Features : The World’s Best Internet Banks, 2004

In the first of a two-part series, Global Finance identifies the best online corporate and consumer banks by country and product or service category.

 

 

I t’s hard to believe that it has been 10 years since Web banking kicked off. In the years that have passed, consumer and corporate use of the Internet to manage accounts and conduct transactions has continued to steadily increase and become more sophisticated. Internet banking has largely avoided the booms and busts of other e-commerce applications, such as those experienced by online brokerages, retailers and trading exchanges. Internet banking continues to produce quietly and at a sustained growth rate.
But that’s not to say there isn’t big growth out there.At leading banks and in emerging markets and emerging types of financial services, payment and transaction volumes are exploding. For example. Wells Fargo last year processed nearly $6 trillion in electronic payments for commercial and business customers, a six-fold increase over the year-earlier period. Users of online services are becoming much more active now that they’ve become familiar with the medium and made it a part of their daily business routines. As it matures, the global Internet banking marketplace is exhibiting some clear trends.

Changing Business Processes
business processes to make their employees more efficient and effective. Corporates increasingly seek online offerings, such as workflow management solutions, which present them with a fundamentally better way of operating. So banks are building corporate banking applications that have customized features and access based on what role the employee has in their company and what they’re responsible for.
“What’s very appealing for customers is making it easier for their employees to do their jobs,” says Danny Peltz, executive vice president of wholesale Internet solutions at Wells Fargo. For example, Wells Fargo has established and is expanding “panels of functionality” that allow corporate clients to access disparate accounts, information and functions all in one place, their personal home page, says Peltz.
Companies also want services that improve previously inefficient business processes—foreign exchange, payments and trade settlement, for example—saving them time and money. Leading banks now process more than twothirds of their customers’ wire transfers and more than half of their foreign exchange transactions online.

THE AWARDS: HOW THEY WORK
This is the fifth year that Global Finance has set out to identify and honor the most successful and innovative providers of online banking services to corporate/institutional customers and to consumers. In the first round of competition, winners were selected for Best Corporate/Institutional Internet Banks and Best Consumer Internet Banks in individual countries. Also announced were Regional winners in subcategories such as Cash Management, Design, and Bill Payment and Presentment.
Winners were chosen from entries evaluated by a world-class judging panel made up of representatives from the consulting firms TowerGroup, Bearing Point, Deloitte and Tata Infotech. Global Finance editors were responsible for final selection of winners in the first round.
Only banks that entered the competition were considered for awards, and awards were given only in those regions, countries and categories in which there were entries. The number of banks entering doubled from last year.
Winning banks were selected on the basis of strength of strategy for attracting and servicing online customers, success in getting clients to use Web offerings, growth of online customer base, breadth of products offered, evidence of tangible benefits gained from Internet initiatives, and website design and functionality. Sub-category winners, such as Best Online Cash Management, were selected based on the relative strength of those products and services. —AR

 

 

Security
Transaction and information security continue to be paramount considerations for online banks, as privacy concerns, identity theft and money laundering remain important, high-profile issues. So banks are beefing up their security systems with elaborate, sophisticated systems that feature multiple layers of user access control so that the wrong people don’t get access to customer data and information.

Attributes of the Leaders
The best Web banks and services have a lot in common, such as being well organized, integrated and consistent across multiple channels; saving time and money for clients, as well as the banks themselves; and fostering customer loyalty. In short, the best banks use technology to differentiate themselves from competitors.
Clearly, the clicks-and-mortar model has won out, as many banks have added online, mobile and wireless offerings even as they continue to open branches, service centers and sales offices. The idea now is delivering information to customers where and when they need it, whether that be via mobile or wireless access, email, voicemail, fax or in-person.

 

 

COUNTRY WINNERS
NORTH AMERICA
CANADA
Best Corporate/Institutional
Internet Bank: Scotia Capital
Best Consumer Internet Bank:
TD Canada Trust
UNITED STATES
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Wells Fargo

 

LATIN AMERICA
ARGENTINA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Banco Rio de la Plata
BRAZIL
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Bradesco
CHILE
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
BBVA
COLOMBIA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Citigroup
COSTA RICA
Best Corporate/Institutional
Internet Bank: Citigroup
MEXICO
Best Corporate/Institutional
Internet Bank: Banamex
Best Consumer Internet Bank:
Banamex
PERU
Best Corporate/Institutional
Internet Bank: BBVA Banco
Continental
Best Consumer Internet Bank:
BBVA Banco Continental
PUERTO RICO
Best Consumer Internet Bank:
Grupo Santander
VENEZUELA
Best Corporate/Institutional
Internet Bank: Banco Provincial
Best Consumer Internet Bank:
Banco de Venezuela/Grupo
Santander

