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An Introduction to Internet Banking

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					  An Introduction
         to
 Internet Banking

Milos Kovacevic, milos@grf.bg.ac.yu
  Nikola Klem, klem@grf.bg.ac.yu
Veljko Milutinovic, vm@etf.bg.ac.yu
 University of Belgrade, Yugoslavia
                                      Presentation Outline

     Introduction to E-Banking

     Internet bank demo – customer’s point of view

     Security issues

     Setting up an Internet bank channel

     Internet bank demo – small community bank

     Searching for financial information on the Web

     Conclusions


An Introduction to Internet Banking   SSGRR 2001             2 of 110
Introduction to E-Banking


       The basis
                           Introduction to E-Banking


         Introduction to E-Business

         What is E-Bank

         Why to do E-Banking

        Some facts about E-Banking




An Introduction to Internet Banking   SSGRR 2001       4 of 110
                          Introduction to E-Business

  We are living in the connected world!




An Introduction to Internet Banking   SSGRR 2001       5 of 110
                          Introduction to E-Business

  It’s Monday. You have to:

                 Reserve airplane tickets for your vacation

                 Buy gifts for your child’s birthday

                 Pay bills for the current month (electricity, telephone …)

                 Check the bank account information

                Inform relatives about family gathering next weekend

  Thanks to the development of E-Business, you can do all of the above
 ;;;;from your home or even from the car!


An Introduction to Internet Banking   SSGRR 2001                          6 of 110
                          Introduction to E-Business

    The transformation of key business processes through the use
   of of Internet and related technologies (IBM Corporation)




    B-to-B (Business to Business)                  B-to-C (Business to Customer)

An Introduction to Internet Banking   SSGRR 2001                            7 of 110
                European E-Business momentum




An Introduction to Internet Banking   SSGRR 2001   8 of 110
                European E-Business momentum




An Introduction to Internet Banking   SSGRR 2001   9 of 110
                European E-Business momentum




An Introduction to Internet Banking   SSGRR 2001   10 of 110
                                         What is E-Bank?


    Traditional banking business assumes:
           customer desk at bank’s building
           working time from 8.00 am to 19.00 pm

    Customers have :
                                                           Collision!
      their job during the day
      family activities after job



An Introduction to Internet Banking   SSGRR 2001             11 of 110
                                          What is E-Bank

     E-Bank is transforming banking business into E-Business
      thru utilizing various E-Channels
     E-Channels are:
           Internet
           WAP based mobile network
           Automated telephone
           ATM network
           SMS and FAX messaging
           Multipurpose information kiosks
           Web TV and others …

An Introduction to Internet Banking   SSGRR 2001            12 of 110
                                         What is E-Bank?

  E-Banking business assumes:
          E-Channels enable financial transactions from anywhere
          working time is non-stop


  Customer requests are:
                                                           Perfect match!
       non-stop working time
       using services from anywhere



An Introduction to Internet Banking   SSGRR 2001                  13 of 110
                                  Why to do E-Banking

  Possibility to extend your market (even out of country)
  Possibility to process more financial transactions
  Possibility to lower your transaction cost




An Introduction to Internet Banking   SSGRR 2001             14 of 110
               Some facts about E-Banking in Europe




An Introduction to Internet Banking   SSGRR 2001   15 of 110
               Some facts about E-Banking in Europe




An Introduction to Internet Banking   SSGRR 2001   16 of 110
               Some facts about E-Banking in Europe




An Introduction to Internet Banking   SSGRR 2001   17 of 110
               Some facts about E-Banking in Europe




An Introduction to Internet Banking   SSGRR 2001   18 of 110
                   Some facts about E-Banking in USA




An Introduction to Internet Banking   SSGRR 2001   19 of 110
                   Some facts about E-Banking in USA




An Introduction to Internet Banking   SSGRR 2001   20 of 110
                                        Internet Banking

 Using Internet as an E-Channel makes financial services
a;available to wide population

 WWW service

 In this tutorial we shall focus
o;on Internet Banking




An Introduction to Internet Banking   SSGRR 2001            21 of 110
Internet Bank Demo


