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 ts 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 thats not to say there isnt 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 theyve 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 theyre responsible for.

Whats 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 processesforeign exchange, payments and trade settlement, for examplesaving 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 dont 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.


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


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


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


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


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


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

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

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

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

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

Best Corporate/Institutional Online

Cash Management: Citigroup

Best Corporate/Institutional

Integrated Site: Citigroup

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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