Cahoot Bank (Cahoots)
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Cahoot Bank (Cahoots) is an online bank owned by Abbey National with its own line of products. Like all other online banks, Cahoots, too, has upscale innovative products and technological deployments. The highlight of their portfolio is their complete uniqueness in technological deployment such as access to Cahoots account through ‘Digital TV’ besides WAP and internet. Launched in 2000 as the internet division of Abbey, the bank garnered 650,000 customers by the end of 2004 and is located in Coventry, England.[br]
Cahoot Bank (Cahoots): Recognitions
With similar quality of service that consumers would expect from a high street bank, Cahoots earned the brownie points due to its 24×7 access and exceptional customer service. It initially faced a lot of challenges ranging from fraud to downtime that deterred the consumers from staying with the bank or migrating to it. With time, the bank managed to improve its image and struck home with its two credit card products and authorized overdraft accounts. All three products went down well with the consumers and received the ‘Which? Award’-2008.
Cahoot Bank (Cahoots): Innovation
Heeding what had happened to the bank’s website in the initial stages — frequent break downs and security lapses — the bank came up with a fool-proof online transaction process that generated a new ‘one-time-use’ card number for each transaction. They called this mechanism as the ‘Controlled Payment Number.’ Controlled Payment Numbers helped in combating fraud and successfully fixed their online security issues. Controlled Payment Numbers issued for their Webcards, were discontinued in October 2009 due to improved internet payment and transaction security systems such as 128 bit SSL encryption standard.[br]
With lesser overheads, the company offers higher interest on savings, interest-free overdraft, easy access for account management, free protection for purchases on featured items on the card. Being a virtual bank, there are no time limitations and consumers can access their account through 700,000 Visa card machines spread all over the world.
In 2006, Cahoot bank (Cahoots) stopped issuing any new credit cards, mortgages, personal loans and as of October, 2009, they offer only current accounts and saving accounts.
