Mother and daughter, China, 1993
Since then, the Bank Group has made much progress. All five institutions have been working - separately and in collaboration - to improve internal efficiency and external effectiveness. Clients report to be broadly pleased with the changes they see in Bank Group service levels, commitment, deliveries, and quality.
More than ever before, the Bank is playing an important role in the global policy arena. It has effectively engaged with partners and clients in complex emergencies from post-conflict work in Bosnia to post-crisis assistance in East Asia to post-hurricane clean-up in central America to post-earthquake support in Turkey and in Kosovo and East Timor.
Notwithstanding these considerable progress, the Bank Group's agenda is not yet complete, nor can it ever be, while the challenges of development continue to grow.
For a timeline of key events in Bank history, see the World Bank Group Historical Chronology.
Reform and Renewal
Transition
US Secretary of the Treasury, Henry Morganthau, Bretton Woods, July 1944
During the 1980s, the Bank was pushed in many directions: early in the decade, the Bank was brought face to face with macroeconomic and debt rescheduling issues; later in the decade, social and environmental issues assumed center stage, and an increasingly vocal civil society accused the Bank of not observing its own policies in some highprofile projects.
To address concerns about the quality of Bank operations, the Wapenhans Report was released and soon after, steps toward reform were taken, including the creation of an Inspection Panel to investigate claims against the Bank. However, criticism increased, reaching a peak in 1994 at the Annual Meetings in Madrid.
World Bank History
Norwegian Delegation,
Bretton Woods,
July 1944
Conceived during World War II at Bretton Woods, New Hampshire, the World Bank initially helped rebuild Europe after the war. Its first loan of $250 million was to France in 1947 for post-war reconstruction. Reconstruction has remained an important focus of the Bank's work, given the natural disasters, humanitarian emergencies, and postconflict rehabilitation needs that affect developing and transition economies.
Today's Bank, however, has sharpened its focus on poverty reduction as the overarching goal of all its work. It once had a homogeneous staff of engineers and financial analysts, based solely in Washington, D.C. Today, it has a multidisciplinary and diverse staff including economists, public policy experts, sectoral experts, and social scientists. 40 percent of staff are now based in country offices.
The Bank itself is bigger, broader, and far more complex. It has become a Group, encompassing five closely associated development institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Dispute
Working in London - Have you ever considered:
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Corporate Originator - London
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Fund Management Opportunities in London
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United Kingdom - A number of leading Fund Management Organisations in London are looking for a variety of highly skilled candidates who have experience working within Fund Management industry. The roles offer fantastic opportunities in London, the Worlds leading financial centre, gaining invaluable experience and career progression with the added advantage offered by living on the doorstep of Europe. Positions Currently Available: Fund Managers Assistant
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London - International Financial Accountant
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Credit Analyst
Credit Analyst
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The common features fall broadly into several categories
* Transactional (e.g., performing a financial transaction such as an account to account transfer, paying a bill, wire transfer... and applications... apply for a loan, new account, etc.)
o Electronic bill presentment and payment - EBPP
o Funds transfer between a customer's own checking and savings accounts, or to another customer's account
o Investment purchase or sale
o Loan applications and transactions, such as repayments
* Non-transactional (e.g., online statements, check links, cobrowsing, chat)
o Bank statements
* Financial Institution Administration - features allowing the financial institution to manage the online experience of their end users
* ASP/Hosting Administration - features allowing the hosting company to administer the solution across financial institutions
Features commonly unique to business banking include
* Support of multiple users having varying levels of authority
* Transaction approval process
* Wire transfer
Features commonly unique to Internet banking include
* Personal financial management support, such as importing data into a personal finance program such as Quicken, Microsoft Money or TurboTax. Some online banking platforms support account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions...
[edit] History
The precursor for the modern home online banking services were the distance banking services over electronic media from the early '80s. The term online became popular in the late '80s and referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. ‘Home banking’ can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank. Online services started in New York in 1981 when four of the city’s major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services[1] using the videotex system. Because of the commercial failure of videotex these banking services never became popular except in France where the use of videotex (Minitel) was subsidised by the telecom provider and the UK, where the Prestel system was used.
