The Bankwatch

Tracking the consumer evolution of financial services

Archive for the ‘online+banking’ Category

While twentysomethings – entertainment .. social networking but thirtysomethings – manage finances online | Finextra

I am usually suspicious of surveys, but there appears to be a ring of reality to this one.  There is a link to the survey questions, which I found intriguing.

Youth and tech savvy not always related – Wells Fargo survey

Stephanie Smith, SVP, online sales and marketing, Wells Fargo, says: "There’s so much in the news about social networking but it’s interesting that just 10 percent of respondents said they make social networking a high priority, compared to 65% of those who make their finances a high priority."

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Written by Colin Henderson

January 24, 2010 at 23:35

Posted in online+banking, US

LIFT07 – Innovation

I’m surprised and happy to see so many bankers/ banking technology people here. Some snippets that I’ve picked up, all European, and that I’ll be speaking about in more detail;

– evault to store electronic docs in online banking
– consideration of Ruby on Rails for online banking
– a blog to follow an Antarctic expedition hosted by a Bank
– an information management system on rails, that’s designed as a multi user, tagging, personal home page environment. A cross between blogs, facebook, and google reader ; this rocks!
– general thread to implement social x on a bank site
– general openness to internet innovation

More to come.

Written by Colin Henderson

February 9, 2007 at 05:15

Intuit to acquire online banking specialist | CNET

 Intuit continue their foray into online banking, and in particular the focus on the under-served small business market, with this highly significant acquisition of Digital Insight.

Digital Insight specialise in provision of online banking for mid sized US banks.

Intuit announced on Thursday plans to acquire on-demand applications provider Digital Insight for $1.35 billion in cash, giving Intuit deeper inroads into the banking industry.

Intuit, a financial-management software maker that focuses on consumers and small businesses, will pay Digital Insight shareholders $39 per share for each common share they own. The deal is expected to close in the first quarter.

Source: Intuit to acquire online banking specialist | CNET


Written by Colin Henderson

November 30, 2006 at 11:36

Posted in online+banking

Ten Ways To Build A Better Financial Services Sales Site

Brad at Forrester talks about the customer buying process, and how Banks’ need to do a better job understanding that process, as it has changed with online.

Financial services Web sites fail to meet customer expectations when compared with the branch and phone channels. Why do sites fail? Most financial firms do not understand their customers’ needs, their expectations, or the basics of online selling.

To drive more online sales, financial services firms must first understand what drives consumers’ choice of product. Armed with this information, they should create sites that deliver compelling content, decision-support tools, and a superior buying process to help consumers make a product and channel choice that meets their goals.

Source:  Forrester Research

Integral to the dissatisfaction level is the failure to meet customer expectation.

It should only make sense that the online offerring should beat the others, yet the opposite is true.  Banks have yet to understand the medium, and develop online applications that satisfy customer expectations.  This is the next level.


Written by Colin Henderson

November 9, 2006 at 23:26

Elimination of paper statements

A trend in Canadian Banks has arisen over the last 18 months with the latest being CIBC this week. The basics are to provide at least 6 months, but usually 12+ months of account history within online banking. In return the customer can turn off paper statements being mailed out.

Advantages go to both customer and Bank. The Bank saves $2 ++ per statement per month, which adds up to 10’s of millions in potential savings.

The customer benefits from elimination of one more source of identity theft, and one less item to shred at home.

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Written by Colin Henderson

October 11, 2006 at 21:35

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