CNN Custom News logo [LINK] Home World U.S. Weather Sports Business Sci-Tech Showbiz Lifestyle alt On Target Customize Profile Help Feedback Switch User [ISMAP] InfoSeek [INLINE] September 27, 1997 1:23 pm GMT [INLINE] Sci-Tech Title [INLINE] Ad Space ________________________ ___Word ___Theme ______________ Options [INLINE] The story below was selected from CNN Custom News - a new personalized service that delivers only the news that's important to YOU. Sign up now to receive your personal news stories, weather, sports scores, and stock quotes from over 100 different sources - all for FREE. If you're already a user, please login. Custom News MOVING MONEY IN CYBERSPACE NewsBytes 26-SEP-97 SINGAPORE, 1997 SEP 26 (Newsbytes) -- By Kenneth Kway. When it comes to conducting monetary transactions on the Internet, the world can only move as fast as its financial institutions. Banks in particular have an important role to play in the acceptance of the Internet as a legitimate medium in which secure business transactions can be performed. But even banks in well-connected Singapore have been cautious in embracing the Internet for their business while being clearly interested in tapping in on an increasing number of Internet users in Singapore and the region. The Development Bank of Singapore (DBS) is one of the first to make Internet banking a reality. DBS hopes to revolutionize Singapore's local banking industry by giving customers the convenience of banking through the Internet at any time they choose and from anywhere they happen to be. "We expect other banks will soon be unveiling similar programs but we are the one of the first to bring this service to our customers," said Lau Chan Sin, DBS deputy president. "We want this project to contribute to the creation of an IT culture where customers can experience the ease and convenience of banking on the Web," said Lau. The trial involving a select group of DBS customers and staff will last until October, when the system will go live. They will have online access to detailed information regarding their results. Among other things, they will be able to obtain real time information about their accounts, track cheque status, transfer funds and effect payment of bills. "For now, it is unlikely that Internet banking will move into areas that are not already covered by phone banking," says Datapro analyst Lim Soo Ching. "As it is, banks are trying to work out a business proposition for phone banking. Online banking would face the same concerns." The bank's home page, users' first point of access, will deliver banking news to the customer. The bank has gone one step further and allowed users to customize the kind of news they want to receive. Each time they check the area on the DBS home page labelled "Your Personal News" they will be presented with the personalized bulletin that is relevant to their needs and banking habits. The bank has put in place a slew of industry standard security measures like firewalls and authentication services. These measures are supplemented by a proprietary security solution. The emphasis is on confidentiality of the transaction as much as protecting against unauthorized access. "Looking at the technology the bank has out in place, security is not a problem," says Lim. "Banking may be actually safer than phone banking, but the user perception is just the opposite." The bank stresses the importance of user cooperation to maintain a high level of security. "The customer has to work hand in hand with the security systems that the bank has put in place," said Mrs Elsie Foh, executive vice president of retail banking at DBS. "For instance they should remember to log off from the system once they have completed their banking session. The bank was not at liberty to reveal the equipment and software used in the project but it was disclosed that the entire setup cost S$2 million. Aside from an initial sign-up fee, the bank intends to charge users a monthly fee for the program after the initial 6-month promotion period. DBS will add to the initial services offered through the Bank's Internet Banking service. "We met with great success bringing our customers the convenience of share application and COE (Certificate of Entitlement) bids through ATMs," said Foh. "Similarly, we intend to broaden the scope of our Internet services to include more diverse types of commercial applications." Investment related transactions, insurance purchase and third party funds transfer are just some of the areas being explored for future implementation. In this way, the banks hope to build greater value on the new service and attract a high user base. DBS expects 30 000 customers in the first year of the system's operation and projects that the number will climb to 150000 in 3 years. "Culture will also make a difference," says Lim. "Asia tends to take longer than the West in the acceptance of new technology." He cites automated teller machines (ATMs) as one such example. "It will be some time before online banking becomes the norm." DBS is looking into providing all its users with personal financial manager software such as Intuit or Quicken. This would allow customers to better coordinate their personal finances with the bank. Such a package will most likely be customized to work with the bank's system. "The significance of this technology is that any computer in the world that can access the Internet is instantly a transaction terminal that can be used to do banking." said Lim. (Reported by Newsbytes News Network http://www.newsbytes.com) Search the net: InfoSeek ___________________ ____ [Help] [INLINE] Ad Space Top Copyright © 1997 Cable News Network, Inc. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this information is provided to you. [INLINE]