digital Banking – A
Strategic View
Author:
Muthu Siva
ME(Distinction), MBA(Australia)
FIC(UK), FCMI(UK), FBCS(UK)
Dated 21 April 2014
Version 2.0
21 April 2014
World of Digital Banking - Author: Muthu Siva
1

2. WORLD OF DIGITAL BANKING – A STRATEGIC VIEW
I am publishing this Version 2.0 paper on 'World of Digital Banking' a strategic view. This
channel is becoming a ‘enabler’ and cash cow for the banks. 13 banks across
UK/USA/Australia/Asia/Europe (Barclays, Santander, HSBC, Lloyds TSB, RBS, ANZ
(Australia), Commonwealth Bank of Australia, JP Morgan, Bank of America, ICICI Bank,
Bank of China, Credit Suisse and Deutsche Bank) are selected for this strategic
comparison.
The main areas of study are :
• Registration for Online Banking
•Customer On-boarding time
•Online banking channel features
•Types of payments that can be made through online
•Online banking security
•Online banking compatibility with browsers and operating systems
•Customer service timings
•User Experience
This is a high level strategic comparison from customer perspective based on
information available in their respective websites.
I have also given 'what is special' about each bank and also chances for
improvement to acquire more market share. This is only my personal view based on
customer/strategic perspective and digital banking experience.
NEXT: I am releasing next versions due to be released every three months.
21 April 2014
World of Digital Banking - Author: Muthu Siva
2

3. BARCLAYS
Link http://www.barclays.co.uk
Eligibility to Register Debit card and a valid UK postcode; activation code is
required if the account is opened at a branch
Time to activate the
service
Immediate
Channel Features Customizable home page.
Rename/Reorder accounts on the home page.
Short-cuts to day-to-day banking.
Transfer funds.
Track a payment.
Change personal information.
Export data into money management software.
Make daily international payments.
Securely upload and store documents on Barclays Cloud It New
Types of Payment Same day domestic payments (cut-off time 2:30pm) for a fee
of £25 (however if the payment is under £10,000, make a
payment under online banking feature can be used for no
additional cost.
Online Payment daily transaction limit:
Personal - £10,000; Premier - £100,000; Business - £100,000

4. BARCLAYS
Security Login online banking using PINsentry
Online Banking Guarantee
New payees setup for standing order requires PINSENTRY
Suggested to get Kaspersky Mobile Security Software
free of charge if you use Online Banking.
Online banking
compatibility
Recommended to use latest version of the browser.
Microsoft Internet Explorer version 7 or higher
Mozilla Firefox version 3 or greater
Safari version 4 or greater
Opera version 10 or greater
Google Chrome 3 or greater
iPhones running iOS4.3 or later, Android 2.3 and above or
BlackBerry OS 5.0 and above.
Customer Support Existing customers 24x7; Barclaycard Internet banking: 8am
to 10pm(Mon to Fri), Sat – 10am to 6pm, Sun 11am to 7pm
Question/comment can be tweeted at @barclaysonline
User Experience Lot of improvements in the home page of the online banking
which provides shortcuts to day-to-day banking and can
also be customized.
Special and Needs
Improvement
Needs Improvement - "Online banking unavailable" appears
often

5. SANTANDER
Link http://www.santander.co.uk
Eligibility to Register Debit or Credit Card
Time to activate the
service
5 to 7 working days
Channel Features Can view more than 4 years worth of transactions and
statements online.
Customers can customize the summary view, rename
accounts, change order of display, transfer or move money,
pay bills, organize standing orders and direct debits, pull
money from external accounts, download transactions to
spreadsheet or other softwares, Set up and manage Savings
Goals, Order duplicate statements and tax certificates,
Order replacement PINs, cards and chequebooks, View and
update personal details, Set up to receive FREE alerts by
email or SMS, Open a new accounts / rename and reorder
existing account, Set up an overdraft or request a new limit,
Check & repay Santander credit card balances
Santander Banking, Savings and Credit Card account
Types of Payment Santander Current or Savings accounts, arrive on the same
day; Santander Cards Ltd, arrive the same day but take a
working day to show on Santander credit card statement;
Non-Santander accounts in the UK will usually be available
the same day if it goes by 'Faster Payments‘

