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:: iBank Component

Multi-channel information system
Security system
Infrastructure and integration with existing systemsl
Financial XML Messaging set

Business and Technlogies Aligned

Multi-channel IS

Infrastructure of existing banking systems rarely meets basic functional requirements
dictated by new business environment. As a consequence new system is designed to extend existing system and meet the following requirements:

Access trough number of channels
Common business logic and rules
Secure information exchange
Integration with core-banking systems for transaction processing and information retrieval
Extensibility with new channels and services

Multi-channel IS enables fulfillment of business goals trough:

Offering customers a personalized self service counter. Customers have access to common teller-channel services.
Offering customers unique possibilities that are costly or technically
impossible over traditional distribution channels. Customers are provided with real-time information regarding their accounts, investments, stock-exchange via. fax, e-mail, SMS, paging and other
messaging systems.
Increasing customer loyalty by customizing and personalizing to customer.
Cross-selling financial services targeted at specific customer needs.
Extracting patterns from customer-system interaction and surveys.
Lowering transaction cost by switching users from expensive to cost-effective distribution channels.
Maintaining value of investments in existing legacy systems with optimal system integration.

Channels

Technologies behind the channels can be defined as:

Information exchange technologies, and
Information presentation technologies.

Combination of technologies from the two defines the channel overall characteristics. Web channel, for example, is defined by WAN technologies and protocols enabling information exchange and HTML standard for presentation.

This exposes a fact that different channels can share same exchange technologies. Channels are constrained by their characteristics and this must be taken into account when adapting banking services for channel distribution. Interactive voice response as one of the channels could be used for reading multiple pages of account statement, but it is obvious that we can switch this usage scenario to fax or e-mail channel.

Common Business Logic

Business logic in an e-banking system is represented as set of business rules that answer the common questions: How? When? What? What if? Rules are defined once per business area ie.savings and applied in consistent manner over the distribution channels.

Service Examples

Financial planning tools and calculators. Loan repayment calculator implemented as web application. Customer is provided with useful tool while bank is able to target customer as potential loan user.
Targeted financial news. "New bachelor tax is reality...you should pay following amount... you can fill transaction form if you click here...." Customer is provided with template filled transaction form waiting for his
approval and signoff.
Micro targeted marketing campaigns. Customers who have calculated
amortization of their mortgage are presented with local real-estate agency advertisement.
Educational content related to important financial decisions in customers life. University education plans, investments, retirement plans etc.
Building on-line communities gathering users with similar interests and
providing them with membership discounts. Customers are encouraged to
recommend services based on their positive experience.
Credit/debit card account application form.
Bill presentment and bill settlement.
Scanned preview of cleared checks.

Securuty

Security is biggest concern for banks offering on-line services and is defined as combination of technologies, measurements, procedures and policies protecting sensitive information from exploit and abuse. I-Bank technology deals with four key components:

Authentication
Identity check of the user interacting with system. Authentication methods and procedures are constrained with distribution channel characteristics. Following methods are supported:

username/password
cookie based
token (hard, soft, 2 factor)
PKI certificates based (smart card, mini cd as a medium)

Data integrity - Providing secure data exchange between customer and bank in a way that prevents unauthorized access and modification. Data integrity is enforced at transport (SSL, TLS, WTLS) or application (PKI) level.

Network integrity - Standard for intrusion detection and prevention is hard/soft
firewall. Configuration enables optimal trade-off between maximum security and maximum availability extreme.

Data encryption - Securing sensitive customer information kept in the database (passwords, financial data etc.).

Deployment and Integration with Existing IS

Majority of banks are not new to the industry of financial services and transaction processing. Banks have their legacy systems often called core-banking system. Since multi-channel IS is not an autonomous system, design and architecture specify functional requirements for the existing core-banking system. This specification resembles ideal model which provides following features:

clearing financial and non-financial transactions,
viewing transaction history,
viewing customer profiles, and other non-transactional data
notification of core system events.

Absence of features in core-banking system affects overall experience, but the
problem can be solved by extending existing system with required features. Clear specification of touching points for two systems, and integration of (most often) different technologies is the critical moment in deployment process. Pexim's universal banking system PUB 2000 completely meets required functionality.

Architecture

Architecture of a proper solution must pay attention to platform and technology
constraints. I-bank technology is based on two emerging platforms supported by our key partners: Microsoft and Cisco. Combination of Microsoft .Net and Cisco E-services platforms are guarantee for technology investment for future. Detailed architectural overview of our solution can be found in i-Bank technology specification.

N-Tier iBank Achitecture
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