Published: September 01, 2008
What does the internet mean to you, and how do you use it?
What do you need from your internet banking?
Before you ask yourself the first question, try answering the second. Most treasurers will mention security, reliability, the ability to make payments and retrieve statements. However, many systems can provide these capabilities without actually being an appropriate tool for accessing banking services via the internet. If we address the first question, we might find ourselves with a different answer. The way you use the internet, the information and services you access and the relative importance of the internet in conducting your personal and business affairs is likely to differ substantially from your friends and colleagues. Just as the high street caters for different types of shopper, the internet also caters for the diverse needs and objectives of its users. While some internet users swear by search engines, others prefer to go directly to their trusted web pages and rarely look further. Many people are so comfortable with the internet that they go shopping, book their holidays and conduct their banking online. Others prefer to use other methods for purchasing goods and services, using the internet only to compare prices or access information services such as the news, television programme listings, weather forecasts and email. Some will not provide personal details over the internet while others are keen chatroom participants, using the internet to communicate with new and potential friends and seek contacts through online business communities.
The type of website that people prefer can differ too. Some prefer websites to be simple and to the point, while others are more attracted by sites which enable them to access a large range of information and shape their online world according to their own preferences. But the tools which might be attractive to a ‘power user’ can often make a website incomprehensible to less advanced or occasional users. Furthermore, if a website is equipped with flash animations and video streaming, users in workplaces with restrictions on internet usage are prevented from accessing all the relevant features which could be useful for them. These issues can create significant challenges. The internet is a crucial communication channel for many companies, using it for sales, support and communication, and there is a substantial risk that a large proportion of a company’s target market can be put off either by being too simple or too complex. [[[PAGE]]]
Over the past decade, online banking has become a cornerstone in the way that banks communicate with their customers.
Over the past decade, online banking has become a cornerstone in the way that banks communicate with their customers. It has long ceased to be simply a medium for information and transactions and now provides many of the services you would expect of a relationship manager. But functionality alone is not sufficient. As treasurers’ familiarity with the internet has developed, they are seeking more from their internet banking tools. The way in which functionality is accessed, the usability of tools and the time it takes to conduct each task are increasingly important. A banking website can easily contain over 10,000 pages and documents, as well as over 100 various functions - more than is relevant to any single company. Unlike other types of internet services, customers usually access internet banking to perform a specific action or obtain specific information - seldom do customers surf through a bank website for long!
As Commerzbank has continued to enhance and expand its internet banking tool, known as the Corporate Banking Portal, we were faced with a daunting set of challenges. Not only did a system need to be secure, reliable and provide the functionality which our customers needed, it also had to be appropriate to users with a wide range of expectations and provide the right information and services for each customer in a convenient, easy-to-access way. Today, with a planned relaunch of this solution, we are equipped to provide not only the most sophisticated but also most accessible online banking solution in the industry.
A vital way in which we have achieved this is through a continuous communication process with our customers. We wanted to understand their needs, the way in which they want to interact with an internet banking solution and how information can be presented intuitively and individually. If a tool is not helpful in the way that it delivers services, our customers will not use it. If it is done right, it can be a valuable aspect of the customer relationship.
We knew we needed to provide a solution which was available 24/7 with industry-leading security, but it also needed to be easy for our customers to access the information they wanted. Many security mechanisms can be very cumbersome, which immediately compromises customer convenience. We introduced a new signature stick for payments last year, which is both highly secure and easy-to-use. The positive feedback from customers has greatly exceeded our expectations.
We also wanted to ensure that our customers received timely and relevant information at any hour of the day. We therefore provide regularly updated market information and our full spectrum of services and solutions 24 hours a day. Many of our clients need to access our services from across the world, and executives often travel regularly, so all of the services provided through the Corporate Banking Portal are available from anywhere in the world where users can access the internet. [[[PAGE]]]
Our Corporate Banking Portal continues to be the only internet banking portal with multibanking capabilities. We achieve this by making use of the German EBICS (Electronic Banking Internet Communication Standard) format. As a result, our customers can reach any EBICS-ready bank in Germany, for example through the payment module of the Corporate Banking Portal, as well as banks worldwide.
