Boston, MA, September 6, 2006 – In a new report, Online Banking: Moving Toward a New Paradigm, Aite Group surveys 21 of the top 50 U.S.
banks (measured by number of checking accounts) to assess the business and technology strategies used by the major banks. The 49-page report contains 47 charts and tables that provide a
comprehensive overview of each of the banks goals and performance with the channel, and the directions in which their underlying technology infrastructure and vendor management is headed.
Furthermore, the report details the banks' interest in eight value-added products and services including expedited bill payment, account-to-account transfers, fraud management services, online
personal finance management tools (PFM-Lite), card-based bill payments, online bill presentment, account aggregation, and online marketing campaign outsourcing.
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Among its key findings, the report notes that while banks are making online customer
acquisitions a priority, there are significant differences in the number of new, online accounts banks are opening.
The top performer, among the banks surveyed, is sourcing about 20% of its new checking accounts online, the next
highest performer is sourcing 13%, and the lowest performer is sourcing 0.03%.
"As competition for online customers grows among banks, there are a number of elements in which financial
institutions, including some of the most sophisticated players, will need to further invest," said
Gwenn Bézard, a Research
Director with Aite Group and the author of the report. "Beyond mastering the account opening process, banks will need to become
considerably more effective with online marketing. By leveraging online customer data, conducting targeted online and multi-channel
marketing campaigns, banks will be well positioned to leap frog the competition."
The vendors mentioned in the report include: Andera, BankDetect, Cashedge, CheckFree, Corillian/Intelidata, Digital
Insight, eFunds, Equifax, Experian, Financial Fusion, Intuit, Lexis-Nexis, MasterCard RPPS, Metavante, Microsoft, MoneyGram, Online
Resources/Princeton eCom, Verid, Visa ePay, Western Union, Xoom, and Yodlee.
This 49-page Impact Report contains 39 figures and 3 tables. Clients of Aite Group's Retail Banking Service
can download the report by clicking on the icon to the right
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