Banks and internet banks

ANZ, thinking about the security of its customers, has launched a new internet banking platform with 2-factor authentication. Implementing the up-to-date platform, the bank believes that its customers will stay happy and will trust the bank more.

The development of mobile banking cannot be compared with any development that has ever existed. In view of the popularity of mobile phones almost every service and every provider tries to use mobile phones somehow: some use it as a protection means, others as way of access. Almost every day we find some news about launching of some m-banking, or some software for this.  

Today it became known that Wells Fargo & Co. and Bank of America Corp., both  world famous, have joined their efforts to form a joint venture aimed to make automated clearinghouse payment processing for both banks and their customers.  

The "Second Study on the Internet in Spain" conducted by BBVA Foundation figured out that the number of Internet users is very low. They mainly use it to conduct transactions and other operations for administration goals. In comparison with 2005, when only 20.5 percent of users were making online banking transactions, the number of Internet banking users has increased and today is 24.5 percent.

A complete mobile banking service is to be introduced in India by the State Bank of India (SBI) by the end of June. The service is planned to be applied to all of the bank's 13 million customers which means that this mobile banking program will become the largest in the whole country. The project is believed to be the same kind as of many new-formed banks but in a much greater way.

SECU Credit Union of Maryland has launched a new mobile service for online banking purposes.

Owners of mobile phones having Internet-based functions will be able to make wireless mobile banking operations, such as funds transfer, control of account balances and scheduling of new payments.

American banks are increasing their rates for credit cards. Thousands of account holders of Bank of America were advised about rate raise from 9% to as high as 28% if they didn't pay off their balances at the old rate and stop using their cards.

Financial institutions are facing security issues with online banking daily. Both individual and business customers aggravate the problem.

Average money loss on the score of financial data interception or identity frauds rose about three times for a period of the second quarter 2006 and the second quarter of 2007. For the latter quarter losses per one event accounted for $29,630.

South Korea sees a great growth among mobile banking customers. There are 2.5 million Woori Bank mobile banking subscribers with over 1 million of them using mobile VM (Virtual Machine) banking.

According to the statements of Deutsche Bank Research analysts more and more Europeans are getting access to online banking services. The number of customers banking over the Internet increased from 19 percent in 2003 to 29 percent in 2007. In case of such succession of events to be continued average adoption rate is expected to correspond to 50-60 percent by 2020. By the way Sweden and Denmark has already achieved that level.