Internet Banking Key Issues Internet Banking Working Group May 14, 1998

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<ul><li><p>Internet BankingKey Issues</p><p>Internet Banking Working Group May 14, 1998</p></li><li><p>Presentation planKey issues for European banksInternational co-operationNext steps </p></li><li><p>Key issues for European banksFrom online banking to Internet bankingCyberfinance and eurofinanceStandardsInfrastructureSmart cardsRegulatory environmentCompetition versus co-operation</p></li><li><p>On-line banking and Internet bankingOpportunities and threatsOnline banking experienceLimited competitive impactDistribution channel complementarityInternet banking anticipationMajor cost reductionValue chain upheavalInterneta channel..or a placenta ?</p></li><li><p>On-line banking and Internet bankingHow reliable are channel transaction costs data ?Hidden Internet costsWho will benefit from cost reduction ?Existing playersNewcomersService pricingWhat coverage?What service offerings?Bundle or unbundle?</p></li><li><p>Internet bankingOpportunitiesNew servicesLifecycle asset managementTransaction managementTrust infrastructure managementThreatsLack of competitive differentiationDiminution of customer loyaltyDisintermediationor value displacement</p></li><li><p>Internet and EuroCoping with a large-scale system overhaulWhat is the combined impact ?On technology deploymentNew architectureOn marketing approachOn the market structureFrom national to transborder retail banking</p></li><li><p>StandardsAdopting US standards ? OFXIntegrionSETAdapting US standards ?How to organise inputThe future of national standardsHBCIEtebac</p></li><li><p>Internet banking standards</p></li><li><p>StandardsWhich forum ?The role of traditional standards bodiesCEN very active in electronic commerceThe role of financial industry bodiesECBSWhich scope ?TechnicalBusinessUser interface</p></li><li><p>InfrastructureWhat are the requirements ?Geographical coverageNational or EuropeanBasic architectureIntranets or extranets ?Integration or interconnection ?Project development and ownershipPublic, private or cooperative ?Who should be responsible forDevelopment?Operations?Conflict resolution ?</p></li><li><p>Smart card useHow critical ?OptionalIntegratedWhat services ?SET EnhancementGeneric securityStored valueWhich standards ?How useful is EMV ?</p></li><li><p>Regulatory environmentTransborder regulationTrust infrastructure oversightCustomer protectionTreatment of new playersVirtual banksTechnology providers and system integratorsNew risksRemote bankingSystem reliability </p></li><li><p>Competition and co-operation</p><p>New rules of the gameBanks and other financial services suppliersBanks and technology providersBanks and their customers</p></li><li><p>International co-operationBanking Information Technology Secretariat (BITS)Part of The Bankers Roundtable125 largest bank holding companies in the United States, represented by their senior executivesCreated to ensure banking sector input intoStandard settingNew payment architecture design and implementationPublic policy discussion of remote banking and related issuesOrganisationHigh-level boardSmall secretariatWorking group network</p></li><li><p>International co-operationBITS Structure</p></li><li><p>International Co-operationBITS: Selected InitiativesPrivacySecurityCertificate Authority Business Case Analysis Global Security Architecture White PaperMeta ArchitectureStandardsOFX/Gold Process - Draft IISmart Card Standards White PaperLegal and Public PolicyDigital Signature LegislationWhite House Electronic Commerce Strategies</p></li><li><p>International Co-operationBITS and FIWGSeveral informal meetings Mutual interest in co-operation Priority areasSETSmart card integrationGovernanceTrust infrastructure and SecurityStandards developmentNext stepHigh-level meeting late June/early July</p></li><li><p>Next stepsCommon projectsTransborder projectsCommon infrastructureStandards</p></li><li><p>Next stepsIs there a need for an Internet banking forum ?Bringing together Financial institutions and technology providersTraditional players and newcomersPublic authorities and private sectorsAllowing a sharing of data and experiencesDeveloping consensus on critical issues</p></li></ul>