Internet Banking Landscape in Singapore

Hi friends,

For those of you who are regular users of internet banking like your beloved here, you would have been bombarded with info and gadgets on the new security features to be implemented by our 3 local banks.

DBS sent me this gadget that generates a 6-digit number as 2nd level password.

Then I think UOB came to me next with 2 options ie. take the gadget approach or the sms approach of sending my 2nd level password.

OCBC came next with 3 options ie.

• the gadget thingy
• the sms method
• download software into HP to generate passwords

Banks have big commercial interest to remove any iota of security doubt on its internet banking. Banks have waited for years for customers to shift to this new form of SELF SERVICE.

I am a believer of internet banking for so many years for its convenience.

Thus I couldn't understand why some of my colleagues would walk to a machine outside a building, holding several bills and busy punching the reference numbers and amounts while people in queue start cursing and swearing at u while they breathe.

Why don't they pay their bills in the convenience of their home or office and not waste their precious lunch time paying bills?

Security is their concern. Thus the banks must spend millions to overcome this.

Henceforth pray that the adoption rate would go up so that their no. of physical branches and no. of staff would go down.