NEWS PAPER ARTICLE:
Wireless Internet; August, 2001
Arab Bank is One of the Pioneer Banks in Egypt to Launch Mobile Banking Services.(Brief Article)
The Arab Bank-Egypt and Euronet Worldwide announced that mobile banking services were launched to the bank's customers in June, featuring anytime, anyplace access to customer account information and personalized alerts on account activity.
Arab Bank, the largest bank in the Arab region, with locations in more than 27 countries, has chosen Egypt as their first location to offer mobile banking. This solution has been deployed in conjunction with Euronet Worldwide and Click GSM, the Vodafone subsidiary in Egypt. Euronet
Worldwide provides the comprehensive mobile banking software, which includes STK-based account access and a sophisticated event messaging solution that provides the customer with real-time alerts. Click GSM provides STK-based menus that the Arab Bank's mobile banking subscribers can use to easily perform banking functions from their GSM telephones.
Arab Bank-Egypt is launching both STK-based account access and event messaging services. Account access enables a customer to query their bank for account information, such as a balance or a mini-statement, or to perform functions, such as an intra-bank transfer, even across different currencies.
With event messaging, the bank communicates directly with the customer by sending account activity alerts, such as notification of deposit or of debit or credit card transactions. Additionally, the bank can send messages to clients, advertising new services or notifying them that cards are being delivered.
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COPYRIGHT 2001 Information Gatekeepers, Inc. in association with The Gale Group and LookSmart.
COPYRIGHT 2001 Gale Group
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JOURNAL ARTICLE:
Online banking--is it for you?
By Philip Bulman and Marian Miller King
Online systems allow customers to plug into a host of banking services from a personal computer by connecting with the bank's computers over telephone wires. The convenience can be compelling. Not only is travel time reduced, but ATM machines, telephone banking or banking by mail are often unnecessary.
Technology makes online banking easier And, technology continues to make online banking, once attempted only by computer enthusiasts, easier for the average consumer.
Even that may not be easy enough, though. Many systems that offer greater financial control also require more work. Online bill payment is an example of an effort that requires setting up which leads to ultimate convenience.
Banks form alliances to offer online banking: Alliances are forming to facilitate electronic payments and other aspects of online banking, said Shelton, including Integrion (with 18 large banks as partners); Microsoft MFSDC's new program and a third partnership called First Global Commerce, which is an alliance between Hewlett Packard, Electronic Data Services and Verifone.
Home-banking offers convenience: Banks use a variety of names for online banking services, such as PC banking, home banking, electronic banking or Internet banking. Regardless of the name, these systems offer certain advantages over traditional banking methods.
Consumers can use their computers and a telephone modem to dial in from home or any site where they have access to a computer. The services are available seven days a week, 24 hours a day. Transactions are executed and confirmed quickly, although not instantaneously. Processing time is comparable to that of an ATM transaction.
And the range of transactions available is fairly broad. Customers can do everything from simply checking on an account balance to applying for a mortgage.
Services vary from bank to bank:
What services are available varies from bank to bank. Virtually all of the banks that offer electronic services allow consumers to check the balances in their accounts, transfer funds among accounts, and order electronic bill payments.
Internet banking may be the best long-term choice
Banks take two approaches to online services. Most require consumers to have specialized software in their computers, while newer Internet-based systems allow customers to simply dial in and use the bank's software or software provided by an Internet service provider, such as America Online (AOL).
The two approaches have distinct advantages and disadvantages for consumers. Yet bank customers who do not yet use electronic banking would probably do well to choose Internet banking because the older systems are likely to be phased out during the next few years.
Although these software products can be purchased at computer stores, the versions offered by the institutions are enhanced to adapt to their systems. Some banks will allow customers to download the program for free, or will mail a copy to customers free or for a small fee. Shopping elsewhere is likely to reduce the efficiency of the system.
Switching banks can be difficult:
For those who already own a personal finance program or enjoy learning how to use new software, the client-based approach works well. However, switching accounts from one bank to another may also require switching to new personal finance software, and customers will have to invest some time (and possibly the purchase price of the new program) in order to make the switch. It could also entail transfer of a lot of information from one program to another.
The most expensive aspect of online banking is bill payment, Cone said. "Banks that offer that service for nothing are eating the cost. It costs the banks $6 to $10 per month to provide bill payment."
Fees are often lower with Internet banking:
Still, consumers can run into fees regardless of which type of online banking system they use. Fees typically range from $3.95 to $6.50 a month for basic electronic banking services. Some banks charge an additional fee for electronic bill payment, ranging from $4.50 to $6.
-- Posted: January 9, 1998
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