EUROPE
AUSTRIA
Best Corporate/Institutional
Internet Bank: RZB
Best Consumer Internet Bank:
RZB
ICELAND
Best Corporate/Institutional
Internet Bank: Islandsbanki
Best Consumer Internet Bank:
Islandsbanki
NETHERLANDS
Best Corporate/Institutional
Internet Bank: Citigroup
PORTUGAL
Best Corporate/Institutional
Internet Bank: Millennium
BCP
Best Consumer Internet Bank:
Banco ActivoBank
SPAIN
Best Corporate/Institutional
Internet Bank: BBVA
Best Consumer Internet Bank:
BBVA
TURKEY
Best Corporate/Institutional
Internet Bank: Garanti Bank
Best Consumer Internet Bank:
Garanti Bank
UNITED KINGDOM
Best Corporate/Institutional
Internet Bank: Citigroup

 

ASIA/PACIFIC
AUSTRALIA
Best Consumer Internet Bank:
ANZ
CHINA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
ICBC
GUAM
Best Consumer Internet Bank:
Citigroup
HONG KONG
Best Corporate/Institutional
Internet Bank: HSBC
Best Consumer Internet Bank:
HSBC
INDIA
Best Corporate/Institutional
Internet Bank: ICICI
Best Consumer Internet Bank:
ICICI
INDONESIA
Best Consumer Internet Bank:
Citigroup
KOREA
Best Corporate/Institutional
Internet Bank: Citigroup
KYRGYZSTAN
Best Corporate/Institutional
Internet Bank: AsiaUniversalBank
MALAYSIA
Best Consumer Internet Bank:
Citigroup
PAKISTAN
Best Corporate/Institutional
Internet Bank: Askari Bank
Best Consumer Internet Bank:
Askari Bank
PHILIPPINES
Best Consumer Internet Bank:
Citigroup
SINGAPORE
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Citigroup
TAIWAN
Best Corporate/Institutional
Internet Bank: Chinatrust
Commercial Bank
Best Consumer Internet Bank:
Chinatrust Commercial Bank
THAILAND
Best Consumer Internet Bank:
Citigroup

 

CENTRAL/EASTERN EUROPE
CROATIA
Best Corporate/Institutional
Internet Bank: Raiffeisenbank
Croatia
POLAND
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Raiffeisen Bank Polska
RUSSIA
Best Corporate/Institutional
Internet Bank: Citigroup
SLOVAK REPUBLIC
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Tatra Bank

 

MIDDLE EAST/AFRICA
ISRAEL
Best Corporate/Institutional
Internet Bank: Citigroup
KUWAIT
Best Consumer Internet Bank:
National Bank of Kuwait
OMAN
Best Consumer Internet Bank:
Bank Muscat
SAUDI ARABIA
Best Corporate/Institutional
Internet Bank: Samba
Best Consumer Internet Bank:
Samba
SOUTH AFRICA
Best Corporate/Institutional
Internet Bank: Citigroup

 

SUB-CATEGORY WINNERS
NORTH AMERICA

Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management:Wachovia
Best Corporate/Institutional Website
Design:Wells Fargo
Best Corporate/Institutional
Integrated Site: Citigroup


Best Consumer Online Bill
Payment & Presentment:Wells Fargo
Best Consumer Online Credit:
Wells Fargo
Best Consumer Website Design:
Bank of America
Best Consumer Integrated Site:TD
Canada Trust

 

LATIN AMERICA

Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: Banco do Brasil
Best Corporate/Institutional
Integrated Site: Citigroup


Best Consumer Online Securities
Trading: Banamex
Best Consumer Online Bill
Payment & Presentment: Banco
Popular de Puerto Rico
Best Consumer Online Credit:
BBVA
Best Consumer Website Design:
Banamex
Best Consumer Integrated Site:
Banamex

 

EUROPE

Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: JPMorgan
Best Corporate/Institutional
Integrated Site: Citigroup


Best Consumer Online Securities
Trading: Banco ActivoBank
Best Consumer Website Design:RZB
Best Consumer Integrated Site:
Millennium BCP

 

ASIA/PACIFIC
Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: JPMorgan
Best Corporate/Institutional
Integrated Site: JPMorgan
Best Consumer Online Securities
Trading: HSBC
Best Consumer Online Bill
Payment & Presentment:HSBC
Best Consumer Online Credit:
Citigroup
Best Consumer Website Design:HSBC
Best Consumer Integrated Site:
HSBC

 

CENTRAL/EASTERN EUROPE
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional
Integrated Site: Citigroup

 

MIDDLE EAST/AFRICA
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional
Integrated Site: Samba
Best Consumer Online Securities
Trading: Samba
Best Consumer Online Bill
Payment & Presentment:National
Bank of Kuwait
Best Consumer Online Credit:
National Bank of Kuwait
Best Consumer Website Design:
Arab National Bank
Best Consumer Integrated Site:
Samba

 

 

 

ADAM ROMBEL

 

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