World’s Best Internet Banks Part II

 

BANKS DEVELOP SOCIAL SKILLS

 

In the second of a two-part series, Global Finance identifies the best global and regional Internet banks.

 

By Adam Rombel

 

WBI_01Not many of the headlines about the global banking industry in the past year have been about excellence and innovation. Instead, talk of the credit crunch, the recession, bad assets, bank bailouts, shrinking budgets and excessive executive compensation has predominated.

 

In the Internet banking space, the story is very different. The winners of this year’s Best Internet Bank awards are adapting to the rapid evolution of the Internet by developing winning applications, services and business models to satisfy customer demands and beat the competition.

 

In short, Global Finance is recognizing the banks that are prospering and advancing online despite difficult times. Financial institutions such as Banamex, Banco Santander, Citi, GarantiBank, HSBC, ICBC, Swedbank and Wells Fargo are using the Internet to convert existing clients into more profitable online customers, to enhance efficiency in product delivery and to improve customer service and client loyalty. The web is also central to these banks’ efforts to enter new markets, find new customers, increase payment and trading revenue and adapt to changing customer preferences.

 

WBI_02Rajesh Menon, a partner in the banking and capital markets practice of Infosys Consulting, says the best Internet banks will see a large percentage of customers adopting and using online channels, and the bank’s customers will maintain confidence in Internet banking amid fears about fraud and identity theft. According to Menon, a successful Internet bank will have the trust of clients in carrying out a larger share of their transactions through the web, will offer its traditional products through the online channel—providing the same or better customer experience online compared to the branch—and will achieve cost reductions through the adoption of the online channel.

 

These attributes were among the criteria the awards judging panel, led by Infosys, used to select the winning banks. In addition, the judging panel looked at the breadth of online products and services offered, website design and functionality and the integration of Internet banking products and services.

 

Citi was named the overall global winner and the winner among corporate/institutional banks globally and took home seven regional and sub-category honors. The bank’s CitiDirect service garnered particular praise for its rich features, which include customizable reporting applications, a four-tiered security process, cash-flow planning and forecasting capabilities and an end-to-end trade solution on one secure platform that is available 24 hours a day from anywhere in the world. It also facilitates aggregation and visibility at the local, regional and global levels.

 

HSBC was selected as the world’s best consumer Internet bank and won six global sub-categories and three regional awards. Its HSBC Premier service provides access to clients in more than 40 countries. Account balances in different countries are consolidated into a convenient one-page view for customers. Customers can also transfer funds between their HSBC accounts anywhere in the world in multiple currencies in near real-time at no cost, according to Menon. He called HSBC Premier a “first-in-market, unique online banking service.”

 

Two-Way Traffic

The online banking industry is on the cusp of a major transition that will enable the Internet to continue to transform the way clients do their banking, according to Menon and other consultants. This transformation’s key components include banks incorporating social media applications and forums into their Internet banking sites and services.

 

Celent, a Boston–based financial research and consulting firm, predicts banks’ participation in social media will “skyrocket over the next 12 months.” In a new report, entitled “Demystifying Social Media and Next-Generation Online Banking,” Celent asserts that banks must have a social media strategy and must integrate it into all of their online sites, day-to-day activities and customer relationships.

 

“Banks can even go the extra mile and build their own user communities and allow users to rank web pages, products and services. These seem like add-ons today but are quickly becoming critical components of the web,” Celent adds. “The days of pushing data and information out to the consumer are over. It’s now a two-way street, and banks should capitalize on the stream of data.”

