This is a great post from Doug at FORUM. The reality is that it is really hard to automate account opening. I have been there, and the first steps involving a web front end, and manual back end, will in fact drive cost. Online Account Opening – Is it possible to make your Web site work harder? B – Boeing Employees Credit Union and Fairfax County Credit Union shared their experiences in this area. I was impressed with their honesty in what was and wasn’t working. It was a bit of a commercial for UMonitor and Andera – both solid … Continue reading Online account opening is difficult to automate

Jean at Javelin makes a classic point here. Information is free flowing online, and free. What makes Banks think they can talk about their own services, costs, products, and channels in isolation? I came across an article today on Yahoo!Finance providing advice to consumers as to how to reduce fees from their banks. The information is basic, but relevant as consumers are definitely preoccupied about fees. Web sites are information vehicles, not bank branches. Technorati tags: Online Banking Continue reading “Don’t Let Someone Else Take the Chance to Educate Your Customers”

This is a great post from Cam and FORUM, describing the conundrum they encountered when designing a customer centric system, and coming to the realisation that it doesn’t fit with product centric systems that were each designed to be customer centric in and of themselves. Consider, a customer address in the DDA system, and a customer address in the loan system; which one wins? Which address goes into the CRM system? The core processing system was account based and the CRM was person based. Oh boy! We were trying fit a square peg in a round hole. Source: FORUM I … Continue reading Customer centric technology problems in Banks and Credit Unions

This industry paper contained in Suntec’s press release, is interesting because it highlights the reality that core banking systems are not designed for today’s banking realities. The paper posits that a core banking solution per se cannot cater to all the fee-based income needs of a bank, due to the complex siloed nature of most mature banking enterprises. In consequence, a pricing and billing solution that helps to manage the fee income by providing a single customer view of all charges across the bank’s product silos, becomes inevitable for the functioning of a bank. Source: Finextra Technorati tags: Banking Strategy Continue reading SunTec Business Solutions explores the value of core banking versus pricing and billing systems in the modern bank

Web presence reflects a significant opportunity to improve loyalty. That’s what I infer from this detailed survey of several industries call centres. Forty-two percent of banking customers who call the customer service center try to solve their issue via another channel first, the vast majority (90%) of them going to the website before calling. Source: CFI Group Banking call centres fair much better than most, ranking right behind retail catalogue centres, and much better than cell phone companies. • Catalog Call Centers: 80 • Banking Call Centers: 77 • Cell Phone Service Call Centers: 69 • Cable and Satellite Television … Continue reading Web presence reflects a significant opportunity to improve loyalty

Thanks to Donald for this data from Holland (file is Dutch) indicating majority of Dutch customers do not use branches using internet (& telephone) exclusively. Recent research by CapGemini in the Netherlands outlines that 54 % of the customers do not visit their bank branch any more and exclusively use internet and telephone to stay in touch and execute transactions. See: http://www.nl.capgemini.com/m/nl/n/pdf_Onderscheidend_vermogen_voor_banken_noodzakelijk_voor_binden_van_klanten.pdf Source; commentscomments Technorati tags: Online Banking Continue reading Holland | 54 % of the customers do not visit their bank branch

When the local government set up Dubai Internet City (DIC) it was a signal that they intended to become a force to be reckoned with, and I have been watching for banking news there. This co-operative arrangement with Emirates Bank, is designed to provide high speed payment for small ticket transactions, attached to an otherwise, Credit Card. Emirates Bank, celebrating its 30 years of achievements in the UAE Banking sector, has partnered with Dubai Internet City (DIC) the largest managed information and communications technology (ICT) cluster in the world to launch the first co-branded contact-less payment card in the region. … Continue reading Dubai Internet City co-operates on first contactless payment card in the region

With that statement, Tom Bawden strikes at the core of the online advertising model. The data suggests that Google may be less powerful than people thought, at a time when the search engine is seeking to widen its empire – and drawing fresh criticism almost every day as a result of its perceived growing dominance. Source: The Times The storm in a teacup episode arose, when Google planned a party in Boston to co-incide with an Ebay event, and the result was that eBay pulled all advertising in Google. Teacup storms aside, the bigger question that immediately struck me was … Continue reading “The data suggests that Google may be less powerful than people thought”

While Jim has his tongue firmly in cheek with this comment, its not so far off. If your strategy is to be everywhere for everyone, then consider the new Safari strategy. So go ahead and start building your Safari-optimized 336 x 168 by webpage. Make sure you drop a few nifty icons on the page so Mac users feel at home (see inset). Extra credit if you launch the page on 5:59 PM EDT June 29, 1 minute before the iPhone goes on sale on the East Coast. Source: Netbanker I have been absorbed by Marc Andreessens recent blogging, and … Continue reading Online Banking: an application or a platform capability?

Ron is dead on here. First comes business strategy, then comes channel strategy. He quotes the perfect opposites in that regard, Edward Jones, and ING. … … it’s because many banks don’t have a coherent business strategy. Not because they don’t have a channel strategy. Source: MarketingROI Banks are all chasing online banking superiority, in a no-win arms race situation. No one will ever win an arms race. In fact everyone participating will actually lose. When I wrote the other day about ‘niching’ [pardon the new verb] I didn’t explain arms race in a banking context. The arms race was … Continue reading First get the strategy figured out …..