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How could online banking stop sucking

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Re: How could online banking stop sucking

#11

Post by michokest »

georgefox wrote: post #9
zwischenzug wrote: post #5

They have far more to lose through bad publicity, and even punitive damages levied by governments, than to gain from making things easier for customers. The idea of a weak password so you can have more easily a nose around someone else's private details is frankly laughable. This is personal financial information, not Facebook, FFS. A moment's reflection, and you can imagine the headlines.

Agreed. While some of the opinions are valid and useful, the idea of intentionally setting up weak authentication for an online bank account seems absurd. (Did he really suggest accepting an e-mail address in lieu of a password?) Banks often have you confirm recent transactions on your account to verify your identity (over the phone, for example), making this data pretty sensitive. But even setting that aside, I thin…

It's not "intentionally weak authentication" – it's optionally weak authentication, so users can choose how hard it is to see their data.

Something completely different is securing sending out money

Re: How could online banking stop sucking

#12

Post by richardburton »

How many times do people talk about their bank in glowing terms? How many people love their bank? How many people rave about their bank? I have never met anyone that would meet those descriptions. I think those are telltale signs that there is room for a Zappos of banks. I hope www.simple.com can be it. I wish www.mint.com had gone for it.

Re: How could online banking stop sucking

#13

Post by yason »

asto wrote: post #3

This is a space that will likely never be "disrupted" because the people capable of doing it don't have the huge capital required and the people who do have the capital don't really give a shit.

However, there are companies who care.

Two of the banks I use share the same web engine. They've both bought it from some company that I don't know. Both banks are of the smaller ones so they don't do internal development, hence outsourcing: big banks would probably exhibit a loud NIH syndrome.

Now, one of the banks I use has had it for at least over ten years, having been a customer there, and the user interface hasn't essentially changed much. I remember a couple of cosmetic updates but the pages still look pretty minimal and clean. This is a sign of caring about users because web user interfaces tend to get replaced every few years for the sake of getting renewed. Somebody has clearly had an opinion on how an online banking interface should work, and that somebody has stuck to it. For years.

The login, as is typical in Finland, is a username + password, plus a ever-changing PIN code from a printed table. You need one PIN code for login and another if you issue wire transfers. I've had the same username since 90's and I've changed the password maybe twice. I don't have them on paper. I get a new PIN code table by mail a couple of times a year as soon as the old one is about to run out of codes. Pretty secure and convenient: set of credentials that don't change and another set of simpler credentials that change every time.

Too bad their demo logins are in Finnish and Swedish only, not English. From what I read, this company has awaiting sales in the U.S. :)

Re: How could online banking stop sucking

#14

Post by fasouto »

It's a stupid situation: the interface is so unclear and messy that you're afraid to do something wrong(and nobody wants mistakes with the money), so you just use the online banking for small amounts of money.

Also in my bank the password need to be shorter than 15 characters, I will never understand this.

https://simple.com/ is the way to go.

Re: How could online banking stop sucking

#16

Post by rkudeshi »

marquis wrote: post #6

I really disagree about making it 'easier' to login to your online banking. Those who are savvy enough know what they are doing and can handle complex password / authorization combos. Until we have better solutions leave it complex and let customer service handle the cases where the odd person can't manage their login info. With banking, security is a far better requirement than usability. Having said that, my online…

3-step authentication? Which bank offers that?

Re: How could online banking stop sucking

#18

Post by furyg3 »

Systems exist (just not in the US).

My provider (ABN Amro in Holland) works like this:

1. Login is your account number and card number (1234567 + 004, located on card)

2. Password is generated by putting your 'smart' card into a little device, typing a PIN in, and typing in the resulting one-time pass. Other banks do this by sending the code via SMS, which is also good (though a bit less secure).

3. Interface is not mind-blowingly web 2.0, but works pretty well.

4. Transfers to other bank accounts are free, happen within one business day, and are confirmed by performing step 2 for each batch of transfers.

5. There is an iPhone app, which you do a one-time authorization with step 2, and create a 6 digit pin code. This code let's you check your balance. Performing transactions requires step 2 again, unless you are transferring to someone in your address book (there is a limit which you can set).

To be honest, it's pretty good. It's first priority is clearly security, and given that it's pretty damn usable.

US banks should take note.

Re: How could online banking stop sucking

#19

Post by marquis »

rkudeshi wrote: post #16
marquis wrote: post #6

I really disagree about making it 'easier' to login to your online banking. Those who are savvy enough know what they are doing and can handle complex password / authorization combos. Until we have better solutions leave it complex and let customer service handle the cases where the odd person can't manage their login info. With banking, security is a far better requirement than usability. Having said that, my online…

3-step authentication? Which bank offers that?

my bank uses:

1. 12 digit pin / complex password

2. Physical reference card (like a puzzle game to answer on login)

3. Must reply to SMS to transfer funds / configure payments

Re: How could online banking stop sucking

#20

Post by droithomme »

I do all my banking from home by physically mailing stamped envelopes with checks, deposit slips, and signed letters ordering transfers. These envelopes are then opened by a teller who processes the transaction and mails a receipt of the transaction back.

It's considerably faster than trying to use their web site.

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