Internet is providing speed and simplicity for customers
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OMMUNICATING with an Isle of Man financial institution is becoming as simple as logging on to a website,
With most internet service providers now offering free access on subscription, the internet is usually cheaper than letter, telephone or fax.
The Isle of Man government wants to encourage e-commerce. It has already passed an e-commerce Act which includes legalising encrypted digital signatures.
The island’s own home-grown e-bank, F Sharp, has been trading for more than a year. Customers can apply to join through the internet as well as view transactions and balances, transfer money, and set up standing orders.
This year F Sharp launched Currency Manager, a commission-free multi-currency account facility. Customers can open accounts in sterling, dollars or euros with debit and credit card facilities.
Alliance & Leicester International plans to offer an e-banking service later this year, says Simon Hull, managing director.
However, he believes banks should not rely exclusively on the internet to deal with customers.He adds: “Customers will always have a choice in the way that they communicate and do business with us.”
The island’s life assurance companies are not so well advanced on the internet, but several plan to be interactive by the end of this year.
An important issue is that most people deal exclusively through independent financial advisers and life companies do not wish to disrupt this process by trying to gain new customers through the internet.
For example, Clerical Medical International plans to go interactive to allow policyholders to view the value of their investments, or to switch between funds.
Tags: banking service, currency account, debit and credit, e bank, e banking, financial institution, independent financial advisers, isle of man, leicester, life assurance companies, managing director, policyholders, transfer money
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