I think that different types of service and information can be relevant in different ways. One form of relevance is the topicality of information, of course, and whether it is up-to-date. For instance, a definition contained in a glossary may be rarely superseded by something new. In this respect, one talks of a ‘static’ dimension of relevance. A weather forecast is often exactly the opposite, and is presented ‘dynamically’ i.e. in real time from a database as opposed to being updated manually.
We are unveiling a completely redesigned portal which is designed to meet our customers' demands to be fully contemporary in terms of content, security and usability.
I think that in addition to the timeliness and accuracy of information, another important type of relevance is the degree to which the information is relevant to the customer. Everyone is busy and cannot afford to wade through lots of information which they have already seen - therefore, only things that are new are relevant. If, after reading two sentences, you have the feeling ‘I know this already’ or ‘do I need to know this?’ the information is as good as ‘irrelevant’. We analyse closely what our customers look at to help decide what to provide in the future. For example, we track how many people visit each part of the site, and how often they revisit us on average. Very seldom is an article so interesting that a user reads it a second time. Even this one! In other words, most items that are displayed before a user a second time are no longer relevant. We can determine how long an item should remain online depending on how many people are looking at it and if they are doing so more than once.
We try to provide ‘relevant’ information by regularly updating ‘static’ information, we use ‘dynamic’ information and we actively track the applicability of content to our customers. For example, with the exception of items of unlimited validity, such as glossaries, in general items are rarely held online for longer than 180 days. The homepage, which greets visitors when they access the Corporate Banking Portal is updated permanently. Other dynamic data, such as exchange rates, charts and important news can be updated at users’ discretion, simply by refreshing the screen.
An internet banking tool communicates the financial information and transactions which are the lifeblood of any organisation. Compromises in the security of this information compromise the existence of a company.
To guarantee the optimal security of our Corporate Banking Portal, we apply various security mechanisms, both passive and active. For example, ‘passive’ security includes continually checking our identification and authorisation mechanisms. An ‘active’ approach to security includes investigating conspicuous patterns of user behaviour and providing users with immediate information on potential attempts at security breach. If we find out that there is a clear danger for a particular user, we block access to the Corporate Banking Portal. Any attempt to exceed a user’s security rights or commit fraud leaves evidence which is fully audited and alerted: for example, if a user logs in from a German internet address one minute, and from somewhere else the next.
Since the introduction of the ‘iTAN’ (Indicated Transaction number) in 2005, where the user is asked to enter a TAN before every transaction, we have progressed various new developments. The signature stick is already in use and the chip TAN is currently under development. These two innovations are without a doubt two of the most secure authorisation systems in existence. The chip TAN can be thought of as a kind of mini-calculator just big enough to accommodate a chip card (usually a Maestro payment card). Without any direct connection to a computer, the calculator produces a TAN that is valid only for a specific time and specific transaction. A change to a customer’s instructions caused by a virus or Trojan horse results in a cancellation of the TAN and an annulment of the instruction received by the bank. [[[PAGE]]]
One trend I can see is a more extensive use of the electronic banking standard EBICS - initially this will develop across Germany but I also see its application more widely across Europe in the medium term. I believe EBICS has a good chance of becoming a European e-banking standard in the future, with countries such as France, the Netherlands and Austria already expressing their interest in it. Continued expansion of this standard would be a considerable advantage on a pan-European basis.
Another trend is a fusion of several media in a single device. We already use PCs and mobile telephones for a variety of functions: telephony, listening to music, watching TV or movies, taking pictures and accessing the internet. Websites will need to be adapted so they can be accessed rapidly and conveniently from a range of devices, including small, low-resolution displays. While progress has already been made in this area, more will be needed if internet access from mobile phones and other small devices continues to increase in popularity. Just as a webpage will display text in a different way to a newspaper, text on a telephone screen will also need to be altered in a way that is appropriate to the type of device.
