Better, Faster, Smarter; Revision of E-Banking Service Regulation

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Hello, folks. This is Michelle. How many of you are actually going to bank for your transactions? I guess not many, since electronic banking is much quicker than going to your nearest bank! However, there have been some inconveniences whenever doing e-banking due to some bothering processes such as written consent, electronic authentication, etc. Here I am bringing good news for you!

New Technology, New Service

New IT technologies, which seemed unrealistic in the past, are now always with us every single day. It’s no longer surprising to see people walking down the street, updating Facebook status and uploading photos on Tweeter, and some others watching football match at the bus stop with their smart phone. With this trend of using smart phones, the estimated number of mobile banking users has increased from 13 million in 2009 to 31 million in 2011. This rapid increase in the number of smart phone and tablet PC users needs new e-banking services which are more easily accessible and convenient. The current service has had difficulty in its expansion and invigoration under the existing rules and regulation. So, the Financial Services Commission has announced two major revisions of the existing electronic financial services rules and regulation.

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Diversification of the “Withdrawal Agreement Method”

 For online transactions, withdrawal agreement is required in advance either by a paper-based written consent or electronic authentication certificate. The revised withdrawal agreement method introduces ‘electronic signature’ on tablet PC screen, which is to replace the current methods.

New Confirmation Process for the Electronic Debit Payment

 Also, the confirmation process for the electronic debit payment through the smart phones and tablet PCs will become much easier and more convenient. Until now, the identification through the face to face was needed to be able to use this type of payment. Under the new regulation, the identification process can be done electronically through the electronic certificate saved on the smart phones or tablet PC.  

Expected Effect and the Further Action

Followed by this revision of electronic banking regulation, more active use of e-banking services is expected with greater convenience. The effects of revision will be validated as of the fourth quarter of this year, and further adjustment will be discussed to provide both individual financial consumers and financial firms with better services. All of us will be less bothered by electronic transaction processes once this new regulation comes into effect ! !  🙂

Regards,

Michelle

 

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