The central bank has announced plans to make online banking much more user-friendly for people who have accounts with different lenders. The current situation requires specific security tools for specific banks. But, as CCTV reporter explains, this will soon be a thing of the past.

Security devices for online banking are currently designed so that a device can only be used at the bank at which the device was issued. For example, a device used to access an on-line banking account at ICBC cannot be used at China Construction Bank. The problem arises when users have on-line banking accounts at several banks, and they then have to hold on to different security devices like U-disks and USB flash drives.

Online Banking User said "I have several ways to pay on line including USB flash drives or U disks. But, I think it is very troublesome, especially when I can't remember all the passwords. So I hope that I can use one device to serve all the different functions. Each banks has its own security tool. It bothers me a lot when I travel on business and have to carry U disks or USB flash drives. It's even worst when I lose them."

Officials from the central bank say they plan to set up an on-line platform connecting different banks.

Li Xiaofeng, Deputy Director of Science & Technology Department, PBOC said "This project is soon to be approved and will go into development next year. This will allow us to conduct on-line banking business, as well as link up with the payment system of the central bank. It will also be designed to accept payment from third party organizations such as Taobao and Alipay.com. It can also connect with big markets such as the steel and grain markets."

Li says the central bank is accelerating the pace of development. And when preparations are complete, on-line banking users can look forward to much greater convenience with a single platform.

Related

• ICBC online banking transactions hit 2.7 trillion yuan
• Security Concerns Abound About Online Banking

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