 

BEST INTERNET BANKS: PART II

Global Winner Citi
Best Corporate/Institutional Internet Bank Citi
Best Consumer Internet Bank

HSBC


Regional Winners: Best Corporate/Institutional Internet Banks

North America Citi
Europe HSBC
Asia HSBC
Latin America Banamex/Citi
Central & Eastern Europe Bank Pekao
Middle East & Africa
Citi

 

Regional Winners: Best Consumer Internet Banks

North America Wells Fargo
Europe GarantiBank
Asia Citi

Latin America

Banco Santander
Central & Eastern Europe Swedbank
Middle East & Africa HSBC


Global Sub-Category Winners: Best Corporate/Institutional Internet Banks

Investment Management Services Citi
Online Cash Management Site Citi
Trade Finance Services HSBC
Website Design HSBC
Integrated Corporate Bank Site ICBC
Information Security Initiatives HSBC


Global Sub-Category Winners: Best Consumer Internet Banks

Investment Management Services Bank Hapoalim
Bill Payment & Presentment Citi
Online Consumer Credit Site HSBC
Website Design Commonwealth Bank
Integrated Consumer Bank Site Banco Santander
Information Security Initiatives HSBC
Online Deposits Acquisition HSBC


Country Winners: Best Corporate/Institutional Internet Banks

North America

Canada
Scotiabank/Scotia Capital
United States Citi
Europe

Austria
Citi
Belgium
Citi
Denmark
Citi
Finland
Citi
France
Citi
Germany
Citi

Greece

EFG Eurobank Ergasias
Ireland
Citi
Italy
Citi
Luxembourg
Citi
Netherlands
Citi
Norway
Citi
Portugal
Banco Espírito Santo
Spain
Citi
Sweden
Citi
Switzerland
Citi
Turkey
Yapi Kredi Bank
United Kingdom
HSBC
Asia
Australia Citi
Bangladesh
Citi
Brunei
HSBC
China
Citi
Hong Kong
HSBC
India
Citi
Indonesia
HSBC
Japan
Citi
Kazakhstan
Citi
Kyrgyz Republic
AsiaUniversalBank
Malaysia OCBC
Nepal
Standard Chartered
New Zealand
Citi
Pakistan
Citi
Philippines
Citi
Singapore
HSBC
South Korea
Citi
Sri Lanka
HSBC
Taiwan
Chinatrust Commercial Bank
Thailand Citi
Vietnam Citi
Latin America  
Argentina Citi
Brazil Citi
Colombia Citi
Costa Rica Citi
Dominican Republic Citi
Ecuador Citi
El Salvador Citi
Guatemala Citi
Haiti Citi
Honduras Citi
Jamaica Citi
Mexico Banamex
Panama Citi
Paraguay Citi
Peru Citi
Puerto Rico Citi
Trinidad & Tobago Citi
Uruguay Citi
Venezuela Citi
Central & Eastern Europe  
Bulgaria Citi
Czech Republic Citi
Hungary Citi
Lithuania SEB Bankas
Poland Bank Pekao
Romania Citi
Russia Citi
Slovakia Citi
Ukraine Citi
Middle East & Africa  
Algeria Citi
Bahrain Citi
Botswana Standard Chartered
Cameroon Citi
Congo Citi
Côte d’Ivoire Citi
Egypt Citi
Gabon Citi
Ghana Standard Chartered
Israel Bank Hapoalim
Jordan Standard Chartered
Kenya Citi
Kuwait Citi
Lebanon Citi
Morocco Citi
Nigeria Citi
Qatar Standard Chartered
Saudi Arabia Samba Financial Group
Senegal Citi
Sierra Leone Standard Chartered
South Africa
Citi
Tanzania Citi
Tunisia Citi
United Arab Emirates HSBC
Uganda Citi
Zambia Citi
Zimbabwe Standard Chartered


Country Winners: Best Consumer Internet Banks

North America  
Bermuda HSBC
Canada CIBC
United States Wells Fargo
Europe  
Channel Islands HSBC
Cyprus Marfn Popular Bank Public
France HSBC
Greece EFG Eurobank Ergasias
Malta HSBC
Norway DnB Nor Bank ASA
Portugal Millennium BCP
Turkey GarantiBank
Asia  
Australia HSBC
Brunei HSBC
China ICBC
Hong Kong HSBC
India Citi
Indonesia Citi
Japan Citi
Kyrgyz Republic AsiaUniversalBank
Malaysia Citi
Pakistan Citi
Philippines Citi
Singapore HSBC
South Korea Shinhan Bank
Sri Lanka HSBC
Taiwan Taishin International Bank
Thailand Citi
Vietnam HSBC
Latin America
 
