The research undertaking was undertaken to detect security menaces and exposures experienced in First National Bank Botswana organisation and how they mitigate them, this was carried out with the purpose of doing better and appropriate recommendations to battle them in the hereafter and beef up their information system and introduce some of their services for better competitory advantage and client satisfaction.
FIRST NATIONAL BANK BOTSWANA BACKGROUND
First National Bank Botswana was registered in 1991, as a entirely owned subordinate of First National Bank Holdings ( Botswana ) . Assorted acquisitions led to the bank going a listed entity on the Botswana Stock Exchange in 1993. Today, they have shifted from being a bank with a preponderantly retail focal point to one that besides successfully services the commercial and corporate market.
Today merchandises and services of First National Bank Botswana cover the demands of everyone, from big corporate companies to little concerns and the person. As at January 2008, we operate with a web of 17 subdivisions and a sum of 89 ATMs around the state. A strong client focused civilization ensures that our merchandises are right packaged and accessible to all. hypertext transfer protocol: //www.fnbbotswana.co.bw/aboutus/index.html accessed on the 30 March 2010.
To be recognised by all as the most good respected and most profitable taking fiscal services establishment of first pick, constructing digesting and honoring relationships with all our clients and amongst all stakeholders through the proviso of exceeding client service good skilled professionalism, dependable and efficient advanced merchandises and solutions by our high achieving, motivated, proud and committed squad, enabling us to acquire and maintain clients.
We collaborate, support and empower each other through the consistent application of our aligned schemes and shared values, presenting maximal value to our clients and sharing the client so as to add farther value to them. Through this, we get and keep clients.
Current MARKET SITUATION ANALYSIS
Presently the universe was traveling through recession each and every organisation across the Earth felt the impact of the economic meltdown. Despite planetary recession and tough competition from rivals like Barclays bank, Standard chartered, Stabic bank and Bank Gaborone etc, First National Bank Botswana proved to be the most advanced bank in Botswana and it made net income unlike Barclays bank gross revenues which had gone down, this shows that FNBB had addition in gross revenues and market portion.
Harmonizing to Imara study, September 2009, FNBB had a growing in turnover ; the bank posted a strong set of consequences despite operating in a challenging concern environment. Net involvement income grew by 30.6 % to P522.90 million ( FY08: P400.25 million ) chiefly driven by a 17.0 % addition in loans and progresss. Net income before revenue enhancement and net income after revenue enhancement increased by 19.5 % to P536.90 million and 8.7 % to P406.72 million severally.
SIGNIFICANT MARKET SHARE
Harmonizing to Analyst Setlhabi P, 2009 FNBB is one of the taking Bankss in Botswana with the largest market portion in footings of sedimentations ( 29.7 % ) and 2nd largest in footings of loans and progresss ( 27.3 % ) after Barclays Bank Botswana.
The pie chart above shows that FNBB has more market portion in Botswana compared to other Bankss in Botswana.
In footings of engineering promotion and Information system FNBB is the most advanced bank, it was the first bank to supply cyberspace and cell phone banking in Botswana to clients and it is presently the merely listed bank supplying cell phone banking services.
In a command to make the unbanked market, First National Bank of Botswana has launched its new cell phone banking service, enabling banking activities such as balance questions, statement petitions and the ability to do payments to 3rd parties.
Due to advancement in engineering and Information system its market portion has grown enormously.
FNBB SWOT ANALYSIS
Below is a table demoing the swot analysis of the First National Bank Botswana, from the tabular array it shows that the bank has more strength, good chances than failing and menaces which is truly good.
The old system was manual based before presenting this advanced system, though they had computing machines nil was automated clients had to travel to the physical bank to lodge money, pay the measures and some of the of import information was recorded on documents which can acquire lost or stolen easy.
The system was dearly-won to the bank because they had to utilize a batch of stuffs e.g. documents to enter information and print the bank statement for clients and you would happen that there will be long waiting lines at the bank during the hebdomad. Customers could non woolgather purchasing points on-line, they manual system was clip consuming and someway hindered the growing of the FNBB market portion. Customers who wanted to open histories with the bank had to make full the application signifier, submit and delay for seven on the job yearss for their application to be processed and history to be opened. There was nil like reassigning the fund to 3rd party history or interbank transfer the client had to make it manual at the bank Teller or teller counter.
CURRENT SYSTEM ( S )
The bank has several current information systems in topographic point which has enhanced its public presentation and productiveness ensuing in client satisfaction and convenience hence client trueness to FNBB. Harmonizing to Mr. Edwin M FNBB have the undermentioned information systems in usage.
Customers can entree the bank history anyplace, anytime as long they have internet entree where there are, and they can make any dealing ; paying measures, purchase on-line, position balance, bank statement and reassign financess to third party.
Cell Phone Banking
Now with cell phone banking in topographic point client do non necessitate to be behind a computing machine making dealing, they can entree their funds/ bank history by utilizing their Mobile phones which is more convenient, fast and user friendly. Its new cell phone banking service, enabling banking activities such as balance questions, statement petitions and the ability to do payments to 3rd parties.
