The Features and Security Strategies for Online Banking
June 1, 2011
Paper Submitted for Presentation in
The Annual Meeting of the International Information Management Association,
New Orleans, 2011
and
Possible Published in Communications of IIMA
The Features and Security Strategies for Online Banking
ABSTRACT
The purpose of this paper is to analyze the feature and security strategies for online banking.
Approximately one hundred and ten web sites were studied. The most important strategies used
by online banking today are service features and security methods. Service Feature strategy
ranges from basic features strategy to financial shopping mall strategy. Security features
include: password, security questions, limited to registered computers, and a banner or icon to
certify the website. The results indicated the commercial banks tend to offer more online service
features than credit unions. However, there is no significant difference between commercial
banks and credit unions in the online security methods.
1
INTRODUCTION
One of the important advancements in service industries in the last decade is the use of
Internet for business. Today, billions of people are using the World Wide Web (WWW) to view
service information, to access a variety of services online, to pay bill directly from Internet, and
to communicate through social networks and e-mails.
Electronic commerce or e-commerce continues to grow and has become part of the main
stream of business activities. Forrester Research in Cambridge, Massachusetts predicts that Ecommerce will grow at a 10-percent compound annual growth rate through 2015, reaching $279
billion in the U.S. (Jones, 2011). Traditionally, banking transactions require a personal signature
but the E-Sign Act allows electronic signatures to be legal binding over the Internet (Wilson,
2002). Online banking is currently one of the popular services for e-commerce activities.
According to one of the reports from eMarketer, “online banking was the preferred banking
method for 44% of US consumers ages 18 to 54 and the second most popular method for those
ages 55 and older, according to the American Bankers Association.” (Tavilla, 2011). The move
toward e-commerce, for any kind of business, presents many benefits and many challenges.
While online banking has received a great deal of attention, some of research issues have not
been fully explored. Some of these issues are:
1)
How the size of the banks related to the service features and security methods of online
banking?
2)
How the charter type of the banks related to the service features and security methods in
online banking?
2
3)
Are there any differences between commercial banks and credit unions in service features
and security methods?
The purpose of this study is to examine the service features and security methods of
online banking. This paper is organized as follows. First, we will review past literature on ecommerce and online banking. Second, we discuss service features and security methods used
by online banking. Third, the research method and research framework are described. Fourth,
the data was collected and analyzed. Finally, we discuss the conclusion and future research
implications.
LITERATURE REVIEW
E-commerce
A great deal of interest has been focused on electronic commerce during the last decades
(Aubin, 2003; Chen, et al., 2004). Literature review focuses on all aspects of e-comerces: case
studies in e-commerce (Hitt, Ireland, & Hoskisson, 1998), the theoretical construct of ecommerce (Crotty,1996; Cox2002; Haley, et al, 1996; Mawhinney et al., 1996; McKeown &
Watson, 1997) and implementation strategy in e-commerce (Furger, 1998).
E-commerce includes several major categories: 1) the business-to-business model (B2B),
2) the business-to-consumer model (B2C), and 3) consumer-to-consumer model (C2C). B2C ecommerce includes Internet marketing, advertising, purchasing, and electronic payment systems.
In 2010, US retail ecommerce sales (excluding travel) rebounded from the recession, posting
14.8% growth, compared with only 1.6% growth in 2009. According to one of the reports of
eMarketer, “in 2011, online sales will reach $188 billion, but growth will drop to 13.7%,
3
resuming a prerecession trend of slower growth that signals a maturing sales channel. Still,
online sales are expected to rise by over $100 billion from 2010 to 2015.” (Grau, 2011). The
new development of e-commerce includes the combination of social networking and mobile
computing (Grau, 2011).
Online Banking Service
Online banking service is a typical case for B2C e-commerce. Online banking has been
one of the most successful e-commerce sectors and its growth continues. The major reason that
online banking is popular is that it is convenient and has many benefits. Although a customer
cannot get cash from a desktop computer, he can pay the bills through the account transfer
feature. Just like the ATM in 1970s, more banks are realizing the advantages of online banking
and are using it as a competitive edge.
There is a great deal of attention on online banking in the literature. Xue, Hitt, and Chen
(2011) discuss the determinants and outcomes of Internet banking adoption from a large retail
bank. Yaghoubi and Bahmani (2010) developed a theoretical model based on Technology
Acceptance Model and the theory of planned behavior to study the factors affecting the adoption
of online banking in Iran. Chuang and Hu (2010) explored consumer’ perception s of Internet
banking services in Taiwan.