The UK’s first home online banking services[2] was set up by the Nottingham Building Society (NBS) in 1983 ("History of the Nottingham". Retrieved on 2007-12-14.). The system used was based on the UK's Prestel system and used a computer, such as the BBC Micro, or keyboard (Tandata Td1400) connected to the telephone system and television set. The system (known as 'Homelink') allowed on-line viewing of statements, bank transfers and bill payments. In order to make bank transfers and bill payments, a written instruction giving details of the intended recipient had to be sent to the NBS who set the details up on the Homelink system. Typical recipients were gas, electricity and telephone companies and accounts with other banks. Details of payments to be made were input into the NBS system by the account holder via Prestel. A cheque was then sent by NBS to the payee and an advice giving details of the payment was sent to the account holder. BACS was later used to transfer the payment directly.
Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in Oct, 1994.[3]
[edit] Security
Security token devices
Security token devices
Protection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Basically there exist two different security methods for online banking.
* The PIN/TAN system where the PIN represents a password, used for the login and TANs representing one-time passwords to authenticate transactions. TANs can be distributed in different ways, the most popular one is to send a list of TANs to the online banking user by postal letter. The most secure way of using TANs is to generate them by need using a security token. These token generated TANs depend on the time and a unique secret, stored in the security token (this is called two-factor authentication or 2FA). Usually online banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed.
* Signature based online banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smartcards or any memory medium, depending on the concrete implementation.
Attacks
Most of the attacks on online banking used today are based on deceiving the user to steal login data and valid TANs. Two well known examples for those attacks are phishing and pharming. Cross-site scripting and keylogger/Trojan horses can also be used to steal login information.
A method to attack signature based online banking methods is to manipulate the used software in a way, that correct transactions are shown on the screen and faked transactions are signed in the background.
A recent FDIC Technology Incident Report, compiled from suspicious activity reports banks file quarterly, lists 536 cases of computer intrusion, with an average loss per incident of $30,000. That adds up to a nearly $16-million loss in the second quarter of 2007. Computer intrusions increased by 150 percent between the first quarter of 2007 and the second. In 80 percent of the cases, the source of the intrusion is unknown but it occurred during online banking, the report states.[4]
Countermeasures
There exist several countermeasures which try to avoid attacks. Digital certificates are used against phishing and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software or e-mail attachments.
In 2001 the FFIEC issued guidance for multifactor authentication (MFA) and then required to be in place by the end of 2006. [5]
[edit] See also
Wikibooks
Wikibooks has a book on the topic of
E-Commerce and E-Business
* Current account
* Enhanced Telephone
* Guide to E-payments
* Mobile banking
* Online lenders
* On-line and off-line
* Smile Bank
* SMS Banking
* Telephone banking
[edit] References
1. ^ Cronin, Mary J. (1997). Banking and Finance on the Internet, John Wiley and Sons. ISBN:0471292192 page 41 from "Banking and Finance on the Internet". Retrieved on 2008-07-10.. See also "The Home Banking Dilemma". Retrieved on 2008-07-10. and "Computer Giants Giving a Major Boost to Increased Use of Corporate Videotex". Retrieved on 2008-07-10.
2. ^ A transaction document DL34/01/84 used by the Nottingham Building Society has a printed footnote: 'HOMELINK - The world's first electronic Building Society Service operated from the customer's home - is available through Nottingham Building Society in association with British Telecom and the Bank of Scotland. Homelink is a Trade Mark of Nottingham Building Society'
3. ^ "Stanford Federal Credit Union Pioneers Online Financial Services". Retrieved on 2007-12-14.
4. ^ Security Flaws in Online Banking Sites Found to be Widespread Newswise, Retrieved on July 23, 2008.