Customer’s point of view
                                      Internet Bank Demo
                                        customer’s point of view




         What customer needs for online bank access

         Equifax demo primer




An Introduction to Internet Banking   SSGRR 2001                   23 of 110
                             Customer should have a …



          Standard PC with Internet access

          Internet browser that supports SSL and,

          Money …




An Introduction to Internet Banking   SSGRR 2001        24 of 110
                                      Equifax demo primer


       Here goes presentation of Equifax demo primer
        for their Internet bank solution

       The aim is to show how an online bank looks like
        from the customer’s point of view

       Presentation will be done thru Internet Explorer
        and with cached HTML pages




An Introduction to Internet Banking   SSGRR 2001            25 of 110
         Security Issues


How security works in Internet communications
                                          Security issues

       What are the security problems in Internet communication

       Cryptography basics

       How digital signatures and certificates work?

       Secure Sockets Layer protocol

       Internet browsers and security

       Useful links to visit



An Introduction to Internet Banking   SSGRR 2001            27 of 110
                                        Security problem


       Spoofing “How can I reassure customers who come to my site that
        they are doing business with me, not with a fake set up to steal their
        credit card numbers?”

       Eavesdropping “How can I be certain that my customers’ account
        number information is not accessible to online eavesdroppers when they
        enter into a secure transaction on the Web?”

       Data alteration “How can I be certain that my personal information is
        not altered by online eavesdroppers when they enter into a secure
        transaction on the Web?”




An Introduction to Internet Banking   SSGRR 2001                            28 of 110
                     What do we have to achieve



        Authentication – no spoofing

        Privacy – no eavesdropping

        Data integrity – no data alteration

        Non-repudiation – no claiming of user action




An Introduction to Internet Banking   SSGRR 2001        29 of 110
                                       Solutions are . . .


        Digital certificates for Web servers,
         to provide authentication and data integrity

        Cryptography algorithms to provide privacy


        Secure Sockets Layer (SSL)
         the basis for every e-business trust infrastructure




An Introduction to Internet Banking   SSGRR 2001               30 of 110
                              Cryptography basis
         Cryptography provides privacy


                                           ENCRYPTED
                          ENCRYPTION ALG.   MESSAGE        DECRYPTION ALG.
                                          (CYPHERTEXT)

          MESSAGE                                                              MESSAGE
        (PLAINTEXT)                                                          (PLAINTEXT)


                         SENDER                                    RECEIVER



                                                       KEYES.
         Symmetric approach
                                                       Asymmetric approach
         Hybrid approach

An Introduction to Internet Banking   SSGRR 2001                                 31 of 110
                          Symmetric approach
        Both sides use the same key for encryption and decryption


                                      ENCRYPTED
                       SYMMETRIC KEY   MESSAGE      SYMMETRIC KEY
                                     (CYPHERTEXT)

     MESSAGE                                                          MESSAGE
   (PLAINTEXT)                                                      (PLAINTEXT)


                     SENDER                                 RECEIVER



       Convenient for bulk data encryption
        (computationally faster then other methods)

       Examples: RSA RC4, DES, IDEA …

An Introduction to Internet Banking   SSGRR 2001                        32 of 110
                        Asymmetric approach
        Sender uses public key for encryption
         receiver uses private key for decryption


                                            ENCRYPTED
                    PUBLIC KEY               MESSAGE      PRIVATE KEY
                                           (CYPHERTEXT)
   MESSAGE                                                                  MESSAGE
 (PLAINTEXT)                                                              (PLAINTEXT)


                   SENDER                                          RECEIVER


        Convenient for short data encryption
         (computationally slower then other methods)

        Examples: RSA, Diffie-Hellman , ElGamal …

An Introduction to Internet Banking   SSGRR 2001                               33 of 110
                                        Hybrid approach



         Using symmetric approach for data encryption


         Using asymmetric approach for passing the symmetric key


         Applied in SSL (Secure Sockets Layer)




An Introduction to Internet Banking   SSGRR 2001            34 of 110
                          Key management problem

          Key distribution (in symmetric approach)

          Secure binding between public key and his owner
           (in asymmetric approach)


       Q1: “How can I be sure that the public key that my browser uses to send
       account number information is in fact the right one for that Web site, and
       not a bogus one?”

