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Project Chase Manhattan

How T-NetSix Enon Corporation created new innovative mobile

banking solution for Chase Manhattan bank

T-NetSix Enon Corporation

• Company background:

– T-NetSix Enon is a IT services providing corporation specialized in consulting, implementing, integrating and maintaining mission-critical Internet-based applications. – 11000 employees in 15 countries including

China and Japan

– Our banking sector has 2000 employees

– Close relations with Nokia, Sonera and NTT DoCoMo

T-NetSix Enon Corporation

Source: http://www1.tieto.com/finanssi/eng/palvelut.htm

T-NetSix Enon Business Plan

•Building customer satisfaction through Quality, Service, and Value

•Act as an integrator between companies and technologies providing superior innovations in practise

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T-NetSix Enon Business Plan

•E-Business solutions for all kinds of clients & platforms based on smart cards & strong security

•Java-based architectures and frameworks

T-NetSix Enon Business Plan

•Asian markets are opening

•Asian connection: opening offices in 3 other locations (current locations: HK, Singapore, Tokyo) by 2002

•Working with local partner companies •Joint-ventures

•BBB-program (Best Business Buddies) with local companies -> long relationships based on mutual trust

•“Approach the company, not the IT-department”

•Cooperating with other companies on standardization work

Chase Manhattan background

• Established in 1799

• Over US $366 billion is assets.

• Over 72,700 employees and offices in more than 50 countries.

• 13 locations in Asia Pacific with 3800 employees.

Chase Manhattan background

• Three major franchises

– Global Bank: for corporations, institutions, governments and wealthy individuals

– National Consumer Services: key businesses credit cards, regional consumer banking and other consumer services

– Global Services: key businesses custody, trust & agency services, treasury and cash mgmt, etc.

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Chase Manhattan background

• Competitive forces in banking industry

– New products or banking services – New technology

• Current market position

– one of the leading international banks in the world

– Hongkong is the gate of Asia – Core business is credit card

Chase Manhattan background

• Current key customer segments

– Sex: • Male 41%, • female 27%, • joint a/c 18%, • Co. a/c 14% – Age: • 24-35 14% • 35-44 36% • over 44 50% – Occupation: • white collar 15% • mgmt executive 36% • business owner 11% • retired 5%

Creating added value for Chase

Manhattan customers

• Deposit & Investment:

– Customer trend:

• search for added value, aging of population, customers demanding more, women’s changing role

– Target customer segments:

• Matured customers (age 45-64) emphasize security & wealth preservation

• Young customers: (age 30-45) demand high level of services, more information & control. Prefer convenient access, technology and one-step banking

Chase Manhattan strategic objectives

• Developing peripheral services to balance the business concentration risk

• virtual bank to upscale individual’s deposits, investment and insurance

• 24 hr banking • cyber-banking • mobile banking

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Reasons for Mobile banking

• Globally over one billion mobile phone users and 400 million wap-phones in the year 2004

• In Hong Kong population with mobile phone is ever increasing

• Mobile phone or PDA most important connection device to the Internet

Reasons for Mobile banking

• Chase Manhattan has only a few branches and its targets are not the retail customers

– mobile bank offers better service and performance to all

– corporate customers travels a lot and use mobile phones -> ideal solution for them

T-NetSix Enon proposal

• Analysis for providing mobile banking services

• Two possible alternatives for mobile banking based on analysis

– Mobile banking extension 1: SmartTrust-based – Mobile banking extension 2: SSL-based (Own

solution)

• Mobile banking extension: SmartTrust-based

– WAP or SMS-based UI on the GSM-phone – security based on the Sonera SmartTrust-concept

• Public Key Infrastructure (PKI) on the SIM card • Enables transaction confidentiality

• Encryption and signatures based on 1024-bit RSA

T-NetSix Enon proposal

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• Internet-based bank transaction solution for corporate customers

– Core built on BEA WebLogic Enterprise and Tuxedo

– Application itself is a pure-Java solution – client can be any Internet-capable device – highly scalable

– different security solutions for different layers: internet, intranet, extranet

Source: http://www.beasys.com/products/index.html

T-NetSix Enon proposal

Developing Mobile banking

• Project started february 1999 after SmartTrust was released to public

• First test version to selected customers on august 1999

• Public release november 1999 • Current services: accounts, stock

information etc.

• In future selling and buying stocks

Current situation

• Good receipt from major customers • Accurant number of users is classified • ”thousands and rising fast”

• User profile:

– young and well-educated

– executive managers who travels a lot

Current product concept

• SmartTrust-based mobile banking services • Integrates easily to legacy banking systems • Added value for basic banking businesses • Personalized services

• In future integration with GPS-systems is possible, so then mobile phone can for example guide you to the nearest bank.

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Future possibilities for investors

• Joint ventures founded by T-netsix Enon and major international banks, based on current product

• Joint ventures have strong players to back them up (T-netsix Enon & banks)

• Good relations with important companies in mobile computing

Future possibilities for investors

• New possibilities offered by EC under research and development

• The product is constantly under development for future needs

• Smaller risk; product concept already tested troughly with real users and environment

References

• History of Chase Manhattan Corporation (Pre-1996 Merger):

http://www.chase.com

• SmartTrust: http://www.smarttrust.com

• NTT DoCoMo: http://www.nttdocomo.com

• BEA WebLogic Enterprise: http://www.beasys.com, BEA WebLogic

Enterprise 4.1 Introduction, Document Edition 4.1, May 1999

• WAP: http://www.wapforum.org

• Janice J. Heiss: Banking on Java Technology - white paper,

http://java.sun.com

• 724Solutions: http://www.724solutions.com

• Sun and NTT DoCoMo Unveil Prototypes of Next-generation Java,

press release, http://java.sun.com

References

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