Banks and financial organisations have been quick to launch
e-business initiatives but they have gambled with technology and
have often been dismayed by the results.
This approach risks damaging brand names, industry experts said at
a round table discussion at the Planet Tivoli user conference in
Vienna this week.
The market may not support Internet-only banks, such as Egg and
Cahoot, they added.
"I don't believe in such a thing as the e-commerce-only bank," said
Marc Vanmaele, managing director of IT consulting firm SecurIT.
"People have to be able to interact."
Customers may wish to conduct simple banking processes, such as
checking their balance, over the Internet or on mobile devices,
said Vanmaele. However, they want human contact if they are
carrying out more complex procedures, such as negotiating the terms
of a loan, he added.
The Planet Tivoli audience was told that banks and financial
institutions need to offer a multi-channel delivery, which means
getting their mobile and Internet offerings right, or they risk
damaging their traditional business.
"People are getting more concerned with e-business and the impact
on their brand. It has to be consistent with their brand. It is
crucial that, as a business, they look at the security of their
business and the channels they deliver on," warned Andy Astbury,
European sales manager for global financial services at Tivoli.
The financial services sector should check the technology they plan
to use thoroughly before rolling out mobile and Internet-based
services.
"Usually banks and insurance companies take risks and implement new
technology," said Jose Lopez, lead research analyst for European
network security services at Frost & Sullivan. "However,
sometimes they're disappointed with the results. This happened with
PKI (public key infrastructure)."
Emma Nash