BUSINESS STRATEGIES USED BY ONLINE BANKING SERVICES
Today online banking use different business strategies to attract and retain customers.
Two major strategies are the service features and security the online banking provides. The
following e-commerce strategies are used by online banking:
I. Service Features
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1) Basic Feature Strategy
The basic service feature strategy is that banks should provide basic services so customers
can access banking online. Normally, this strategy is used by small banks and credit unions
which have faced the pressure to move online. However, it takes a lot of energy to maintain a
complex website. Therefore, basic service feature becomes become an obvious choice for
lowering operating cost and focus strategies.
2) Financial Shopping Mall Strategy
On the contrary to the basic service strategy, the financial shopping mall strategy is a one
originally used for online retailing. The theory is that online banking is a reflection of the
financial power and company strength to meet the technology change. It presents consumers
with a variety of online banking services. With almost 24/7 full service, it offers more
convenience than traditional banking. A comprehensive online banking will provide checking,
saving, investment, wealth management, and mobile banking.
3) Innovative Ideas
Some banks not only offer a variety of services but also provide innovative ideas to retain
customers. For example, some banks offers image service for used checks (See Figure 1). A
customer can view a check from the web site. Some banks or credit cards offers business analysis
capability or business intelligence (BI) strategy as additional services. For example, Discover
credit card provides a spending analyzer as in Figure 2.
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Figure 1 The Features of Viewing Checks in a Banking Website
Figure 2 Spending Analyzer
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The spending analyzer provides information about what category the consumer spends the
most. Other innovative ideas include 1) use social networking to promote the name of bank, and
2) provide mobile banking services, 3) offer a good search engines. Search engines include
aggregate information on a broad range of topics. A customer can search a topic which offers
more specific information pertaining to a single area of interest such as wealth management.
Online banking service is a popular addition to the major financial portals.
Popular financial websites such as www.bankrate.com provide users with mortgage and
interest information that links to thousands of websites, having a variety of information and
financial services. After a customer is familiar with a website, he will be more likely to use the
same online banking service in the future (Deitel, Deitel, & Steinbuhler, 2000)
II. Security Methods
To protect the consumer’s financial and confidential information, online banking
websites use a variety of security protection methods:
1) Basic Security: Basic feature is that a customer can just enter user id and password to login
into their account. The user IDs and passwords have been the major methods of authentication
for most online banking websites.
2) Encryption. In addition to basic security, many banks use Secure Socket Layer (SSL) or
Transport Layer Security (TLS) to protect website security. Built into a web browser, SSL uses
encryption, digital certificates, and other authentication techniques to protect the communications
between websites. It protects application layer and can be used to prevent eavesdropping (Panko,
2009).
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3) Security questions. More banks or credit unions use CHAP or MS-CHAP security protocols.
In the CHAP protocol, a challenging question will appear after the user enters his user id (Panko,
2009). In the beginning, the user has to setup different questions. In the subsequent access to the
Internet, a security question will pop up. If the end user does not have right answer, the login
process will not continue.
4) Limited to a registered computer. The website will recognize end user’s computer. Basically,
the end user has to first register his computer and the bank website will put a cookie into the end
user’s computer. Later, if the end user uses a different computer to access the website, the bank
website will not allow the end user to access to the website site or send a warning message to the
end user.
5) A banner or icon in the address bar. Figure 3 shows an example when you access the bank. It
will avoid accessing a fake website when the end user accidentally makes a typo error.
Figure 3 A Banner or Icon in the Address Bar
7) Online security description. While banks can use all kind of protections to prevent the fraud,
the end user also has responsibility to make sure all the security rules are followed. One of the
problems is that customers tend to use a common password for all the accounts. Once the
password is broken, all the accounts will be compromised very soon.
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8) Others. Other security methods include: a). Customers has to change the password after
certain time. b). If the customer does not use the computer for a period of time, the website will
be out automatically (see Figure 4). c). an early warning system. Citibank will contact a
customer if they detect an unusual online behavior.
