Guru Speak

When people first start using Internet banking, they are a bit nervous, but it doesn't take long before they become addicted. No need to queue up in the bank, no need to walk to the ATM.

No need to even get up from your chair if you want to find out what your account balance is, pay your cred¬itcard bill or top up your phone account.

And it is getting even easier as Internet banking is now becoming integrated between banks and with mobile phones. For example, if I want to pay money from my Bangkok Bank account into an account at any of the major banks in Thailand, I can do it via Internet banking. If it's a firsttime pay¬ment, I can register online and receive a onetime password sent to my mobile phone authorising the transaction.

The bank will even send an SMS to the per¬son receiving the money, saying the money has been deposited into their account.

Internet bank¬ing is already indispensable for many types of individuals. People with busy lifestyles, those who like to active¬ly trade stocks or people who have to manage their financial affairs across the other side of the world all can't do with¬out it.

It will certainly be indispensable for today's schoolchildren who have grown up with the Internet. Not having Internet banking will be as dreadful as leaving home with¬out a mobile phone! I am sure these young people will demand a service that fits their lifestyle - with instant messaging, online videos and social networks being as important a part of their bank¬ing as passbooks were for their parents.

Already Web 2.0 for Internet banking is starting to happen. In Australia, for example, a bank has introduced 'Lisa' - an interactive video of a customerservice repre¬sentative who responds to more than 30 financial questions and 50 other requests and even tells jokes to customers.

Some banks are experimenting with avatars, where customers create virtual representations of themselves to try out products.

Others are using popups and instant messages on websites to make banking sugges¬tions in much the same way as Amazon makes book and video suggestions and Google prompts on search inquiries.

Just as Google has made us "smarter" by putting a world of knowledge at our fingertips, Internet banking in the future will make us "richer" by putting a world of smart banking within our reach.