5. ^ OCC 2005-35
Retrieved from "http://en.wikipedia.org/wiki/Online_banking"
Categories: Web applications | Banking technology
Features
Online banking solutions have many features and capabilities in common, but traditionally also have some that are application specific.
Overview
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
History
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees. (Click here to view a copy of the Code)
*Free float holding excludes all promoter holdings, strategic investments and cross holdings among public sector entities.
ICICI Bank Launches India's First Credit Card with Internet Access to all Customers
ICICI Bank, the banking subsidiary of ICICI Ltd. (NYSE: IC and ICD) announced the launch of India's first Credit Card with Internet access to all customers. This launch adds another first to ICICI Group's Internet and e-commerce initiatives. ICICI Bank has pioneered Internet Banking in the country. Recently, ICICI announced the launching of India's first Internet stock trading service on www.icicidirect.com/
The launch marks the foray of ICICI Bank into credit cards. ICICI Bank's credit card holders would have the convenience of accessing credit card information including the facility to view, print statements, obtain details about their payments, outstanding amount and due date, request a duplicate PIN mailer, send instructions, apply for new cards as well as add-on cards, on the Internet. ICICI Group as a part of its "Click and Brick" strategy has been developing multiple access channels including the Internet, Call Centre and VISA affiliated ATMs. It may be recalled that ICICI Bank has had a staggering 500% increase in Internet customers from 4,000 as on March 31, 1999 to 24,000 as on December 31, 1999.
Another major first in India would be the flexibility to the customer to choose a sub-limit for add-on cards, enabling the customer to specify different individual credit limits at both the primary as well as individual add-on card levels. These limits will work as monthly limits, which would get refreshed at monthly billing cycles. This therefore will allow parents to give add-on cards to their children (18 and above) and yet restrict their spending to desired levels. The limits can also be changed at monthly intervals thus offering true flexibility to customers. This powerful feature is expected to eliminate the worry of over spending.
The array of products include:
True Blue : Positioned as an entry level offering, the 'True Blue' card is a value for money card. Targeted at the general segment the card is available at an application fee of Rs. 150 and an annual fee of Rs. 300.
Sterling Silver : A complete family offering from ICICI Bank with a free Add-on Bandhan card along-with comprehensive insurance benefits for both primary as well as supplementary card members. Targeted at the upwardly mobile the card is available at an application fee of Rs. 150 and an annual fee of Rs. 600.
Solid Gold : The International Card with additional comprehensive travel insurance, as well as a Global One Calling Card and a very attractive balance transfer facility. The Solid Gold card is being offered at a special invitation price comprising an application fee of Rs. 300 and an annual fee of Rs. 1200.
The Sterling Silver and Solid Gold cards will also offer a balance transfer facility with a 1.75% Monthly Percentage Rate (MPR) on Sterling Silver and 1.5% MPR on Solid Gold respectively, for the first six months.
A tie-up with VISA has ensured that the domestic cards will immediately have acceptance at over 100,000 outlets in India and the international cards will, in addition, have acceptance at over 18 million merchants and 530,000 ATMs worldwide. The Bank has also set up a 24 hour Call Centre to handle customer queries and built in cash advance facilities at all VISA affiliated ATMs. The Bank has a wide network of branches at 40 centres in India.
ICICI Bank uses Vision Plus, the reputed credit card software from PaySys, USA and Infinity, the Internet Banking software from Infosys. A key feature of Vision Plus is its comprehensive functionality which allows processing starting from application capture, decisions, account management, delinquency and collection handling as well as customer service.
Said Shikha Sharma - Senior General Manager, ICICI, - "The entire project has been executed in record time, with significant investments in hardware and an internationally proven software. We decided to create our own infrastructure for back-office processing in order to ensure delivery of quality service to customers, as also quick innovation and shorter time to market for new products developed in response to changing customer needs."
