Banks expected to enhance e-banking experience with new gadgets

Banks expected to enhance e-banking experience with new gadgets
By Yvonne Chan | Posted: 07 November 2012 2317 hrs
 
SINGAPORE : Consumers may soon have more options for mobile banking and making online transactions.

This comes as Singapore banks are expected to come up with more innovative gadgets to boost the "e-banking" experience.

But industry watchers have said developments in cloud computing may provide significant challenges in this arena.

Banks are expected to set aside more money to ensure peace of mind for customers when carrying out online transactions.

This comes after industry-wide measures introduced by the Association of Banks in Singapore (ABS), which called for additional authentication features on a security token to maximise security for online and mobile banking transactions.

Next January, Standard Chartered Bank Singapore will be introducing a multi-function token card which combines both the security token and credit card features.

Subba Vaidyanathan, regional head of Retail Banking Segments (Singapore and South East Asia) at Standard Chartered Bank, said: "Our big focus is to keep building on the digital bank and provide that service, because that is where we see Singapore banks and Singaporeans moving.

"We have continued to have 30-40 per cent annualised growth on payments online and we want to sustain that pace."

So far, 170,000 Standard Chartered customers have opted for the card, and its rollout will start in January 2013.

The multi-function token acts as a debit, credit and ATM card. It also doubles up as a security token to facilitate online banking. And with banks projected to increase their spending on technology next year, analysts said customers can expect more innovations wrapped up in one device, such as being able to check one's bank account balance while on the go.

Meanwhile, Citibank has just launched a new service that allows its customers to pay their credit card bills via SMS on mobile phones.

Earlier, DBS Bank also introduced the DBS One.TAP, Singapore's first virtual credit card on a mobile phone.

But banks do have other kinds of competitors to contend with.

Edison Chen, investment analyst at DMG & Partners Research, said: "We do see the effect of cloud-based banking. There are third-party, non-bank parties that are offering financial services that bypass the banks in utilising the fact that cloud computing offers lower barriers of entry, and that is something that banks must watch out for.

"So they must constantly upgrade their facilities and offer the best of what customers really want. And we do see that happening, in terms of banks embracing social networking, having their Facebook closely linked with customers and analysing what customers want and need."

Some industry watchers said this may prompt banks to upgrade facilities and eventually utilise cloud computing elements.

- CNA/ms


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NUS takes disciplinary action against sex blogger

NUS takes disciplinary action against sex blogger
Posted: 07 November 2012 1853 hrs
     
SINGAPORE: The National University of Singapore (NUS) has meted out disciplinary action against a law student who posted offensive material online.

Alvin Tan Jye Yee posted explicit videos and pictures of himself and his girlfriend on his blog in October, which eventually found its way into local news headlines.

The NUS Board of Discipline had "concluded that Alvin's inappropriate conduct was detrimental to the reputation and dignity of the university".

Mr Tan has been notified of the decision.

NUS did not specify the nature of the action, when contacted by Channel NewsAsia.

A spokesperson said all matters relating to NUS disciplinary proceedings are confidential.

- CNA/jc

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