       Q2: “How can I reliably communicate my public keys to customers
       so that they can rely on it to send me encrypted communications?”




An Introduction to Internet Banking   SSGRR 2001                           35 of 110
                                       Digital Signatures

       To provide authentication and data integrity of electronic documents




       Creating message digest using one way hashing algorithm
        (MD5, SHA …)
       Encrypting digest with private key

An Introduction to Internet Banking   SSGRR 2001                   36 of 110
                                 Digital Signatures
                  Sender                            Receiver

                                                                 HA
                   Message                            Msg*              Digest’
                                                                           ’

                HA                                     DS*

                     Digest
                                                                      Digest’
                                                    Public Key
Private key            DS
                                                                                  Equal?




 An Introduction to Internet Banking   SSGRR 2001                                     37 of 110
                                      Digital Certificates


       An electronic file that uniquely identifies
        communication entities on the Internet

       Associates the name of an entity with its public key

       Issued and signed by CA (Certification Authority)

       Everybody trust CA, and
        CA is responsible for entity name – public key binding

       Example CAs : VeriSign, Thawte, …


An Introduction to Internet Banking   SSGRR 2001                 38 of 110
                               Digital Certificates

How a X.509 Certificate Is Issued
1.     Key Generation


2.     Matching of Policy Information


3.     Sending of Public Keys and
       Information


4.     Verification of Information


5.     Certificate Creation


6.     Sending/Posting of Certificate


7.     The certificate is loaded onto an
       individual's computer.

An Introduction to Internet Banking   SSGRR 2001      39 of 110
                         Secure Sockets Layer

     Together with DC enables secure communication
      over the TCP/IP network




     SSL session consists of two phases:
           1. handshaking phase
           2. data exchange phase

An Introduction to Internet Banking   SSGRR 2001      40 of 110
                   SSL handshaking phase             (simplified)

              Client                                  Server

     List of supported
           ciphers

                                                   Strongest cipher
                                                   supported + DC



     SSK generated
     and encrypted                                          Encrypted SSK
        with PK
                                                   Decrypts SSK with own
From now
                                                     SK and sends ack.
 use SSK!

An Introduction to Internet Banking   SSGRR 2001                      41 of 110
                     SSL data exchange phase                          (simplified)


              Client                                              Server

        Fragments msg.
      into blocks (bytes)                   Msg. block MAC

     Calculates MAC and
     appends it to msg.
                                                               Decrypts data with
      Encrypts data with                                              SSK
             SSK
                                                              Calculates new MAC
                                                             and verifies the old one

                                                             Reassembles the msg.


An Introduction to Internet Banking   SSGRR 2001                                42 of 110
                Verification of DCs in user browser




An Introduction to Internet Banking   SSGRR 2001   43 of 110
                                      About SSL strength


  Two variants of SSL: 40-bit and 128-bit (refers to SSK length)

  According to RSA Labs it would take a trillion trillion years    t;
 …to crack 128-bit SSL using today’s technology!

  US export restrictions apply to issued digital certificates     a;
 ;;and browser implementations (support for 128-bit SSL)

  From recently VeriSign is allowed to issue Global DCs
 ;;that work both in US and export versions of browsers;(128-bit SSL)



An Introduction to Internet Banking   SSGRR 2001                    44 of 110
                                      Useful links to visit


    www.verisign.com , how to apply for DC, security related stuff


    www.thawte.com , how to apply for DC, security related stuff




An Introduction to Internet Banking   SSGRR 2001              45 of 110
Setting up an Internet Bank Channel


         Banker’s point of view
          Setting up an Internet Bank Channel


       Internet bank architecture


       Planning phase in setup process


      Choosing strategic and technology partners

       Required tasks after initial introduction of new channel




An Introduction to Internet Banking   SSGRR 2001                   47 of 110
                         Internet bank architecture

           Bank back office                          Internet front office
               system                                      system


