Saturday, February 25, 2012

Simplify online banking

I wish to urge our banks to simplify their processes to encourage more people to use
electronic payment and more efficient ways of communicating their requests to the banks.

As a business customer of DBS Bank, I am required to login to my account with the following entries:
An organisation ID
A staff ID
A staff PIN or password
An internet banking token with 8 digits
The organisation ID and staff ID are provided by DBS Bank and are not easy to remember. I have to write them down on a paper. This is risky but I have no choice. Instead of enhancing security, this complexity is creating more risk.

I am also required to sign and post many types of requests to the bank. Surely, if I am able to make transfers of large sums of money after logging in my bank account, it should also be possible to use the login to authenticate my request, without the need for a manual signature?

My friend told me that he has never signed any request to his bank in England for two decades. He only need to enter his PIN number.

I suspect that some of the existing practices are mandated by the Monetary Authority of Singapore. So, I also urge the MAS to take the lead to simplify and improve the process.

Tan Kin Lian

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