In the second of a two-part series, Global Finance identifies the best corporate and consumer Internet banks globally, regionally and by major sub-category, such as website design and cash management.
As the major global and regional banks that got started early on the Internet begin to celebrate their first decade on the Web, the competition to differentiate ones offerings from rivals has become fiercer than ever. Users of online services are becoming much more active and sophisticated now that theyve made the medium a central, inexorable part of their daily business routines.This puts pressure on banks to deliver online products and services that seamlessly integrate into their clients workflow or personal financialmanagement routines to make their jobs and lives easier. Doing that while standing out among the competition is no small task.
But using technology to stand out from the competition is exactly what the Best Internet Bank award winners have done. Citigroupwhich took the prize for Worlds Best Internet Bank, as well as the global prize for corporate/institutional banks and several regional and sub-category prizes has accomplished this by the sheer breadth and depth of its online services and functionality for its clients across the globe. This is especially the case in Citigroups corporate/institutional bank offerings.
Wells Fargo, which claims to have been the first bank to launch Internet banking back in May 1995, took the Best Consumer Internet Bank prize globally and in North America largely on the strength of its online bill payment and presentment services and its ability to get customers to use its online banking services.Wells Fargo has almost 6 million consumers actively banking online, and half of the banks checking accounts are now accessed over the Internet. More than 2 million consumers use Wells Fargos bill payment and presentment services.
HSBC is another bank that stood out, sweeping both Best Internet Bank awards for Asia as well as taking the global prize in the consumer online securities trading sub-category. HSBC al so figures to be a strong contender outside of Asia in the future. For example, the bank recently signaled its intention of using the Internet as a key tool in its bid to expand its retail banking business in the United States next year.
Leadership Traits
The best Web banks in Global Finances various categories have a lot in common. The online offerings are well organized, integrated and consistent across multiple channels; save time and money for clients and the banks; and increase loyalty and revenue from customers.
A look at the winners list clearly illustrates the dominance of the clicksand- mortar model. The giant banks in the offline world have also become preeminent online. And theyre adding Internet, mobile and wireless offerings even as they continue to open branches, service centers and sales offices.The idea is to deliver information and services to customers where and when they need them.
Transaction and information security also continue to be important to the online plans and offerings of the leading banks, as privacy concerns, identity theft and money laundering remain important, high-profile issues.
For example, the proliferation of fraudulent emails asking consumers and even corporate users for their personal banking information has gained much attention in the past year. In order to deal with this growing threat, banks are strengthening their security systems with elaborate, sophisticated systems and, just as importantly, waging campaigns to inform their customers about potential pitfalls.
GLOBAL WINNER
Citigroup
GLOBAL CATEGORY WINNERS
Best Corporate/Institutional
Internet Bank:
Citigroup
Best Consumer Internet Bank:
Wells Fargo
REGIONAL WINNERS
ASIA
Best Corporate/Institutional
Internet Bank:
HSBC
Best Consumer Internet Bank:
HSBC
CENTRAL/EASTERN EUROPE
Best Corporate/Institutional
Internet Bank:
Citigroup
Best Consumer Internet Bank:
Raiffeisen Bank Polska
MIDDLE EAST/AFRICA
Best Corporate/Institutional
Internet Bank:
Samba
Best Consumer Internet Bank:
National Bank of Kuwait
LATIN AMERICA
Best Corporate/Institutional
Internet Bank:
Citigroup/Banamex
Best Consumer Internet Bank:
BBVA-Chile
EUROPE
Best Corporate/Institutional
Internet Bank:
JPMorgan Chase
Best Consumer Internet Bank:
RZB
NORTH AMERICA
Best Corporate/Institutional
Internet Bank:
Citigroup
Best Consumer Internet Bank:
Wells Fargo
GLOBAL SUB-CATEGORY
WINNERS
Best Corporate/Institutional
Integrated Site:
Citigroup
Best Corporate/Institutional
Website Design:
Banco do Brasil
Best Corporate/Institutional
Online Cash Management:
Wachovia
Best Corporate/Institutional
Online Securities Research:
JPMorgan Chase
Best Consumer Integrated Site:
TD Canada Trust
Best Consumer Website Design:
Citigroup/Banamex
Best Consumer Online Credit:
BBVA
Best Consumer Online
Bill Payment:
Wells Fargo
Best Consumer Online
Securities Trading:
HSBC
COUNTRY WINNERS
NORTH AMERICA
CANADA
Best Corporate/Institutional
Internet Bank: Scotia Capital
Best Consumer Internet Bank:
TD Canada Trust
UNITED STATES
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Wells Fargo
LATIN AMERICA
ARGENTINA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Banco Rio de la Plata
BRAZIL
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Bradesco
CHILE
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
BBVA
COLOMBIA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Citigroup
COSTA RICA
Best Corporate/Institutional
Internet Bank: Citigroup
MEXICO
Best Corporate/Institutional
Internet Bank: Banamex
Best Consumer Internet Bank:
Banamex
PERU