                                        Web server


  Branch office
    terminals
                                          Security
                                         subsystem

                                                             SSL connection
                                          Internet


An Introduction to Internet Banking   SSGRR 2001                              48 of 110
            In-house architecture (CustomerLink primer)

    In-house Web Server
               On Site
                                                CustomerLink Server
                                                         On Site            Core System
                                                                               On Site


                                      Security Firewall
                                           On Site

                                        Router                   All components in the bank
                                         On Site

               Local Internet
                    POP

                                                     Internet


An Introduction to Internet Banking    SSGRR 2001                                        49 of 110
                              Out-of-house architecture
                                         (CustomerLink primer)




           Web server            CustomerLink          Data transfer     Core server
                                    server                server

                                  Router


     Firewall

                                                                    Bank site
                                                    ASP (Equifax)




An Introduction to Internet Banking   SSGRR 2001                                50 of 110
                        Banking software architecture

     Before Internet revolution banking software systems
      were dominantly of client-server type


                                                             data management


                                                                        business logic
                                                   presentation logic




An Introduction to Internet Banking   SSGRR 2001                               51 of 110
                               Banking software architecture

                     In the Internet era banking software systems are n-tier (n>2)




                                                                               Data management
 Presentation logic




                                                                                     logic
                                                   Business
                                                     logic

An Introduction to Internet Banking   SSGRR 2001                            52 of 110
                                        Presentation logic

                                      https = ssl+http




       thin client                                 web server



   Java Server Pages/Servlets
                                                         Presentation logic forms HTML
   Active Server Pages
                                                         and interacts with application tier
   PHP …




An Introduction to Internet Banking   SSGRR 2001                                    53 of 110
                                          Application logic

                                        Business objects, can be on a single
                                        or multiple app. servers


                                                   Written in C/C++, Java(EJB), COBOL …


                                                   CORBA, DCOM, RMI



                                        1                 SQL thru JDBC/ODBC to data tier
           4
          Request for service                                         2
          and data response                                               Required data
                                                              3
An Introduction to Internet Banking   SSGRR 2001                                    54 of 110
                     Planning phase in setup process



       What are the services to be installed?

       What services we (bank) could implement in-house?

       What services we could implement thru ASPs (out-of-house)?

       Who are technology partners?




An Introduction to Internet Banking   SSGRR 2001            55 of 110
                       Application service providers




        ASP offers standardized packages of applications,
         necessary infrastructure, and certain degree of service

        Main characteristics of ASPs is that they offer applications
         that are already purchasable

        ASP > one-to-many solution
         Classic IT outsourcing > one-to-one solution


An Introduction to Internet Banking   SSGRR 2001                        56 of 110
               Application service providers – division




    Vertical ASP




     Horizontal ASP




An Introduction to Internet Banking   SSGRR 2001   57 of 110
          Application service providers – pros and cons




An Introduction to Internet Banking   SSGRR 2001   58 of 110
           Planning phase in setup process          (revisited)


        Complexity of a problem:

              telecommunications infrastructure
              security
              multi-tier software infrastructure
              maintenance…

        We recommend using ASPs
         for setting up new Internet channel
         in the case of mid and small size banks!

        The biggest banks should reconsider
         which services to delegate to ASPs


An Introduction to Internet Banking   SSGRR 2001         59 of 110
               Required services for Internet banking

        Services offered by ASPs:
              Online personal banking
               (account information, transfers, deposits…)
              Online cash management for companies
              Bill payment
              Check payment
              Card payment solutions
              Insurance services
              Web presentation design
              Web presentation hosting
              Web presentation administration
              Security
              Testing of electronic business software
              Remote administration of bank’s servers …
An Introduction to Internet Banking   SSGRR 2001             60 of 110
                   Choosing strategic and technology
                                partners

       Choosing the right ASP is the most important task
        in setup procedure

       An ASP must:

            be an expert for Internet access
            have experience in electronic business
            have a secure and fault-tolerant local area network
            have a good software solution
            have well-educated IT staff accessible 24 hours, 365 days




An Introduction to Internet Banking   SSGRR 2001                    61 of 110
              Choosing ASPs – the cost of downtime




