Finance Portals Banks

A few banking web sites have begun to evolve into fledged finance portals. This transformation will enable to offer greater customer convenience and build long-lasting customer relationship. As mentioned earlier, finance portals offer a comprehensive solution to customers by integrating content, services and commerce.

The benefits of finance portals include cross selling, cost reduction and better customer relationship management made possible through better customer intelligence.

Developing a finance portal involves the design of a website which enables online banking transactions and content management. The main components of a finance portal are user interface, content and services, back end transactions and enabling functions.

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User interface enables customers to access all contents and services offered by the bank. To make the best use of the user interface, the website should provide a structured and simple view. The website design should foster online brand building by communicating the bank's corporate identity effectively.

Look and feel are important to increase the comfort level of the customer using the site. Navigation should be simple and transparent. The number of navigations (clicks) to get desired information should not exceed three. Finally, the speed of information access is a critical factor. This can be achieved by ensuring high bandwidth access. The contents and services offered on the portal must fulfill customers' information needs. They must allow interaction with customers. The portal may have a horizontal or vertical focus or even both. For example, Commerzbank's ComPort provides banking customers information about banking, business and finance depicting vertical focus as well as travel and sports content depicting horizontal focus.

The availability of information on products and services is a critical factor for ensuring customer loyalty. Some web sites flash news to attract users. Interactive tools should be used in the web site to create a satisfying experience for customers. Personalized services can also be offered. Horizontal portals may choose to offer travel services like travel booking and flight schedules.

Other elements of contents and services are communications, value added services like SMS, e mail and so on. Help features including support features like FAQs, site maps, search engines, chats, online guides, etc. should be available. Back end transactions focus on providing the technology links to content and services. The core of back end transactions are interfaces used to link to a legacy system and online integration of banks' business processes. The complexity of technical integration is reduced when order processing and fulfillment is handled by the partners. Call centers can handle the customer service integration. This will be supported by communication via telephone and the web.

Enabling functions comprise partnership management, marketing and quality assurance. Screening, selection, implementation and development of partnerships, contracting and content management. Marketing focuses on brand building both online as well as off line. Quality assurance deals with establishing standards to ensure secure transactions over the web.

Banks should adopt the following strategies when going online:

Be open to new pricing strategies: Banks should be flexible in terms of pricing. Aggressive pricing will affect profitability while the lack of competitive pricing will deplete their customer base.

Focus on customer needs and satisfaction: The key to success in online business is quick and accurate interpretation of customer information. Changing the offerings in the site in accordance with feedback from time to time may be an effective strategy.

Leverage the assets of traditional business: Though it may sometimes be easier to start afresh, leveraging traditional assets like brand, customer base and distribution provide formidable advantages.

Creativity in rethinking organizational structure and management processes: Redefining the incentive system, planning and budgeting process Will help banks retain the customer base they have in their traditional business.

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