Best Corporate/Institutional
Internet Bank: BBVA Banco
Continental
Best Consumer Internet Bank:
BBVA Banco Continental
PUERTO RICO
Best Consumer Internet Bank: Grupo
Santander
VENEZUELA
Best Corporate/Institutional
Internet Bank: Banco Provincial
Best Consumer Internet Bank:
Banco de Venezuela/Grupo
Santander
EUROPE
AUSTRIA
Best Corporate/Institutional
Internet Bank:RZB
Best Consumer Internet Bank:RZB
ICELAND
Best Corporate/Institutional
Internet Bank: Islandsbanki
Best Consumer Internet Bank:
Islandsbanki
NETHERLANDS
Best Corporate/Institutional
Internet Bank: Citigroup
PORTUGAL
Best Corporate/Institutional
Internet Bank: Millennium
BCP
Best Consumer Internet Bank:
Banco ActivoBank
SPAIN
Best Corporate/Institutional
Internet Bank:BBVA
Best Consumer Internet Bank:
BBVA
TURKEY
Best Corporate/Institutional
Internet Bank: Garanti Bank
Best Consumer Internet Bank:
Garanti Bank
UNITED KINGDOM
Best Corporate/Institutional
Internet Bank: Citigroup
ASIA/PACIFIC
AUSTRALIA
Best Consumer Internet Bank:ANZ
CHINA
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank: ICBC
GUAM
Best Consumer Internet Bank:
Citigroup
HONG KONG
Best Corporate/Institutional
Internet Bank: HSBC
Best Consumer Internet Bank:
HSBC
INDIA
Best Corporate/Institutional
Internet Bank: ICICI
Best Consumer Internet Bank:
ICICI
INDONESIA
Best Consumer Internet Bank:
Citigroup
KOREA
Best Corporate/Institutional
Internet Bank: Citigroup
KYRGYZSTAN
Best Corporate/Institutional
Internet Bank:AsiaUniversalBank
MALAYSIA
Best Consumer Internet Bank:
Citigroup
PAKISTAN
Best Corporate/Institutional
Internet Bank:Askari Bank
Best Consumer Internet Bank:Askari
Bank
PHILIPPINES
Best Consumer Internet Bank:
Citigroup
SINGAPORE
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Citigroup
TAIWAN
Best Corporate/Institutional
Internet Bank: Chinatrust
Commercial Bank
Best Consumer Internet Bank:
Chinatrust Commercial Bank
THAILAND
Best Consumer Internet Bank:
Citigroup
CENTRAL/EASTERN EUROPE
CROATIA
Best Corporate/Institutional
COUNTRY WINNERS
Internet Bank: Raiffeisenbank
Croatia
POLAND
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Raiffeisen Bank Polska
RUSSIA
Best Corporate/Institutional
Internet Bank: Citigroup
SLOVAK REPUBLIC
Best Corporate/Institutional
Internet Bank: Citigroup
Best Consumer Internet Bank:
Tatra Bank
MIDDLE EAST/AFRICA
ISRAEL
Best Corporate/Institutional
Internet Bank: Citigroup
KUWAIT
Best Consumer Internet Bank:
National Bank of Kuwait
OMAN
Best Consumer Internet Bank:
Bank Muscat
SAUDI ARABIA
Best Corporate/Institutional
Internet Bank: Samba
Best Consumer Internet Bank:
Samba
SOUTH AFRICA
Best Corporate/Institutional
Internet Bank: Citigroup
SUB-CATEGORY WINNERS
NORTH AMERICA
Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management:Wachovia
Best Corporate/Institutional Website
Design:Wells Fargo
Best Corporate/Institutional
Integrated Site: Citigroup
Best Consumer Online Bill
Payment & Presentment:Wells Fargo
Best Consumer Online Credit:
Wells Fargo
Best Consumer Website Design:
Bank of America
Best Consumer Integrated Site:
TD Canada Trust
LATIN AMERICA
Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: Banco do Brasil
Best Corporate/Institutional
Integrated Site: Citigroup
Best Consumer Online Securities
Trading: Banamex
Best Consumer Online Bill
Payment & Presentment: Banco
Popular de Puerto Rico
Best Consumer Online Credit:
BBVA
Best Consumer Website Design:
Banamex
Best Consumer Integrated Site:
Banamex
EUROPE
Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: JPMorgan
Best Corporate/Institutional
Integrated Site: Citigroup
Best Consumer Online Securities
Trading: Banco ActivoBank
Best Consumer Website Design:
RZB
Best Consumer Integrated Site:
Millennium BCP
ASIA/PACIFIC
Best Corporate/Institutional Online
Securities Research: JPMorgan
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional Website
Design: JPMorgan
Best Corporate/Institutional
Integrated Site: JPMorgan
Best Consumer Online Securities
Trading: HSBC
Best Consumer Online Bill
Payment & Presentment:HSBC
Best Consumer Online Credit:
Citigroup
Best Consumer Website Design: HSBC
Best Consumer Integrated Site:
HSBC
CENTRAL/EASTERN EUROPE
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional
Integrated Site: Citigroup
MIDDLE EAST/AFRICA
Best Corporate/Institutional Online
Cash Management: Citigroup
Best Corporate/Institutional
Integrated Site: Samba
Best Consumer Online Securities
Trading: Samba
Best Consumer Online Bill
Payment & Presentment:
National Bank of Kuwait
Best Consumer Online Credit:
National Bank of Kuwait
Best Consumer Website Design:
Arab National Bank
Best Consumer Integrated Site: Samba
AWARDS CEREMONY
HOW THE AWARDS WORK
Winners were chosen from entries evaluated by a world-class judging panel made up of representatives from the consulting firms TowerGroup, Bearing Point, Deloitte and Tata Infotech. Global Finance editors were responsible for final selection of winners in the first round. Only banks that entered the competition were considered for awards, and awards were given only in those regions, countries and categories in which there were entries. The number of banks entering doubled from last year.
Winning banks were selected on the basis of strength of strategy for attracting and servicing online customers, success in getting clients to use Web offerings, growth of online customer base, breadth of products offered, evidence of tangible benefits gained from Internet initiatives, and website design and functionality. Sub-category winners, such as Best Online Cash Management, were selected based on the relative strength of those products and services. AR
ADAM ROMBEL