An Introduction to Internet Banking   SSGRR 2001   62 of 110
                  Choosing ASPs – personal banking,
                         cash management

     Equifax www.equifax.com www.efx-ebanking.com , CustomerLink




An Introduction to Internet Banking   SSGRR 2001            63 of 110
                  Choosing ASPs – personal banking,
                         cash management

     Digital Insight, www.digitalinsight.com, AXIS




An Introduction to Internet Banking   SSGRR 2001      64 of 110
                  Choosing ASPs – personal banking,
                         cash management

     Vifi, www.vifi.com, InternetBanker




An Introduction to Internet Banking   SSGRR 2001   65 of 110
                         Choosing ASPs – bill payment

     CheckFree, www.checkfree.com




An Introduction to Internet Banking   SSGRR 2001        66 of 110
                       Choosing ASPs – card payment
                                processing

     RS2 Software Group , www.rs2group.com, BankWorks




An Introduction to Internet Banking   SSGRR 2001         67 of 110
                           Choosing ASPs – web hosting

     Digex , www.digex.com




An Introduction to Internet Banking   SSGRR 2001         68 of 110
           Choosing ASPs – web design for banking

        DiamondBullet , www.diamondbullet.com,
         ,,,,,,,,,,,,,,,,,,,,,,,,;www.bankingwebsites.com




An Introduction to Internet Banking   SSGRR 2001            69 of 110
           Required tasks after initial introduction of new
                              channel



          Education of bank’s staff

          Permanent marketing

          Obtaining information about competition and
           potential customers (investors)




An Introduction to Internet Banking   SSGRR 2001         70 of 110
                                       Education of staff

     Studies show that education of bank staff in using Internet channel
      is often incomplete

     Staff should provide answers to FAQ about using Internet channel
      to their customers

     Conclusions deduced from incompetence of staff are:
           we do it (Internet banking) because all do it
           we do it but we don’t think it is important to us

     Education process can be done thru:
           courses after job
           by stimulating staff to use Internet Banking from home
            (participating in PC purchase, obtaining discounts from local ISP)


An Introduction to Internet Banking   SSGRR 2001                            71 of 110
                                 Permanent marketing

       We have a good solution for Internet banking
        but number of online users is very low after initial setup
        what’s wrong?

       The answer is: we need permanent marketing campaign!

       Customers who were not ready for new service
        at the moment of the initial introduction
        will be ready after few months

       Marketing cycles – to involve customers that became ready
        in the meanwhile

       Key of success – enthusiasm, especially among management


An Introduction to Internet Banking   SSGRR 2001                     72 of 110
                                  How to do marketing


     Spreading enthusiasm among staff

     Utilizing common media for advertising (professional agencies)

     Organizing education about Internet technologies
      and new banking services among customers

     Agreements with local ISPs and resellers of PC equipment




An Introduction to Internet Banking   SSGRR 2001            73 of 110
                               Education of customers




        Studies show that 7% of bank users are technically advanced
         while 25% is open to new banking services
         but they lack technical experience


An Introduction to Internet Banking   SSGRR 2001                  74 of 110
                               Education of customers

        In order to attract more online customers, bank should:

                organize courses for using PCs and Internet

                provide PC installations inside bank halls and rooms,
                 accessible to customers

                make agreements with local ISP to give discounts for
                 online bank customers

                organize periodical meetings where online customers
                 can exchange information about Internet banking services
                 and E-Business in general


An Introduction to Internet Banking   SSGRR 2001                         75 of 110
             Monitoring activity on Internet channel


   In order to react fast we should gather information about channel use

   Different statistics should be made:

         number of visitors
         number of transactions
         which services are most/least used
         average time spend at Web site by common user

   Feedback support
    (customer forms, e-mail for additional questions/services)


An Introduction to Internet Banking   SSGRR 2001                 76 of 110
             Obtaining information about competition and
                    potential customers (investors)


    To be successful in every business (banking services)
     you constantly need information about:

          competition
           (what they offer, what are the complaints of their customers)

          potential customers

    Among other ways to find information
     it is useful to monitor the Web and Web activity using search engines



