World's best Internet banks

Global Finance, Aug 2000 by Rombel, Adam

BEST RETAIL INTERNET BANKS COMMONWEALTH BANK OF AUSTRALIA

WEB SITE: www.commbank.com.au

WEB DATA: The bank has 618,000 total online customers, including 412,000 for its banking products, according to Stephen Coulter, general manager

Commonwealth Bank of Australia says it was the first manor Australian bank to introduce an Internet banking transaction service, called NetBank, in February 1997. It allows customers to pay bills to almost 3,000 companies, including telephone, water and gas. The bank recently started Australia's first mobile phone banking service. It was launched in conjunction with Vodafone, and already has 8,000 customers. Commonwealth Bank is emphasizing the mobile offering because it predicts that 70% of consumers will be accessing the Web from non-PC devices within three years. General manager Stephen Coulter says that Commonwealth Bank is investing in several new Internet initiatives with the goals including: global expansion, personalization of online services, increased customer focus and continual improvement in security infrastructure. It is also placing emphasis on forming alliances with top technology, media and financial companies.

HSBC

WEB SITES: www.hsbc.com

www.hsbc.com.hk

www.hsbc.com.au

SBC has a three-tiered Internet strategy: developing distribution channels (Internet, wireless devices, interactive TV); forming e-business partnerships; and, making strategic investments in new technology, according to Merrill Lynch research.

The bank is working with IBM to develop a global Internet platform, called IFS or Integrated Financial Services. Customers of any of HSBC's far-flung units will be able to access all their accounts on a single Web site, regardless of where they physically bank with HSBC. IFS was introduced first in the UK and the US, while Hong Kong was scheduled to get it in August. HSBC also recently introduced mobile phone banking in Hong Kong. Finally, HSBC's Internet brokerage offering in Australia grabbed a 3% share of the market in its first year, Merrill Lynch says.

SANWA BANK

WEB SITE: www.sanwabank.co.jp

Sanwa introduced Internet banking services in February, 1998, using a proprietary software package. An improved browser-based Web service was launched this past March. Customers can now execute fund transfers online, purchase mutual funds and conduct other transactions. The bank also manages EC Direct, an online shopping service that allows customers to pay for purchases directly from their Sanwa bank accounts. Tokyo-based Sanwa, which has $452 billion in assets, is planning a merger with Tokai Bank and Toyo Trust. It's unclear how the merger

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BEST CORPORATE INTERNET BANKS

CHINATRUST COMMERCIAL BANK

WEB SITE: www.chinatrust.com.tw hiwan-based Chinatrust is one of the leaders in Asia that is taking a "clicks & mortar" strategy toward the Internet, Merrill Lynch research analysts say. The bank, which has 32 physical branches in Taiwan, has been aggressively investing in Internet business-to-business (B2B) companies and infrastructure. One of its investments is in BeXcom, which sells B2B Internet transaction infrastructure and develops e-marketplaces. That company recently formed a joint venture to help develop a national standard for B2B e-commerce software in China.