Figure 4. Session Time Out from an Idle Website
RESEARCH METHODOLOGY
The primary purpose of this research was to study the service features and security
strategies regarding online banking. Website observations with a questionnaire are used in this
research. One hundred and ten banking websites around the nation were chosen for study during
May 2011. Online banking websites, ranging from popular, well-known ones to less popular
ones, were chosen for the observation. Large banks include Bank of America, Chase, Citibank,
and Wells Fargo.
Research Framework
In order to study how different factors influence the service features and security
strategies for the online banking, an initial research framework is created (See Figure 5).
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Figure 5 Research Framework
Hypotheses
Based on the above research framework, we have proposed the following hypotheses:
H1a: There is a positive relationship between number of states covered and the banking service
features
H1b: There is a positive relationship between bank size and the banking service features
H2: There is a negative relationship between charter type and the banking service features
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H3a: There is a positive relationship between number of states covered and the online banking
security methods.
H3b: There is a positive relationship between bank size and the banking security methods.
H4: There is a negative relationship between charter type and the banking security methods.
H5: There is no difference between commercial banks and credit unions in banking service
features.
H6: There is no difference between commercial banks and credit unions in banking security
methods.
In the next session, we discuss the results of the data analysis for these hypotheses.
RESULTS
H1a: There is a positive relationship between number of state covered and the banking service
features
H1b: There is a positive relationship between bank size and the banking service features
Pearson correlation tests were used to examine Hypotheses H1a and H1b. Table 1 shows
the relationship (r) between service features and size factors. Size factors include 1) number of
states covered and 2) bank size in dollar amount. It appears that there is no strong/medium
relationship between number of states covered and services features except the following ones:
mobile banking (r = 0.4209), credit card account (r = 0.3389), and investment brokerage
accounts (r = 0.3339). The online checking or savings account, online statements, and bill-pay
service online are the three most basic services that banks offer on the Internet. Therefore, there
11
is not much variation across the banks. However, mobile banking is a new feature that comes
out recently with the prosperity of smart phones. Larger banks with more financial capability or
with more branches and more customers tend to adopt new technology earlier. The investment
services are typical products offered by larger banks. Small community banks or credit unions
focus more on the mortgage or small business lending. Thus, it is not surprising that online
investment service is very restricted among community banks and local credit unions.
It
appears that there is medium/weak relationship between bank size and services features in the
following ones: mobile banking (r = 0.2887) and online chat help (r = 0.2862).
Number of
States Covered
Bank Size
-0.0161
0.0403
-0.106
Statements Online
0.0996
0.0906
-0.2261
Bill-Pay Service Online
0.0534
0.0712
-0.1593
Credit Card Account
0.3389
0.2333
-0.3491
Loan Account or Loan Application Online
0.1772
0.1379
-0.1204
Investment Brokerage Accounts
0.3339
0.1647
-0.5245
Comprehensive One-for-All Accounts
0.2292
0.144
-0.4447
Insurance Account or Insurance Application Online
0.3114
0.24
-0.2967
Mobile Banking
0.4209
0.2887
-0.1963
Link to Social Media (i.e. Facebook, etc.)
0.1299
0.014
0.0774
Transfer between Depository and Other Accounts
0.1992
0.2139
-0.251
Account & Activity Analysis
0.2241
-0.0087
-0.287
0.2583
0.2862
-0.1644
-0.1425
-0.0605
0.168
Service Features
Checking or Saving Accounts
Online Chat Help
Non-profit Services (i.e. Calculator, Weather, etc.)
Charter
Type
Table 1 The Relationship Matrix between Size/Charter Types and Service Features
H2: There is a negative relationship between charter type and the banking service features
Pearson correlation tests were used to examine Hypotheses H2. Table 1 above shows the
relationship (r) between service features and bank charter types. There are three bank charter
types in the survey: commercial banks, coded as 1, credit unions, coded as 2, and savings banks,
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coded as 3. It appears that there is no strong/medium relationship between charter types and
services features except the following ones: investment brokerage accounts (r = - 0.5245),
comprehensive one-for-all accounts (r = - 0.4447), and credit card account (r = - 0.3491). Since
most credit unions and savings banks are local institutions and their focus mostly resides in
personal or small business loans, investment services are rarely provided in physical branches or
on Internet.
H3a: There is a positive relationship between number of states covered and the online banking
security methods.
H3b: There is a positive relationship between bank size and the banking security methods.