6. Types of Payment Transfer money up to and including £100,000 between
accounts using Faster Payments Scheme anytime (24x7) for
free. OTP Password to secure payment.
Security Online banking guarantee
Free Rapport security software
A unique image and phrase combination to secure login
Recommended not to use when using public wi-fi
Online banking
compatibility
Recommended to use latest version of the browser.Microsoft
Internet Explorer version 7 or higher Mozilla Firefox version 10
or greater
Customer Support Existing customers – 24x7; Online Banking support: 7am –
11pm (Mon – Sat), 8am – 10pm (Sun)
User Experience System has many useful functions but there has been wide
concerns regarding the inclusion of personal data in cookies.
There are technical issues regarding error pages, delay in
receiving passwords, frozen payments and accounts. These
delays, required visits to branches, repeated identification
verification process makes it difficult to be identified with the
customers.
Special and Needs
Improvement
Special - Faster Payments, OTP passcode, image and phrase
combination security
Needs Improvement – better user interface and
customizable home page like it’s competitors. Social media
support
SANTANDER

7. HSBC
Link https://www.hsbc.co.uk
Eligibility to Register Account number or Credit Card along with Telephone banking
security number
Time to activate the
service
Immediate
Channel Features Review the last 24 months of transactions for Personal Internet
Banking, View eligible checking and savings statements for the
last 12 months through eStatements
Pay bills, Online Check Images, Transfer funds, Bank to Bank
Transfers service, Initiate wire transfer requests, View information
about mortgage account, Obtain quotes for several insurance
products, View investment and brokerage balances, Request a
credit card line increase, Apply for HSBC select accounts and
services, Order new checks, Request copies of statements,
Request a Stop Payment for an HSBC check, Email Customer
Relationship Center, Online Password Reset
View balances and transactions on deposits, loans, credit card,
and mortgage accounts
Types of Payment Move up to $350,000 in or out of your HSBC account daily at one
time
Wire Transfer requests submitted before 3:00 PM Eastern Time on a
business day will be reviewed the same day
Bill Payments scheduled before 1:00 P.M. Eastern Time, Monday
through Friday (excluding federal holidays), will be processed on
that day.
Payments and other transfers secured through Online Guarantee

8. Security $0 Liability, Online Guarantee
Login Online Banking using Security key
$0 liability for unauthorized credit card charges, $0 liability for
unauthorized online bill payments or transactions on the
HBSC accounts
Online banking
compatibility
Microsoft Windows 7, Vista, XP, Apple OS 10.6.8
Internet Explorer Up to version 9.x, Firefox Up to version 11.x,
Safari Up to version 5.x, ChromeTM Version 18.x
Web-based mobile banking or Mobile App in Apple,
Android, Blackberry mobiles
Customer Support Lines are open 8am to 10pm every day except for Christmas
Day, Boxing Day and New Year's Day.
Online Messages
User Experience Easy to use, plenty of technical support online, appealing
visual design with everything clearly and logically laid-out.
Customizable making the customers identify with themselves.
Additional tools would give the users a wow experience.
Neverthless, it is valuable to customers with comparatively
additional features.
Special and Needs
Improvement
Special - facility to request the stopping of a cheque, have a
new PIN sent, secure key. Tweet @HSBC_UK_HELP
Needs Improvement - No good financial management tool,
no sorting options, no way to bundle money.
HSBC

9. LLOYDS BANK
Link http://www.lloydsbank.com/
Eligibility to Register Need to be over 16, have a current account, credit card or
savings account
Time to activate the
service
Immediate
Channel Features Quick transfer of funds between own accounts.
Simple user interface to access various functions like UK &
International payments, Direct debits & Standing orders,
Account benefits.
Add-on services like Money Manager to see your spends in
the past and help you plan for the future.
View/Download/Print and search any statement entries
back to 1st July 2002.
Apply for an overdraft, loan, credit card. Open a current
account. Order Travel Money
Types of Payment Payment limit of £25,000
Faster Payments, make same day payments
International Payments - Send up to £50,000 a day
(additional charges apply)
Secure Payments - Automated call to set up payee

10. Security Internet Banking guarantee
Fraud detection, Automatic logoff, Secure logon,
Deactivation, telephone masking
Online banking
compatibility
Windows 7 or higher
Windows 2000.
MAC OS X.
Microsoft Internet Explorer version 7 or 8.
Mozilla Firefox version 3 or newer.
iPhone iOS4.0 and above.
Android 2.2 and above.
Customer Support 7am - 10pm Mon to Fri and 8am - 6pm Sat-Sun
Online questions
User Experience Easy to use service, well documented, transaction side is
efficient and concise. The recent changes to make it
customizable has gained popularity. The simple nature of the
system has attracted customers and adds value.
Special and Needs
Improvement
Special - Money Manager
Needs improvement - Data management
LLOYDS BANK