An Introduction to Internet Banking   SSGRR 2001                    77 of 110
Internet Bank Demo


  Small community bank
                                  Internet Bank Demo



       Small community bank primer

            The Bank of Northern Michigan (BNM)




An Introduction to Internet Banking   SSGRR 2001       79 of 110
                                              BNM Profile

       Community bank from Petoskey, Michigan, USA
       Independent, full service financial institution
       More then 140 years of experience
       Strong customer-bank relationship
       Commitment to new banking technologies
       A FDIC member
       Contact addresses :
          Web       www.bankofnorthernmichigan.com
          Email      talktous@bankofnorthernmichigan.com




An Introduction to Internet Banking   SSGRR 2001            80 of 110
                                      BNM web presence




       BNM web site is created and maintained by ASP
              ASP is Diamond Bullet Design

An Introduction to Internet Banking   SSGRR 2001         81 of 110
                       BNM online banking services




An Introduction to Internet Banking   SSGRR 2001   82 of 110
                                      Login to online bank




An Introduction to Internet Banking   SSGRR 2001             83 of 110
                Who is the real online bank provider?




    BNM uses Equifax as an ASP for online bank services
          www.efxibank.com/clkpcb/072414006/default1.asp



An Introduction to Internet Banking   SSGRR 2001            84 of 110
                                      Security is essential




   Customer session is established thru 128-bit SSL connection
          SSL between client browser and online bank ASP (Equifax)



An Introduction to Internet Banking   SSGRR 2001                  85 of 110
                                      Security is essential




   Customer session is timed out after 10 minutes of inactivity

   Browser cache is disabled when working thru security connection


An Introduction to Internet Banking   SSGRR 2001              86 of 110
                                               Services …




An Introduction to Internet Banking   SSGRR 2001            87 of 110
                                               Services …




An Introduction to Internet Banking   SSGRR 2001            88 of 110
                     Pay Bill option thru CheckFree




        Customers pay their bills thru CheckFree
              Online bank software redirects us automatically to
               www.checkfree.com
An Introduction to Internet Banking   SSGRR 2001                    89 of 110
                     Front end system architecture




An Introduction to Internet Banking   SSGRR 2001   90 of 110
                              Out-of-house architecture
                                                   (BNM)




           Web server            CustomerLink              Data transfer     Core server
                                    server                    server

                                  Router


     Firewall

                                                                           BNM
                                                           Equifax




An Introduction to Internet Banking   SSGRR 2001                                   91 of 110
                                Distribution of services


       Web design                                 Diamond Bullet Design

       Web hosting                                Local ISP

       Web administration                         Diamond Bullet Design

       Core online bank services                  Equifax

       Paying bills and e-bills                   CheckFree


An Introduction to Internet Banking   SSGRR 2001                           92 of 110
    Searching for financial
   information on the Web
A necessary step to be successful in banking
                  business
                                      Searching the Web


     Importance of web search (WS) in banking business

     Searching services on the Web

     General search engines – how do they work?

     Searching financial data by using focused crawlers

     Useful links to visit




An Introduction to Internet Banking   SSGRR 2001           94 of 110
                          Financial data on the Internet

     Huge amount of financial data publicly available on the Internet

     Among 660 largest companies from 22 countries (30 from each)
      62% had some form of financial data on their Web sites
      (IASC Report for 1999)

     The role of outsiders:

                       DigiTRADE

                       EDGAR
                       Wall Street City.Com

                       Yahoo! Finance


An Introduction to Internet Banking   SSGRR 2001                   95 of 110
             Nature of the financial data on the Web


       Among others, we can find information about:

                Quarterly and annual financial reports
                Financial history
                SEC filings
                  Stock quotes
                  Press releases
                  Information request forms
                  Other shareholder information



An Introduction to Internet Banking   SSGRR 2001          96 of 110
               Importance of WS in banking business

       Internet Banking market is very dynamic




An Introduction to Internet Banking   SSGRR 2001   97 of 110
               Importance of WS in banking business


       To be successful in business we need information about:

