Electronic banking and payments

Rapid competitive change in financial services is underpinned by new technology, allowing radically improved customer relationship management at much lower channel cost. Internet is just one of the new channels available; interactive TV, mobile phones and smart cards will be just as important. Established banks face major integration challenges, which could be eased by appropriate technology selection and the use of managed access services. The emergence of electronic commerce will demand new payment mechanisms; distinct roles exist for electronic purses, micropayments, electronic credit instructions and high information payments. The successful banks will be those which grasp these new opportunities, using technology to deliver real service excellence, and designing solutions not around their products, nor around their channels, but around their customers