Banking and Finance on the Internet

"The consumer market for Web financial services and banking applications represents only one component of the shifting relationships within the banking industry."

"Providing on-line compatibility with other offerings on the Web has become a competitive necessity."

"The critical step of establishing identity, which we tend to take for granted in the day-to-day exchange of other types of commerce, has to be re-created on the Web to take into account the special nature of digital exchanges."

"Banks themselves are experimenting with new approaches to customer service and product extension based on the one-to-one, interactive capabilities of the Web."

"To offer comprehensive services, banks must integrate all of this information to make it accessible by the customer from a single access point."

"ISC's network design is what is known as "burst and disconnect," which simply means that the user receives the requested information quickly and then is logged off the system."

"No matter which software package is used to manage accounts, information gets managed twice?once by the consumer and once by the bank. "

"Internet banking allows banks to break out of the hegemony of software developers."

"Intuit believes that the Internet is a great way for the company to offer superior customer support."

"While it is clear that electronic commerce and banking are inevitable, the technology models to provide these services may not yet be fully understood by the banking industry at large."

"The immediate question facing the banking industry is how to deliver high-quality products at the customers' convenience with high-tech, high-touch personal service for the right price."

"A new model of twenty-first-century banking is emerging. In this model, banks are no longer gatekeepers but rather gateways to financial products."

"To fully utilize information, banks must be able to route, analyze, and integrate data into meaningful patterns using data-warehousing technology."

"A smart card is a secure, portable, tamper-resistant storage device containing up to 16 kilobytes of personal information."

"Java brings smart card programming into the mainstream of software development rather than trying to force the stream to detour through the swamps of microcontroller programming."

"What is the unique contribution of the smart card to an open network architecture? The new smart card business model will necessarily be founded on this unique contribution."

"A smart card can be an authorization and authentication token."

"Stored-value cards are of two types: monetary and token."

"On the Web, information is the purest form of money."

"The Financial Service Technology Consortium consists of more than 90 members from the banking, financial services, vendor, government, and academic community."

"As more consumers and businesses connect to the Internet, the demand for payment options and business models that are particularly suited to the on-line environment increases."

"With the development of secure transactions and financial services on the Web, a new model is emerging, one that further tilts the balance in favor of the customer."

"As more financial and other commercial transactions take place on line, whether via e-mail or Web access, it becomes especially important to have standard means of establishing legal identity and trust among all participants."

"The process of transferring money electronically has been with us for a long time and already represents a significant component of the total dollar value that gets exchanged daily."

"Electronic cash tends to share in the advantages and disadvantages of physical cash."

"Banks need to implement secure interbank payments over the Internet in an evolutionary fashion that allows them to interface to the existing payment and settlement systems and to selectively upgrade them over time."

"Consumers will expect more immediate response and service as they become familiar with Web functions and comfortable with on-line financial transactions."

"Maintaining momentum over the long term requires an infrastructure to support the entire range of Internet activity from internal communication to public Web servers."

"Major U.S., U.K., French, Japanese, and German banks have followed their corporate customers to where they invest and trade."

"Intranets are particularly useful when several different types of network technology (e.g., Macintosh, PC, and DEC) are being used within different parts of the organization, as is frequently the case for major global banks."

"Europe has been at the forefront of smart card technology, with the number of cards in circulation estimated at around 50 million, accounting at present for more than 95 percent of the global total."

"Like their commercial banking counterparts, investment banks are rapidly embracing some of the opportunities of the Internet."

"The expansion of international goods and services and the growth of investment has been accompanied by an exponential increase in the volume of cross-border payments."