Sunday, January 07, 2007

Troublesome to handle many tokens

Last week, Today published my letter suggesting that the banks should appoint a third party to issue the tokens for internet banking. Each customer only need to have 1 personal token which can be used to transact with any financial institution in Singapore.

Here is the experience of a customer. She had a bank account with DBS Bank and HSBC Bank. The two banks sent two separate tokens to her.

She had to carry the two tokens with her, as she does her internet banking at the office. She misplaced one token, and had to pay $20 for a replacement.

She is worried now, in case other financial institutions sent more tokens to her for their internet access.

She likes my idea of having one personal token to be used for all internet access.

1 comment:

Victor Foo said...

DBSBank dispatched their DBS iB Secure Device to me around 2 months ago. HSBC called to inform me last week that we will be dispatching their token to me within a week.

Now, I am wondering if internet banking is supposed to make our online banking transaction easy - or otherwise.

My DBS iB Secure Device has since being traveling to several countries with me. My next overseas trip will include another HSBC token too.

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