Table 2 shows the relationship between (r) between security features and banking size
factors. It appears that there is no strong/medium relationship between number of states covered
and security methods except Banner or Icon in the Address Bar (r = 0.3186). It appears that there
is no strong/medium relationship between bank size and security methods. Although, the larger
banks typically maintain a well-designed and secure websites by themselves, the local banks or
credit unions usually provide online services through the third party, i.e., link to the outside
companies who provide online banking to many banks. By providing the services through the
third party, the local banks or credit unions can still give basic online services to their clients but
reduce the maintenance cost.
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Number of
States Covered
Security Method
Bank
Size
Charter
Type
Password
0.1094
0.061
-0.1869
Encryption
0.129
0.0717
-0.2292
Security Questions
0.1799
0.0486
-0.2444
Registered Computer
0.1461
0.143
-0.1058
0.174
0.1487
-0.3476
0.3186
0.1796
0.2327
Online Security Description
Banner or Icon in the Address Bar
Table 2 The Relationship Matrix between Size/Charter Type and Security Methods
H4: There is a negative relationship between charter type and the banking security methods
Pearson correlation tests were used to examine Hypotheses H4. Table 2 above shows the
relationship (r) between security methods and bank charter types. It appears that there is no
strong/medium relationship between charter types and online security methods except the
following ones: Online security description (r = - 0.3476).
H5: There is no difference between commercial banks and credit unions in banking service
features
T-Test was used to compare difference in service features between commercial banks and
credit unions. Table 3 shows the comparison between commercial banks and credit unions in
service features. T-tests show that there is a significant difference in service features online
between commercial banks and credit unions in the following areas: Statement online (t = 4.8568), bill-pay service online (t = -2.7752), credit card account (t = -3.6373), investment
brokerage account (t = -6.4331), comprehensive all-in-one account (t = 5.2918), mobile banking
(t = -2.1661), as well as transfer between depository and other accounts (t = 4.7151). Data has
failed to prove that there is a difference in service features between commercial banks and credit
unions in the following areas: checking and saving accounts, loan account, and application
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online, insurance account and application online, link to social media, account & account activity
analysis, online chat help, and non-profit service.
Since credit unions are usually locally based and of a smaller size, they usually focus on
serving the community they locate at. Therefore, they focus on the relational lending in the area
more than the larger banks. Even if they do not provide sophisticated services such as
investment, credit card, and comprehensive wealth management, they do offer loan services
online. This is reason that there is no significant difference in the online loan services between
credit unions and banks. Insurance services are high-end services provided by the banks, and are
not common to both medium or small banks and credit unions.
Commercial
Bank
Credit
Union
Mean
Mean
T-test
P value
Wilcoxon
test
P value
Result
Checking or Saving Accounts
0.98
0.8667
-1.7116
0.0959
-2.0028
0.0452
Accept
Statements Online
0.98
0.6154
-4.8568
0.0001
-4.2488
0.0001
Reject
Bill-Pay Service Online
0.96
0.6923
-2.7752
0.0095
-3.2443
0.0012
Reject
Credit Card Account
Loan Account or Loan
Application Online
Investment Brokerage
Accounts
Comprehensive One-for-All
Accounts
Insurance Account or
Insurance Application Online
0.72
0.3
0.0002
-3.6373
0.0003
Reject
0.78
0.5926
0.0844
-1.7189
0.0856
Accept
0.7447
0.1333
-3.9686
1.7489*
6.4331*
0.0001
-5.1925
0.0001
Reject
0.76
0.2333
5.2918
0.0001
-4.5625
0.0001
Reject
0.2245
0.0667
-2.0772
0.0411
-1.8166
0.0693
Accept
Mobile Banking
Link to Social Media (i.e.
Facebook, etc.)
Transfer between Depository
and Other Accounts
0.5102
0.2667
-2.1661
0.0334
-2.1107
0.0348
Reject
0.22
0.2667
0.64
0.4651
0.6418
Accept
0.7273
0.2333
0.0001
-4.1437
0.0001
Reject
Account & Activity Analysis
0.2917
0.1333
0.4695*
4.7151*
1.6212*
1.3664*
0.1091
-1.5973
0.1102
Accept
Online Chat Help
0.06
0
0.1757
-1.3439
0.179
Non-profit Services (i.e.
Calculator, Weather, etc.)
