From: Jim Choate <ravage@ssz.com>
Date: Sat, 27 Sep 1997 22:30:58 +0800
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Subject: pna.show_story?p_art_id=347667&p_section_name=Sci-Tech
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   [INLINE] September 27, 1997 1:23 pm GMT
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                          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)
   
   
   
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