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Wednesday, April 24, 2024
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2005 Canadian Online Corporate and Commercial Banking Review
The Canadian Online Corporate and Commercial banking Review was conducted from July to September 2005. TJL Interactive approached all major firms to ask for industry participation; however, many of the firms refused to participate. The review was conducted analyzing all available material including online marketing material, print marketing as well as various branch visits.
Commercial & Corporate Banking is a growing and prosperous business in Canada. The traditional services of payroll, government remittances and money management have been joined with more sophisticated services as Import/Export services, foreign exchange and capital market investing.
The study discovered the non-existence of any pure corporate online banking offerings. The analysis discovered that each company has some online offerings; however, they are packaged under terms like Commercial Banking, Mid-term Enterprises and some under their Small Business platforms. Pure Commercial & Corporate Banking relationships require ‘sit-down’ interaction and appear to offer some online functionality along with traditional Commercial & Corporate Banking software and systems. This study focuses on all available online features offered in either corporate or commercial banking.
TJL Interactive determined that Scotiabank offers the best online corporate and commercial banking product through ScotiaConnect. The review analysed eight firms from a variety of categories. In each case, TJL Interactive performed the analysis by developing features and functionality binary questions for the various categories.
The report was produced and included the following information based upon the findings:
  • Executive Summary, The Process and Top Findings
  • Quartile Rankings and Company Overviews
  • Category Overviews and Best Practice Information
    • Access; Administration and Polices
    • Design Features and Customization
    • Customer Interaction and Relationship Services
    • Online Services
    • Account Information and Features
    • Help and Education
  • Industry Next Steps including Recommendations
Overall Results
1st Quartile Firms:
  • Scotiabank - ScotiaConnect
2nd Quartile Firms:
  • BMO - Business Banking
  • National Bank Of Canada - Internet Banking Solutions
3rd Quartile Firms:
  • Desjardins - AccesD Affaires
  • RBC Express
  • TD Commercial Banking
4th Quartile Firms:
  • HSBC - Business Internet Banking
  • CIBC - Business Banking
Scotia BMO National Desjardins TD RBC HSBC CIBC
OVERALL Q1 Q2 Q2 Q3 Q3 Q3 Q4 Q4
Access and Policies Q1 Q2 Q3 Q1 Q2 Q1 Q2 Q4
Design Features Q3 Q3 Q1 Q1 Q2 Q2 Q3 Q4
Customer and Relation Q1 Q4 Q1 Q2 Q4 Q2 Q3 Q4
Online Services Q1 Q1 Q2 Q3 Q3 Q4 Q4 Q2
Account Information Q1 Q1 Q3 Q4 Q2 Q3 Q4 Q4
Help and Education Q1 Q3 Q2 Q2 Q3 Q4 Q3 Q3
Results are based on Quartile standings. Q1 represents 1st Quartile
1st Quartile (Q1): Represents firms whose offerings consistently outperform their competitors and are considered premier offerings in their online vertical. These firms demonstrate leading edge online functionality.
2nd Quartile (Q2): Represents firms whose offerings demonstrate better than average results in their online vertical. These firms demonstrate some Q1 functionality; however, are missing some key features.
3rd Quartile (Q3): Represents firms whose offerings demonstrate average results in their online vertical. These firms may demonstrate some Q1 and Q2 functionality; however, are missing many key features.
4th Quartile (Q4): Represents firms whose offerings demonstrate below average to non-existent results in their online vertical. In general, these firms do not demonstrate any key functionality and features.
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