11. ROYAL BANK OF SCOTLAND
Link http://www.rbs.co.uk
Eligibility to Register RBS account and RBS Credit Card
Time to activate the
service
Immediate access
Channel Features View and search transactions and statements going back up to
seven years
Transfer money, make payments, arrange standing orders,
Direct Debits, Order stationery and card readers, apply for other
products.
View four months of credit card statements
Types of Payment Faster Payments, CHAPS
Secure payments through card reader
Multi currency account for international payments - an income
of at least £75,000 per annum, or £25,000 to deposit
Security Online and Mobile Security promise
Free Rapport Security software
Card Reader
Alerts service

12. Online banking
compatibility
Iphone, Ipad, Android, Blackberry app
Windows XP or later – including Vista and Windows 7, MAC
OS X 10.4 or later,
Windows - (Microsoft Internet Explorer version 7 and above
Firefox 3.5 and above
Google Chrome 8 and above
Safari 4.x and above
Opera 10.0 and above
AOL 8.0 and above)
MAC - (Safari 3.2 and above
Firefox 3.5 and above
Google Chrome 8.0 and above
Opera 10.0 and above)
Customer Support Lines open 24 hours a day, 7 days a week
Online questions
User Experience Convenient and easy to use, simplified transaction search,
Customizable view makes digital banking favorable and
valuable.
Fast system and available mostly. Safe and Secure with track
records.
Special and Needs
Improvement
Special - Certificates of interest (makes tax filling easier),
Card Reader, International Payments
Needs Improvement - Financial management tools, bundling
options
ROYAL BANK OF SCOTLAND

13. ANZGOMONEY
Link http://www.anz.com/personal
Eligibility to Register Customer Registration Number and Telecode
Time to activate the
service
Immediate access
Channel Features View online statements up to 7 years.
120 days of transaction history.
Money Manager - categorization, budget goals, spending limits,
notifications, reporting
Check balances, change contact details, pay bills, transfer
money
International services - Transfer fund overseas
Cheque/savings account, Card accounts
Investment accounts
Loan accounts
Term deposits
Types of Payment A limit of $50,000 per transaction and $75,000 per day applies
BPAY for Bill Payments
The daily limits range from $1,000, $5000, $10,000

14. Security Online banking guarantee
Fraud detection systems
Encrypted data
Automatic time-outs
Online banking
compatibility
Windows 2000®
Mac OS X (10.6)
Windows 7®
Internet Explorer® 9.x (preferred)
Internet Explorer® 8.x
Firefox® 13.x
Google ChromeTM 20.x
SafariTM 5.x
Screen resolution of 1024x768 is optimal
Customer Support 24 hours/7 days
Live Chat
Online Questions
User Experience Easy, reliable to use system, well-rounded with necessary
special features, value for money, continual support, without
much waiting and unnecessary delays.
Special and Needs
Improvement
Special - International services, green receipts, secure
banking.
ANZGOMONEY

15. COMMONWEALTH BANK OF AUSTRALIA
Link http://www.commbank.com.au/
Eligibility to Register Debit card or Credit card, card pin and mobile phone
Time to activate the
service
Immediate access
Channel Features view up to seven years of statements
View last 2 years of stored transactions
NetBank payment limits:
$20k for Unlinked Accounts
$100k for BPAY
$5k for International Money Transfers
Check transactions, transfer money, BPAY, Manage accounts,
Customize
Statement accounts, Passbook accounts, Credit Card accounts,
Home Loans/Mortage Interest accounts, Personal loans, Term
deposits
Types of Payment Online payments secured using Netcode - OTP
Extra verification and investigation for transfers to unlinked
accounts or third party
International Money transfers - upto $22 per transfer

16. Security 6 months Internet McAfee security
100% Security guarantee
Automated timeouts
Netcode SMS
Online banking
compatibility
Windows 7
MAC OSX
Internet Explorer 8 and above
Google Chrome (v16-v18)
Mozilla Firefox (v8 - v12)
Safari (v4, v5 & v5.1)
Customer Support 24 hours a day, 7 days a week, Online Message and forms
User Experience Easy to use, highly accessible, powerful features making the
system valuable and identifiable with customers. A recent
scam of a fake website to obtain details of customers has
been rectified at last.
Special and Needs
Improvement
Special - Realtime banking; Social media support/comments
COMMONWEALTH BANK OF AUSTRALIA

