The enhancements to Bank of Queensland’s Internet Banking platform have seen BOQ sign up as many new customers in the year since its upgrade as in the previous three years combined.
BOQ’s Internet Banking platform offers all of the standard online banking features as well as new functionality including SMS banking services and increased online security with the free BOQ Security Token.
Craig Broomfield, Head of Direct Banking at BOQ, believes the tighter security with the BOQ Token is a key driver of the increased customer take-up.
“Security has always been a key concern for our customers when it comes to Internet Banking, so I have no doubt that the improved security features, including our token, are making a real impact on customer take-up.
“According to recent Nielsen//NetRatings research, customer satisfaction with our IB has improved from equal ninth place to fifth place – a massive achievement. (“Nielsen//NetRatings, NetView, home [and work] audience data from panel measurement, Australia, 2007”)
“In that same report, customers rated BOQ’s online banking as having vastly improved across a number of areas including site availability / reliability, log-in security, and security of transactions.
“These figures demonstrate that customers understand and can see the value in the major improvements BOQ made to its Internet Banking platform this time last year.”
Bank of Queensland was the first bank in Australia to introduce a new level of security for Internet Banking customers through its BOQ security token, in the form of Transaction Signing.
Transaction Signing is one of the two levels of security offered with BOQ’s Internet Banking token – the second being a One Time Password. Depending on a customer’s Internet Banking profile, their BOQ token will process either a One Time Password, or a Transaction Signature.
The One Time Password is just that – a password that is generated by their token and is valid for only a very short period of time.
The Transaction Signature is a more intricate security measure, using data supplied by the user around the transaction to generate a passcode which will then allow the transaction to proceed.
The token, the first two of which are free for Bank customers, is a device that generates a random series of unique numbers. Based on information registered with the system when each token is assigned, it is possible to match these unique codes with the customer’s profile when they transact online.
Tokens are not required to log on to Internet Banking, but are used to authenticate some transactions where funds are transferred out of the Bank. This allows customers to check account balances and move funds between their own accounts as easily as possible.
The token can be used with any computer and no special software is required.