                          Potential customers

                          Potential competitors


       A vast amount of information can be acquired
        using search engines and monitoring interesting web sites




An Introduction to Internet Banking   SSGRR 2001             98 of 110
                         Searching services on the Web

           We can generally search the Web
            using three types of searching services:


            subject directories

            search engines that use
             crawlers for collecting
             data

            meta-crawlers




An Introduction to Internet Banking   SSGRR 2001         99 of 110
                                      Subject directories

       Links to web sites are collected
        according to topics they treat

       Links are collected by humans who evaluate them

       Useful when searching about some topic in general


       Not effective when trying to find something specific


      Examples: Yahoo!, World Wide Web Virtual Library …



An Introduction to Internet Banking   SSGRR 2001               100 of 110
                                          Search engines

        They try to collect as many as possible pages from the Web
         and store them locally for later keyword search

        Pages are collected by using crawlers (sw components)

        Good for search on specific query

        Result pages are sorted by relevancy

        Results can be out of date (currency problem)

       Examples: Google, Fast, AltaVista, Inktomi…


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                 Search engines – how do they work?
                                                             Html page
      Search                     Crawler
      Engine


                                             Parser
                                                                       Link
                              Indexer
    URL queue

                                                       List of pages
                                            Searcher


                Word Index                             Query
                + URLs
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                                             Meta-crawlers



        They utilize other search engines concurrently
         by sending user’s query to them

       Good for queries about exotic topics

      Queries are simple because of different formats
    ;;;among search engines

       Examples: MetaCrawler, Dogpile, …




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                    Search engines – comparisons




     Estimated size of the Web as of 2000 – 7.4 billion documents
      (source OCLC)

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             Searching financial data by using focused
                             crawling

        Focused crawlers visit only topic-specific pages

                                                     I’ll go only this way
          Banking Crawler



        Focused crawlers versus classic crawlers (solve currency problem)

        standard                                   focused




An Introduction to Internet Banking   SSGRR 2001                             105 of 110
                                        Useful links to visit

     www.searchenginewatch.com , search engine comparisons

     www7.scu.edu.au/programme/fullpapers/1921/com1921.htm
      the anatomy of the Google search engine

     http://www.streeteye.com/cgi-bin/allseeingeye.cgi ,
      financial data meta-crawler
     www.moneysearch.com , finance specific directory search

     www.dailystocks.com , excellent financial portal for investors

     www.companysleuth.com , excellent financial portal for
      investors


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Conclusions
                                              Final words…

        Every bank should implement its Internet channel
         (reduced cost of transaction, global connectivity )




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                                              Final words…

     Small and mid-size banks could benefit using ASPs
   ;;;for different kind of services


     Choosing the right ASP
   ;;;is the most important step!




An Introduction to Internet Banking   SSGRR 2001             109 of 110
                                               Final picture

             About some Internet myths
             (from “European ECM momentum”, Maria Luisa Rodriguez, San Jose State University)




An Introduction to Internet Banking   SSGRR 2001                                        110 of 110
  An Introduction
         to
 Internet Banking

Milos Kovacevic, milos@grf.bg.ac.yu
  Nikola Klem, klem@grf.bg.ac.yu
Veljko Milutinovic, vm@etf.bg.ac.yu
 University of Belgrade, Yugoslavia
                    Evaluating important pages (links)

   Important metrics for evaluating pages(links) in searching process are:

                 Back link count
                          IB(P)= number of links that point to P

                 Page Rank



                         Ti – pages that point to P, Ci – num. of outgoing links
                         from Ti , d – dumping factor

                 Location metric
                          IL(P)= F(u), u is link to P

An Introduction to Internet Banking   SSGRR 2001                           112 of 110
                    Evaluating important pages (links)

    Important metrics for evaluating pages(links) in searching process are:

           Forward link count
               IF(P)= number of links that go from P

           Similarity to a driving query Q
               IS(P,Q)= <w1,…,wn >P o <w1,…,wn >Q

                wi=0 for ith word from the lexicon not in document, else
                wi=f * idf, f – frequency of the ith word in the document
                                  idf – inverse document frequency of the ith word


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