17. CHASE (JP MORGAN)
Link https://www.chase.com
Eligibility to Register Social Security Number, Account number or Credit/Debit card,
Access to a phone or email address provided with the bank.
Time to activate the
service
Immediate access
Channel Features See and print 7 years of statements anytime.
View 24 months transaction history
Check balances, pay bills, transfer money, send overnight
checks, initiate wire transfers, view documents like Check
images, receipts, summaries
Checking/Savings account, Credit Card, Mortgages & Home
Equity, Auto Finance.
Types of Payment Online Bill Pay guarantee
Onetime or repeated payments
Security Online and Mobile banking guarantee
Fraud monitoring tools
Security Alerts
Zero liability

18. Online banking
compatibility
Windows 7
Internet Explorer 8 and higher
Firefox 14 and higher
Chrome 26 and higher
Safari 5.0 and higher
Customer Support 24 hours/ 7 days
Online Message
Fraud report
Twitter @ChaseSupport (M-F 7am-9pm ET, Sat 8am – 5pm)
User Experience Clean layout. Text based navigation makes process quick.
Provides overwhelming information. User friendly systems
makes the customer identify with themselves. Overall, the
online banking system is appealing and valuable.
Special and Needs
Improvement
Special - Online resources, Online Bill Pay.
Needs improvement - overwhelming information combined
with graphics and marketing blurbs gives a little disoriented
experience
CHASE (JP MORGAN)

19. BANK OF AMERICA
Link https://www.bankofamerica.com/
Eligibility to Register Social Security Number (SSN) or Tax Identification Number (TIN),
Account number, associated pin, email address
Time to activate the
service
Immediate Access
Channel Features View 12 months of transactions
View 18 months of statements
View 24 months of payment history
Check balances, receive alerts, transfer funds, bill pay, e-bills,
portfolio management, self service, download information
International and domestic wire transfers
Deposit accounts, credit card, mortgage, loan or line of credit.
Types of Payment Payments using safepass - one time 6 digit passcodes combined
with sitekey
Bill payments can be for any amount between $1.00 and
$99,999.99
Transfers submitted to the accounts of other Bank of America
customers may not total more than $1,000 during any 24-hour
period or $2,500 during any 7-day period.

20. Security Online banking security guarantee
Free year of McAfee Internet Security
Rapport online fraud protection
Secure Sitekey
Online banking
compatibility
Microsoft Internet Explorer 8.0 and higher
Firefox 14 and higher
Chrome 26 and higher
Safari 5.0 and higher
Customer Support Monday–Friday 7 a.m.–10 p.m
Saturday–Sunday 8 a.m.–5 p.m
Online message
Live Chat
User Experience Easy and convenient website,
attractive to customers, one-stop shop for most requirements,
provides value to customers, effective online bill payments
and ebills. Overall, provides an incredible environment for
customers
Special and Needs
Improvement
Special - Safepass and Sitekey fraud protection, ebills,
International transfers, Safe shop
Needs Improvement – Needs enhanced user friendly
website, No Social media support
BANK OF AMERICA

21. ICICI
Link http://www.icicibank.com
Eligibility to Register User id and password given at the time of account opening -
Savings Account holders
Credit Card holders
Demat Account holders
Loan Account holders
Time to activate the
service
Immediate access
Channel Features Check out past transactions and statements from the date of
account opening.
Manage accounts, transfer funds, pay bills, shop, recharge
mobile, Money manager, international fund transfer, online tax
payment, Gold investment, forex, money order, trade shares,
pension calculator
Types of Payment International fund transfer - Remit up to USD 25,000
Bank, Credit card, demat and Loan accounts are linked.
Bill pay - one time registration for each biller
Payment secured through OTP
Quick pay

22. Security i-safe OTP
Secure login, cap on login attempts, timed logout, userid
expiry, firewall, 2048 bit secure socket layer, entrust digital
certificate
Online banking
compatibility
Microsoft® Internet Explorer 8 and above
Windows XP and above
Chrome 22 and above
Firefox 10 and above
Customer Support 24 hours, 7 days
Online message
User Experience Superior user interface, Personalized and Customized view,
Personal Financial Tools, Enhanced security
Special and Needs
Improvement
Special - Online features and security
Needs Improvement – Frequent downtime for maintenance.
ICICI