The service is accessible through any French telephone in Botswana and uses SMS or a menu-based engineering for clients to finish their banking minutess, increasing mass market range and adding functionality to First National Bank of Botswana ‘s ( FNBB ) offerings.
“ The new FNB Cell phone banking offering is a natural extension from the pioneering beginnings of the in Contact service, ” said Yolisa Lejowa, FNBB caput of electronic banking. “ Initially the service will merely be available on the Mascom web but we envisage triping FNB Cell phone banking on the Orange web every bit good, shortly. ”
By presenting these systems the bank has saved a batch of money which would be used for letter paper in the manual system and the bank saw a great positive impact on their day-to-day activities, long waiting lines is the thing of the yesteryear, productiveness, efficiency and market portion has increased. New clients can even use for bank histories online without traveling to the bank every bit long as they provide valid inside informations ; everything will be processed within a short period of clip. Now clients have the bank “ practical bank ” with them wherever they go.
Some of the Information systems are ;
- Transaction Processing system
- Human resource Management system
- Executive direction system
INFORMATION RESOURCE AND CONTROL
Harmonizing www.datamonitor.com caput of electronic banking ( main information officer ) at FNBB has a critical function and responsible for the full security of the organisation, program and implement engineering promotion and inventions to guarantee that FNBB stays atop of the market in the banking industry in Botswana. The Electronic bank caput critical evaluate the security system ‘s ability to protect bank and client informations.
Harmonizing to Eddie M in interviews response stated that main information officer overlook the full organisation information system, to guarantee that all resources are utilized within the budget and enforce higher security in the system to guarantee concern continuity. This is achieved by specifying, updating, implementing IT scheme and aline IT objectives and plans to enterprise aims and schemes. By using the above critical functions result in informations privateness and confidentially, informations unity, hallmark, non-repudiation. The caput of electronic banking of FNBB set security privileges in the organisation to guarantee that certain countries and information is merely accessed by authorised forces or user.
He carries out and enforces comprehensive security policy in the organisation. Harmonizing to www.fdic.gov/news/news/financial/1999/FIL9968b.doc A comprehensive information security policy should sketch a proactive and on-going plan incorporating three constituents ;
E-banking services must be delivered on a consistent and timely footing in conformity with high client outlooks for a changeless and rapid handiness and possible high dealing demand. The bank must be able to present online banking services to all end-users and be able to keep such handiness in all fortunes.
System hazard is a possible job, state of affairs that if it materializes, may adversely impact the concern operation or system operation. hypertext transfer protocol: //www.pathways.cu.edu.eg/ . Harmonizing to Eddie M 26 March 2010 Interviews. “ The usage of information system which is on-line banking and cell phone banking has brought some hazards and menaces which are as follows ; information larceny, hacking of the system, System Failure due to hardware job or power failure even package suppression, backup gets corrupted sometimes ” .
The above tabular array summarizes the system risks that exist with the usage of information system ; some of the hazards are knowing were the user or unauthorised individual acquire to make some alteration in the system database/ some system constituents which will compromise handiness or unity of the information produced, processed. Some of the menaces are inadvertent where by the user discloses his/her online banking inside informations taking to account hacking and money larceny. Network malfunction/ break is one of the major menaces, sometimes web hardware constituents fails taking to interrupt of informations transportation between computing machines and waiters taking to online system been unable to work normal ( down ) .
Electricity blackout it ‘s a major concern in Botswana because it happens more frequently ensuing in online banking and cell phone banking being unaccessible during the period, as cell phone web goes down during electricity blackout and some electronics constituents tends to neglect every bit good taking to system failure as information systems are comprised of different electronics constituents. All the above mentioned system hazards and menaces are the chief faced by First National Bank Botswana.
SYSTEM RISK MITIGATION
To extenuate hazards and menaces board of managers and the caput of electronic banking must guarantee that appropriate security control processes are in topographic point for online banking. ( FNBB Report, 2009 ) . To cover with this hazards mandate privileges and hallmark steps, logical and physical entree control, equal substructure security to keep appropriate boundaries and limitation on both external user activities and informations unity of minutess, record and information should be implemented in the bank. hypertext transfer protocol: //www.bis.org/publ/bcbs98.htm.
CLOSED CIRCUIT TELEVISION ( CCTV )
CCTV is used to capture and supervise all client and employee activities inside and outside the bank edifice for security grounds. ” You ‘ll happen CCTVcameras brushing the margin and parking countries, anterooms, drive-up Windowss and ATMS. Almost everyone who has worked in the banking industry and many clients has used CCTV to forestall and/or identify illegal activity at banking installations. Video tapes and digital recordings capture the faces and activities of everyone utilizing bank belongingss ” . ( Pirraglia W ) .
The captured recordings are archived bydate, so anterior recordings can be located and used to work out jobs and assist grok culprits of illegal bank activity. Most of the Bankss around the universe have cctv installed in their edifices and around ATM terminuss, so FNBB usage CCTV for the same intent as explained above, all of their edifice are monitored by CCTV.