"VISA is proud to partner with ICICI Bank for the launch of the entire range of credit cards in India. Globally, Visa plays a pivotal role in advancing new payment products and technologies and was therefore a natural choice for a technology-oriented institution like ICICI. The ICICI Bank cards offer several value-added and web-enabled features that leverage the power of the world's largest payment system and one of India's premier financial institutions," said James G. Murray, Executive Vice President, South East Asia & Greater China, VISA International.
Applicants can apply through the Internet at http://www.icici.com/ or call the ICICI Call Center at 491 3000 in Mumbai.
For further investor queries:
Contact: Mr. Mohan Shenoi on +91-22-6531414 or email to shenoimn@icicibank.com
Except for the historical information contained in this Press Release, statements in this Press Release which contain words or phrases such as "will", "would", "aim", "will likely result", "believe", "expect", "enable", "will continue", "anticipate", "estimate", "intend", "plan", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to the actual growth in demand for credit cards, our affiliation with VISA, our ability to successfully implement our new initiatives including web based initiatives, our growth and expansion, technological changes, regulatory changes, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited (promoter and holding company of ICICI Bank) with the Securities and Exchange Commission of the United States. ICICI Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
ICICI-PRUDENTIAL Life Insurance issues it's first policies to 7 underprivileged children
ICICI-Prudential Life Insurance Company Limited (ICICI Prudential), the joint venture (JV) between ICICI Limited (NYSE: IC), and Prudential plc of UK, today achieved the landmark of issuing it's first set of life insurance policies. This is amongst the first insurance policies issued in India by a new private sector insurance company, after the insurance sector was recently opened for private participation. Fittingly, the first set of 7 endowment policies, sponsored by IndiaInfoline.com, were handed over to economically underprivileged children. At a ceremony at ICICI's headquarters in Mumbai, children chosen from municipal schools received endowment policies worth Rs. 20,000 each from Ms. Shikha Sharma, Managing Director, ICICI Prudential. Along with the policies, the children were also presented book coupons worth Rs. 1,000/- and a box of chocolates. "Distribution of first set of policies to underprivileged children marks our commitment to function as a responsible corporate citizen and offer world class life insurance products to Indian customers", said Ms Shikha Sharma. The seven recipients of the policies, including four girls, are in the age group of 7-8 years and will receive the money when they attain the age of eighteen years. Pratham, a Non Government Organisation (NGO) is currently supporting the children's education. India Infoline.com, India's leading finance portal and proposed marketing partner for ICICI Prudential, sponsored these policies for the children. Speaking at the occasion, Mr Nirmal Jain, Managing Director, IndiaInfoline.com said, " We are happy to be associated with ICICI Prudential as their marketing partner. We are confident that our extensive reach in the virtual and physical world will serve as an ideal platform for reaching potential customers and building up the ICICI Prudential brand." "ICICI Prudential will kick-start its commercial business operations in Mumbai and Delhi shortly," Ms Sharma said. "We will enter the market with simple products along with innovative riders. The company will extend operations across the country in a phased manner over the next 12 months," she added. About ICICI About Prudential Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "would", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Group's ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. For further press queries please contact Saugata Gupta at 653 7952 or email to saugatag@icici.com
ICICI Limited, one of India's largest financial services provider was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution. Over the last four decades, ICICI has stretched the borders of its business to evolve from a traditional project finance institution to a diversified financial services group providing a broad spectrum of financial solutions to corporate and retail customers. ICICI today operates as a virtual universal bank with a network of 27 subsidiaries. At year-end fiscal 2000, ICICI had assets of about Rs. 650 billion (Rs. 781 billion as per US GAAP) and stockholders equity of Rs. 93.3 billion (Rs. 70.8 billion as per US GAAP). The net profit for fiscal 2000 was Rs. 12.06 billion (Rs. 9.33 billion as per US GAAP). For more details visit www.icici.com.
Founded in London in 1848, Prudential plc is one of the largest life insurance and retail mutual funds company in the United Kingdom with over US$ 270 billion in funds under management worldwide. With a network of over 26,000 agents and staff, Prudential has life insurance and mutual fund operations/offices in 11 markets in Asia (not including India).