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Guernsey: Banker And Client In Close Touch With BankWorld

Robert Lee, Tax-news.com, London

10 August 2000

Guernsey investors will benefit from the impending introduction of a new banking system which will allow bankers and clients to keep in close touch via the Internet. BankWorld, which is being introduced into Guernsey by Dublin-based company CR2 in conjunction with local IT provider Itex, is designed to preserve the face-to-face relationship between client and banker, but via the Internet.

In Guernsey to unveil BankWorld, Barry MacNamara, CR2's regional sales manager, said: 'We are determined to show that the Internet is not a faceless medium.With BankWorld the private banker is able to keep in close touch with his client. With modern technology there is the danger that the all-important face-to-face relationship which lies at the heart of successful private banking can be put at risk. BankWorld is designed to prevent that happening.'

Explaining how BankWorld works, Mr MacNamara said: We cannot dictate what method of communication a client will use. There are many delivery channels and we have to be able to make as many available as possible. For example, at our seminar we were able to make a live WAP (wireless application protocol) transaction using a mobile phone. But we are not just looking at WAP. There is also digital television and a wide range of developing systems. What BankWorld is, is a means of delivering mobile commerce.'

Mr MacNamara said that the association with local company Itex had been vital in launching BankWorld, which has already been adopted in Guernsey by NM Rothschild and Sons, in the Channel Islands. He stated: 'What we have to be able to do is provide the ability to manage funds anytime, anyplace, anywhere. We needed a strategic partner who was very well-known and respected in the islands. We found that in Itex which is well-placed with the islands’ financial institutions.'

Mr MacNamara concluded: 'Itex provides ancillary services, hardware development and web-posting. We are developing a very close strategic partnership which is working well across the islands. We believe that what we are offering with BankWorld is not just a product for today.
Who knows what developments are coming? BankWorld is designed to cope with new developments and that is why we see it as a product for tomorrow.'

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