There is also a trend in the way that the internet is used, from being a source of fixed information to the use of streaming media as an entertainment platform. We are unveiling a completely redesigned portal which is designed to meet our customers’ demands to be fully contemporary in terms of content, security and usability.
We are therefore continuing to review how our customers prefer to use the internet and how they would like to access services through the Corporate Banking Portal, to ensure that we present information and functionality in an acceptable way while being supported with future-orientated identification and authorisation mechanisms.
The term ‘Web 2.0’ has been used so often that almost nobody knows what it means any more, and they tend to associate everything new about the internet with it. In reality, the term ‘Web 2.0’ does not apply so much to specific technologies or innovations, but rather to a changed use of and approach to the internet. One of its key features is that users can produce and process webpage contents themselves to a considerable degree, in terms of both content and look-and-feel.
Many of the capabilities associated with Web 2.0 are unlikely to be applicable in the Corporate Banking Portal, and by and large, many definitions of the term Web 2.0 contradict the concept of a bank website, which needs to present highly confidential information. We have concentrated instead on various technologies that have a direct benefit to our customers, whether or not these technologies can be associated with the term Web 2.0.
In doing so, we have resuscitated ideas which we once rejected as users’ familiarity with internet tools has developed. For instance, in 2002, Commerzbank offered both ‘private chat’ and internet telephony on its helpdesk. We discontinued this service after several months due to lack of interest amongst users. Today, these capabilities are far more desirable and we see customer demand.
There is a range of other functionality we are considering. For example, one possibility is the ability for users to submit comments on a webpage. We are planning to introduce near-time feeds of the latest financial information using RSS (Ready Simple Syndication). We are also looking at the topics which might justify a chat forum on a bank website. [[[PAGE]]]
When you buy a state-of-the-art computer today, it is only a matter of days or weeks before a better computer takes its place on the market, or new software for your computer becomes available. Similarly, every presence on the internet goes through a cycle. We are now working on a completely new design. Consequently, we are unveiling a completely redesigned portal which is designed to meet our customers’ demands to be fully contemporary in terms of content, security and usability.
We have developed the Corporate Banking Portal using a system of building blocks, and many applications have been updated in recent years. Our clients will benefit from this modular structure as we will be able to keep the solution up to date, with the release of at least two major updates each year.
“Web accessibility” means unrestricted access to the internet for all users, including those with limitations. But although many people talk about barrier limitation as a goal - which indeed is a valid and important objective - it is difficult, if not impossible, to produce a website that presents functionality and content in a contemporary way; usable by anyone with any limitation, or which does not contain some other barrier to use .
After the relaunch of our website, the access barriers to every part of the application will be reduced to a minimum. For instance, it will be possible to increase the contrast of the display by, for example, excluding the colours red and green. Font sizes can be altered by the user and we are examining the feasibility of linking text-to-speech translation software into the application, or providing webpages printable in Braille. In the case of audio clips which include flash animations, we are looking at the provision of optional subtitles.
Another type of common barrier is the use of different browsers: the Corporate Banking Portal will be adapted to the browsers in use today and we aim to support as wide a range of browser as possible.
For us, usability is the third vital design consideration in an internet application. In my experience, it is also something to which one cannot pay too much attention. What we see on screen is rarely what someone else sees, we interpret instructions differently from another person. However, in addition, corporates’ expectations in terms of usability are - quite rightly - higher than they have been in the past. Why do I need to keep selecting options when I use the same details every time? Why do I need to use drop-down boxes to make a selection when there is only a single option? Why can’t I sort the overview of my accounts? Customers are increasingly demanding features to make their internet banking experience quicker, more intuitive and more specific to their needs.
I have always been interested in computers. While it might seem counterintuitive, learning the programming language Basic was part of the training for my first occupation as a farmer in the GDR (German Democratic Republic). Later, in my second career in banking, I again had an opportunity to work with the internet professionally. Since 2001, I have been working on Commerzbank’s private and business customer portal. In May this year I switched to the Corporate Banking Portal, a job from which I derive great satisfaction.