0.56
0.7667 1.8793* 0.0639
1.84392 0.0652
*The two groups pass the equal variance test and the t-test is taken under equal variance assumption.
Accept
Accept
Table 3 Comparisons between Commercial Banks and Credit Unions in Service Features
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H6: There is no difference between commercial banks and credit unions in banking security
methods
Table 4 shows the comparison between commercial banks and credit unions in security
methods. T-tests show that there is a difference in security method between commercial banks
and credit unions in the following areas: Encryption (-2.7386) and online security description (3.1824). There is no difference in security methods between commercial banks and credit unions
in the following areas: password, security questions, registered computers, and banners/icons in
address bar. Although there is not much difference in online banking security methods, the way
the banks and credit unions provide online services are quite different. Most local credit unions
do not maintain online banking themselves, but provide it through the third-party company
website.
Commercial
Bank
Credit
Union
Mean
Mean
T-test
P value
Wilcoxon
test
P value
Result
Password
1
0.9
-1.7951
0.0831
-2.2498
0.0245
Accept
Encryption
1
0.8667
-2.7386
0.0076
-2.6193
0.0088
Reject
Security Questions
0.6889
0.4667
-1.9474*
0.0553
-1.9053
0.0567
Accept
Registered Computer
0.2903
0.2222
-0.5823*
0.5627
-0.5754
0.565
Accept
0.0008
Reject
0.1226
Accept
Online Security Description
0.9167
0.6
-3.1824 0.0028
-3.3406
Banner or Icon in the
Address Bar
0.58
0.4 -1.5637* 0.1219
-1.5438
*The two groups pass the equal variance test and the t-test is taken under equal variance assumption.
Table 4 Comparisons between Commercial Banks and Credit Unions in
Security Methods
CONCLUSIONS AND FUTURE RESERACH
The purpose of this study is to examine the service features and security methods of the
online banking. Specifically, the research focus on 1) the relationship among size factors/bank
16
charter types and the service features, 2) the relationship among size factors/banking charter type
s and the security methods, and 3) the difference in online strategies between commercial banks
and credit unions. As predicted, the commercial banks tend to offer more online service features
than credit unions. The obvious example is the mobile banking. It appears that only the large
banks with more number of states covered are willing to try the new mobile computing, a new
trend for the online banking. However, there is no major difference in security methods among
commercial banking and credit unions. The explanation may be that the security is important so
that any bank cannot overlook security whether it is a small credit union or commercial bank.
The third party companies also provide a feasible venue for local credit union to dramatically
reduce the online service gap with a commercial bank, and make the credit unions more
competitive in the market. The future research should 1) include more samples into the study
and 2) clearly define the scope for the other nonprofit services.
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APPENDIX A
Portions of the Questionnaire For
E-Commerce Strategy on Internet Banking
Online Banking Survey
1. Web site of the bank: _____________________________________________
2. Name of bank: __________________________________________________
3. Location
a)
Physical location or Mailing address (State Name) _____________
b)
# of States or districts Covered: ______________
4. a) Size ________________________
b) National_________ Regional___________
Local or Community________
5. a) Charter Type: Commercial Bank____ Credit Union____ Savings Bank_______
b) Authority Charter: Federal (National) ________ State (or Equivalent) _________
6. What online services are provided for individual investors?
a) Checking or Savings Accounts
_______
b) Statements Online
_______
c) Bill-Pay Service Online
_______
d) Credit Card Account
_______
e) Loan Account or Loan Application Online
_______
f) Investment Brokerage Accounts
_______
g) Comprehensive one-for-all Accounts
_______
h) Insurance Account or Insurance Application Online _______
i) Mobile Banking
_______
j) Link to Social Media (i.e. Facebook, etc)
_______
k) Transfer between Depository and other Accounts
_______
l) Account & Activity Analysis
_______
m) Online Chat Help
_______
n) Non-profit Services (i.e. Calculator, Weather, etc.)
_______
o) Other _____________________________________________
7. Security
a)
b)
c)
d)
e)
f)
g)
Password
_______
Encryption
_______
Security Questions
_______
Registered Computer
_______
Online Security Description
_______
Banner or Icon in the Address Bar
_______
Other _____________________________________________
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APPENDIX B Screenshots of Statistical Analysis
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APPENDIX B Screenshots of Statistical Analysis (Continue)
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APPENDIX B Screenshots of Statistical Analysis (Continue)
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