The Global Finance (GF) magazine has announced the “Best Banks [of] 2011 By Region” on an article dated April 8, 2011. According to GF, it made its selections based on the recommendations of analysts, bankers and corporate financial executives from the different continents, with the criteria including profitability, customer service and innovative products to name a few. These factors qualify banks as the leading ones based not on how large or old they may be, but based on who people and companies would want to do business with. Opening a business bank account with these “Best Banks” may further enhance a business’s potential especially with a feature which this article will probe into: online banking. To open a business account online with these banks may be of tremendous benefit.
In Africa, the Standard Chartered Bank topped the rest. Application is quite uncomplicated. No special software is required, and monthly statement of account is not necessary for transactions – the customer can perform his banking duties round the clock, having access to real-time substantial financial information from any place where internet is available. The security feature is quite impressive with their eTAC system (Electronic Transaction Authorization Code). The bank is progressively adding new features to make the customer’s online banking experience “here for good.”
In Asia, HSBC ranked first. Aside from the general features of online banking previously mentioned, keeping track of transaction until three months pass and access to net worth statement (as consolidated from the customer’s online transactions) is easy. One notable feature is the transfer of funds from an account to another, even to a non-HSBC account worldwide, is possible and hassle-free.
The Raiffeisen Bank International of the Central & Eastern Europe region provides online access to its trading floor, where the buying and selling of assets are monitored. Transactions concerning mutual funds, along with the bank’s custody service and a highly automatic order process, delivers the most advantageous service package for financial institutions looking for first-class individual support.
In Developed Europe, BNP Paribas online banking service, Connexis, is available in thirty-eight countries in five regions, and has features which allow customers to consolidate their account balances in the currency and at the foreign exchange rate of their choice. The customers could also create tailor-fit report lists and exportable reporting statements in Excel or PDF format.
The Banco Santander of Latin America Supernet 2.0 has features of integrating position accounts which covers details of movements and balances of the past eighteen months, and the monitoring of investment funds, recruitment of pre-approved loans. Monitoring of stock exchange where customers could buy and sell, check their order status real-time and have access to valuable financial information bulletin is also available.
In North America, JP Morgan Chase integrated online banking with mobile applications specially crafted by Apple and Android exclusively for Chase customers. With Text Banking, the customer could send a text inquiry about his savings or checking account balance before making a purchase. A notable, outstanding feature is the Chase Quick Deposit, wherein one can deposit checks by taking a picture of its front and back part with a camera phone (mobile application of Apple and Android). Thus, with the online features of these banks, to open a business bank account online would take the banking experience a level higher, and the business a cut above the rest.
Debatably, the greatest advancement of banking is creating its presence online. Considering to do banking with those which are deemed “best” may be a good start. However, regardless of where one does their banking, to open a business account, one great consideration is the online banking features of a prospective bank. Opening a business bank online may be the best option there is.