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| Offshore Online Banking |
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| Written by tolumi |
| Friday, 05 December 2008 15:21 |
Offshore Online BankingDoes the internet represent a way for financial service institutions to save money and forego face-to-face meetings with customers, or does it provide a genuine value-added service to all? Chris Vellacott investigates Only ten years ago, the World Wide Web was the preserve of academics and computer enthusiasts and few predicted it would expand into mainstream society. At the dawn of the 21st century, however, most western Europeans and north Americans have access to the internet either through a personal computer, mobile telephone or digital television service. Hardly anybody, in the developed world at least, can legitimately say the internet has not affected their lives in some way. Offshore Online Banking - Send MessagesIt is used to send messages, conduct financial transactions, book holidays, buy clothes and make new friends. Some of the more excitable boffins have even predicted the imminent demise of the print media and the use of paper.The financial industry, unsurprisingly, has tried to embrace the internet as a complement to its existing distribution networks. It is not difficult to appreciate the potential benefits of the web to the offshore financial services industry. When an institution has to service a dispersed international client base, a means to exchange information at the click of a mouse is a welcome aid. Offshore Online Banking & Standard BankStandard Bank Offshore made banking history last month with the launch of a guaranteed fixed-term deposit account that it will market entirely by e-mail. The bank serves a predominantly South African clientele from its base in Jersey, so its enthusiasm for e-commerce is hardly surprising. The new Equity Growth Deposit will be promoted to South African brokers electronically and there are no plans for production of any paper-based product literature.Lindsay Bateman, a senior manager at the bank’s headquarters in Jersey, says the initiative will save the bank significant expenditure in marketing costs. “In the past when we’ve launched a new product, we have produced a brochure at quite high cost. Despite market research, you can never estimate the market for brochures so you tend to overprint,” he says. The new deposit product will take investment in up to five tranches over the next 12 months, each of which has to be marketed individually. “This is what we call a limited edition product and the first tranche closes on 15 December. If you are sending out brochures, they tend to lie around until they are no longer valid and that causes some confusion,” Bateman adds. Offshore Online Banking & Rupert PleasantRupert Pleasant, head of business development at the bank’s Guernsey headquarters, says the internet, and in particular e-mail, has already had a significant effect on the bank’s relationship with investors.“E-mail has had a huge effect and could eventually lead to a paperless office,” he says. Investec Bank is developing an internet service for its international clients, according to Pleasant, although the firm’s fund management arm, Investec Asset Management, already offers online services. Offshore Online Banking & Michelle WardMichelle Ward, international marketing manager, said development of an online service “is one of Skandia’s highest priorities.”She says an “e-media team” has designed a web-based service which will deliver information to international brokers on their clients’ portfolios. “Our broker site, which will be called Insite, will provide a full service, including portfolio valuation online,” she says. |
| Last Updated on Monday, 29 December 2008 15:29 |
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