23. BANK OF CHINA
Link http://www.boc.cn/en/
Eligibility to Register BOC Great Wall electronic debit card, BOC credit card or Great
Wall credit card, telephone banking service for the same card
are required for online registration.
Time to activate the
service
Immediate access
Channel Features Record of online payment within the last one year
Enquiry of foreign exchange trading transaction status within 12
months
Account inquiry, fund transfer, bill payment, credit card inquiry,
investments such as forex, gold, fund, securities, treasury bond,
free SMS notification, service setting
Great Wall electronic debit cards, Great Wall RMB credit cards,
BOC series credit cards, passbook of current deposits, ordinary
current deposits, passbook of time deposits, installment savings,
interest withdrawal on principal deposited, and education
savings opened with BOC
Types of Payment Payment limit is freely set based on personal needs
Secure through E-Token
Automatic opening and flexible setting of payment cards

24. Security Do not access online banking in public places
Security Applet free download - Security control
Online banking
compatibility
Windows 2000 or Windows XP(32-bit) or Windows Vista(32-bit)
Internet Explorer version 7 or above
mobile banking through the original WAP browser
Customer Support Emergency hotline
Online Forms
User Experience Simple instructions, easy to use system with bilingual - Chinese
and English versions. Clean layout and efficient navigation
system makes the system appealing and valuable to
customers.
Special and Needs
Improvement
Special -Secure transactions, easier wealth management
Needs improvement - English information
BANK OF CHINA

25. CREDIT SUISSE
Link http://www.directnet.com/en/
Eligibility to Register An account with Credit Suisse AG, aged above 14. A direct net
contract application has to be completed and submitted for
online access.
Time to activate the
service
Channel Features View payments from last 45 days
View transactions and statements for the last 2 years
Manage assets, national and international payments, standing
orders, pay bills and ebills, real time portfolio holdings, financial
products over 60 stock exchanges, market data and research
reports, e-documents
Types of Payment Payments are secured through SMS secure code
Domestic payment, account transfer, international payment,
cash payment
Register with SIX Paynet AG for bill pay

26. Security Secure SMS code
SecureMail
Payments through secure environment
Online banking
compatibility
Windows 7, Vista, XP, MAC OS X >= 10.4
128 bit encryption
IE 7.x, 8.x, 9.x
FF 3.x, 4.x
Safari 4.x, 5.x
Iphone Mobile app
Customer Support Mondays to Fridays
07:30 - 22:00
Saturdays and Sundays
09:00 - 16:00
Online Form
User Experience Clean system and easy to navigate, clear instructions and
documentation, enhanced features including investment
products. Bilingual. User friendly and easily identifies with
customers, proving valuable to users.
Special and Needs
Improvement
Special - Investment products and real time investment
Needs improvement - Mobile apps for other smartphones,
Online Guarantee and security
CREDIT SUISSE

27. DEUTSCHE BANK
Link https://www.db.com/index_e.htm
Eligibility to Register Customer ID and IPIN provided with welcome kit while opening
an account
Time to activate the
service
Immediate Access
Channel Features View transactions and statements from the first day
Account balances, statements, mutual funds transfer, buy
stocks, transfer to non-Deustche banks, Online shopping,
transaction alerts
Fixed deposits, bank accounts, loans, investments and demat
holding accounts
Manage cheques, Order Demand Drafts, physical copy of
statements, update personal details.
Types of Payment Bill payment, DirectDebit, Tax payment, Quick pay, other bank
credit card bill
Payments secure through separate transaction password

28. Security 128 bit encryption
Two passwords to provide enhanced security
Monitors Trojan program
Email and SMS alerts
Virtual keypad
Online banking
compatibility
Internet Explorer 6 or above
Windows 7, Vista, XP
Android, Iphone, Ipad Apps
Mobile Websites
Customer Support 24 hours a day, 7 days a week
Online Forms
User Experience Clear instructions with easy to navigate system. But it does
not load with FF or Safari enhancing the problems of
customers. The system is valuable based on the products and
features offered but it is difficult to identify with customers.
Special and Needs
Improvement
Special - Investment features
Needs improvement - Technical issues and compatibility with
browsers
DEUTSCHE BANK