Argentina Santander Río
Brazil HSBC
Chile Banco Santander
Colombia Bancolombia
Dominican Republic Scotia Bank
Jamaica Scotia Bank
Mexico Banamex
Peru BBVA Banco Continental
Puerto Rico Banco Popular de Puerto Rico
Venezuela Mercantil Banco Universal
Central & Eastern Europe
 
Czech Republic HSBC
Estonia Swedbank
Hungary Budapest Bank Nyrt
Latvia SEB Banka
Lithuania SEB Bankas
Poland Bank Millennium
Romania GarantiBank Romania
Russia ZAO Raifeisenbank
Slovakia Tatra Banka
Middle East & Africa  
Egypt HSBC
Israel Bank Hapoalim
Jordan Arab Bank
Oman Bank Muscat
Qatar Mashreq Bank
Saudi Arabia SABB
United Arab Emirates Citi


Regional Sub-Category Winners: Best Corp/Institutional Internet Banks

North America  
Investment Management Services Citi
Online Cash Management Site Citi
Trade Finance Services Citi
Website Design Citi
Integrated Corporate Bank Site Citi
Information Security Initiatives Standard Chartered
Europe  
Investment Management Services HSBC
Online Cash Management Site HSBC
Trade Finance Services Citi
Website Design Yapi Kredi Bank
Integrated Corporate Bank Site HSBC
Information Security Initiatives HSBC
Asia  
Investment Management Services HSBC
Online Cash Management Site HSBC
Trade Finance Services HSBC
Website Design HSBC
Integrated Corporate Bank Site ICBC
Information Security Initiatives HSBC
Latin America  
Investment Management Services Citi
Online Cash Management Site
Citi
Trade Finance Services Citi
Website Design Citi
Integrated Corporate Bank Site Banamex
Information Security Initiatives Citi
Central & Eastern Europe  
Online Cash Management Site Citi
Trade Finance Services Citi
Website Design Citi
Integrated Corporate Bank Site BRE Bank
Information Security Initiatives Citi
Middle East & Africa  
Investment Management Services Citi
Online Cash Management Site Citi
Trade Finance Services Standard Chartered
Website Design Citi
Integrated Corporate Bank Site Samba Financial Group
Information Security Initiatives HSBC


Regional Sub-Category Winners: Best Consumer Internet Banks

North America  
Bill Payment & Presentment Wells Fargo
Online Consumer Credit Site CIBC
Website Design Wells Fargo
Integrated Consumer Bank Site HSBC
Information Security Initiatives HSBC
Online Deposits Acquisition Wells Fargo
Europe  
Investment Management Services HSBC
Bill Payment & Presentment DnB Nor Bank ASA
Online Consumer Credit Site HSBC
Website Design Yapi Kredi Bank
Integrated Consumer Bank Site Hellenic Bank
Information Security Initiatives Akbank
Online Deposits Acquisition Akbank
Asia  
Investment Management Services Citi
Bill Payment & Presentment Citi
Online Consumer Credit Site HSBC
Website Design Commonwealth Bank
Integrated Consumer Bank Site ICBC
Information Security Initiatives HSBC
Online Deposits Acquisition HSBC
Latin America  
nvestment Management Services Banamex
Bill Payment & Presentment Santander Río
Online Consumer Credit Site Santander Río
Website Design HSBC
Integrated Consumer Bank Site Banco Santander
Information Security Initiatives Banamex
Online Deposits Acquisition Banco Popular de Puerto Rico
Central & Eastern Europe  
Bill Payment & Presentment Swedbank
Website Design Swedbank
Integrated Consumer Bank Site Swedbank
Information Security Initiatives SEB Bankas
Middle East & Africa  
Investment Management Services Bank Hapoalim
Bill Payment & Presentment Mashreq Bank
Online Consumer Credit Site SABB
Website Design Bank Hapoalim
Integrated Consumer Bank Site Samba Financial Group
Information Security Initiatives HSBC
Online Deposits Acquisition HSBC
 

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