World's best Internet banks

Global Finance, Aug 2000 by Rombel, Adam

HSBC

WEB SITES: www.hsbc.com.hk

www.asiapacific.markets.hsbc.com

SBC's flagship electronic banking product for corporate clients is called Hexagon. It offers global cash management, trade services, foreign exchange and securities, and is available in more than 60 countries and territories. The service is offered over HSBC's private network, called Global Data Network. The bank's treasury and capital markets group soon will add Asian fixed income credit research online.

HSBC made big waves in April when it announced it was teaming up with U.S. brokerage Merrill Lynch to form a stand-alone Internet bank and brokerage service geared toward wealthy individuals. In the Asia/Pacific region, the service will be introduced in Hong Kong,Japan and Australia. HSBC said it wouldn't cannibalize its existing private banking business.

NATIONAL AUSTRALIA BANK

WEB SITE: www.national.com.au

WEB DATA: National Australia Bank has more than 250,000 total online customers in Australia.

National Australia recently formed a separate company, called 02-e, to form, incubate and develop Internetrelated services and businesses. The initial focus will be product innovation, infrastructure and back-office applications. It also will develop online applications to link customers with information, products and suppliers. The bank expects the businesses and services that are developed will make up a significant part of its earnings by 2005.

National Australia Bank also already has several services on its Web site for companies in the areas of payments, procurement and banking.

Latin America

Latin American-based banks did well in our survey, copping four of the six best Internet bank awards. Institutions such as Banco Bradesco and Unibanco are signing up impressive numbers of online customers by offering free Internet access and linking banking with shopping and other nonfinancial activities, say consultants and analysts.

BEST RETAIL INTERNET BANKS

BANCO BRADESCO

WEB SITE: www.bradesco.com.br

WEB DATA: 1.2 million online clients, engaging In 350,000 transactions per day, says Alcino de Assuncao, the executive director of the banks Internet business In Soo Paulo.

Bradesco was the pioneer in Web banking in Brazil, Latin America's largest market, offering a broad range of services including e-credit cards and insurance.The bank offers voice-recognition access for its Internet banking product, and recently launched WAPbased wireless access, which is expected to expand rapidly in the country. Bradesco is also investing heavily in the business-to-consumer e-commerce market. Recently the bank strategically shifted its B2C and business-to-business efforts for non-bank customers to its Bradespar subsidiary. It will try to leverage its position as a Web portal of choice by offering banking services from several banks, including Bradesco.

FLEETBOSTON FINANCIAL

WEB SITES: www.bankboston.com.br

www.bankboston.com.ar

www,bankboston.cl

www.bankboston.com.pe

WEB DATA: The BankBoston unit of Fleet has 25,10 online retail customers in Brazil, which is 17% of total customers.