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Banks expected to enhance e-banking experience with new gadgets - 07Nov2012
SINGAPORE : Consumers may soon have more options for mobile banking and making online transactions. This comes as Singapore banks are expected to come up with more innovative new gadgets to boost the "e-banking" experience. But industry watchers have said developments in cloud computing may provide significant challenges in this arena. Banks are expected to set aside more money to ensure peace of mind for customers when carrying out online transactions. This comes after industry-wide measures introduced by the Association of Banks Singapore (ABS), which called for additional authentication features on a security token to maximise security for online and mobile banking transactions. Next January, Standard Chartered Bank Singapore will be introducing a multi-function token card which combines both the security token and credit card features. Subba Vaidyanathan, regional head of Retail Banking Segments (Singapore and South East Asia) at Standard Chartered Bank, said: "Our big focus is to keep building on the digital bank and provide that service because that is where we see Singapore banks and Singaporeans moving. "We have continued to have 30-40 per cent annualised growth on payments online and we want to sustain that pace." So far 170000 Standard Chartered customers have opted for the card, and its rollout will start in January 2013. The multi-function token acts as a debit, credit and ATM card. It also doubles up as a security token to facilitate online banking. And with ...From:154thmedia2013Views:0 0ratingsTime:02:05More inNews Politics

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