CI&S was created in August of 1995 as part of government efforts to more effectively manage its debt by maintaining and expanding the investor base among the widest possible range of individual Canadians.
The Department of Finance, Bank of Canada and Ottawa-based ARRAY Development assisted in structuring the Web-based services and associated business processes. Consumer reaction has been very positive.
The project was supported by the Bank of Canada with Web and business-process-design expertise provided by ARRAY Development of Ottawa. Graphics were developed by the Department of Finance.
One goal of CI&S was to have an online presence to complement traditional print and media advertising campaigns. The site (http://www.cis-pec.gc.ca/) was designed to facilitate rapid updating of both French and English data files. The design builds in co-ordination with the Department of Finance and other government information providers to avoid duplication of effort and reduce the chance of conflicting or obsolete information inadvertently appearing online.
The other major goal was to develop and demonstrate transactional tools that will allow Canadians to use the Internet to purchase CSBs directly from Canada Investment and Savings. A couple of dozen Canadians used these forms to purchase their 1996 bonds. Puchasers were asked to print out the completed forms and mail or deliver them to CI&S. As electronic payment processes are developed and become more widespread, CI&S hopes to process these requests electronically.
The site offers a convenient online bond-value calculator to allow consumers to easily determine the value of bonds -- of any series in circulation -- on any selected date. Another online tool was developed to allow bond owners to maintain electronic records of their bond holdings.
The site also provides a graphic treat to visitors. An image gallery allows Web surfers to look at the posters that were used to market Victory Bonds and Canada Savings Bonds over the past 50 years.
These reactions suggest that it would be worthwhile to more actively promote awareness of the Web site in announcements and traditional advertising materials. The Web site is a very effective complement to print and broadcast media. It allows both consumers and financial advisers to instantly receive updated information when changes are announced to interest rates or other bond conditions during the sales period. It also reassures financial advisors and sales personnel that their information is correct and up-to-date.
Rob Redmond, a Certified Management Consultant with Fraser and Associates in Ottawa, talked about the site on a local CBC Radio program.
He said "...I was very impressed with the information that was there. It was well laid out, it was user friendly and I found it very, very complete. . . It was very, very easy to read."
The information is also available anywhere, any time, which is particularly useful for individuals deciding how to invest their retirement savings plan contributions, for example.
The Web site also makes information about Canada Savings Bonds easily accessible to interested persons outside the country. These may be Canadians working overseas, academic researchers or financial industry analysts. The site received hits from Australia, Bermuda, Switzerland, France, Iceland, Japan, New Zealand, Singapore, Slovenia, UK and the US.
Edward Fine
Deputy Chief
Government Security Services
Bank of Canada
edfine@bank-banque-canada.ca
Michael McDougall
Senior Business Consultant
Government Security Services
Bank of Canada
mmcdougall@bank-banque-canada.ca