Satisfied customers.
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Commerzbank’s Corporate Banking Portal provides a considerable range of capabilities, beyond those traditionally associated with internet banking tools. The overall objective in delivering the tool is to provide our customers with a premium range of services to secure strong customer relationships. Services extend to domestic and international payments, trade finance, cash and treasury management, foreign exchange and comprehensive information and analytics. Some of Commerzbank’s most important web applications include:
Currently, our Corporate Banking Portal continues to be the only multibank - capable internet banking portal by making use of the German EBICS (Electronic Banking Internet Communication Standard) format. As a result our customers can reach any EBICS-ready bank in Germany through e.g. the payment application of our Corporate Banking Portal as well as other banks worldwide using other standards.
Services extend to domestic and international payments, trade finance, cash and treasury management, foreign exchange and comprehensive information and analytics.
Our Payment application enables users to retrieve account information from multiple banks and provides an easy way of managing transactions globally, including authorisation. The application requires no installation and includes domestic, international and express transfers as well as direct debits, Requests for Transfer (RfT), scheduled transfers and bulk payments.
Last year we introduced a unique form of authentication for payments in Germany on our Corporate Banking Portal in the form of a specially designed signature stick that does not require installation of any software on a user’s PC. This stick is secure and includes an electronic signature for the authorisation of payments.
In a global business community, a growing proportion of corporate trading is conducted internationally. Companies are increasingly sourcing new import and export markets, and setting up new subsidiaries and branches to tap into additional growth opportunities abroad. Our trade finance services which can be accessed through Commerzbank’s Corporate Banking Portal include documentary credits, collections and the handling of guarantees. [[[PAGE]]]
While large companies have had international activities for a long time and possess the relevant specialist skills, a large number of medium-sized firms are now expanding their activities into unknown territory, with different business cultures, legal systems and financial infrastructure. Therefore, those companies who wish to optimise their overseas business without creating additional risks need a banking partner who is familiar with international markets, can open doors and is competent in supporting financial transactions overseas, from market analysis, support in contract negotiations and financial services to the smooth and efficient handling of payments, documentary credits, collections and guarantees.
Commerzbank offers you precisely these qualifications. Its level of expertise is also reflected in the fact that it conducts around 18% of total foreign trade by German companies. In 2006, it was awarded the distinction of ‘Most Active Confirming Bank’ for the second time by the European Bank for Reconstruction and Development (EBRD).
Globally, Commerzbank has business relationships with over 6,000 correspondent banks and has over 14,000 employees abroad in subsidiaries, branches and representative offices in the economic centres of the world.
In times of increasing competitive pressure and globalised markets, efficient financial management has an essential contribution to make to the success of a company. Continuously updated information on current financial status, reliable and efficient liquidity management and forecasting have become indispensable. Finance managers need a real-time view of all account movements, financial flows within and outside the group, and of payments received and made, both domestically and internationally.
The TREASURY application of Commerzbank’s Corporate Banking Portal provides these capabilities as an online service without the need for specialist software or complex client-server applications to be installed. It guides our customers through the process from retrieving information through to preparation of the cash position, cash pooling and liquidity planning. The TREASURY application also enables custom views to be created to allow customers their own analysis.
As well as providing real-time information on exchange rates and market analysis, Commerzbank’s application for Internet Currency exchange trading goes one step further by enabling customers to conduct transactions online.
The online trading system includes cash, futures and FX spot, forward and swap transactions, as well as time options. Real-time exchange rates, supported with charts, provide an accurate and clearly visible basis on which to reach decisions. With just a few mouse clicks, customers can conduct their transactions at any time within authorised credit limits, enabling fast, accurate deal execution and capture. The most recent transaction is displayed in the form of an overview in just a few seconds.
Our application for Internet Currency exchange trading provides flexible processing options. It displays individually adjustable exchange rate tickers, information on securities which can be traded directly, exchange rate charts adjustable to various time intervals, and intraday information. A research service is available with all the latest currency information from Commerzbank in addition to news, background information and links to current market developments.
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