Wells Fargo add small business features, as they and Bank of Americal go head to head for best of breed online banking.
Wells Fargo & Company (NYSE:WFC) today announced new direct deposit functions for its Business Online(R) Banking services to help small businesses simplify and speed up their management of cash flow.
Continue reading “Wells Fargo add business features for online banking”
Bank of America add powerful new features for small business online banking. Bank of America Introduces New Time-Saving, Online Financial Management Tools for Small Business Customers: Financial News – Yahoo! Finance – Account Management: Grant varying degrees of online account access to other users to view accounts or transact business. View accounts for multiple related business entities. Sign-on to a single page for personal and business accounts – including accounts from other financial institutions. Integrate with QuickBooks and Quicken. – Accounts Receivable: Generate electronic and/or paper invoices with easy-to-use templates. Manage outstanding invoices with automatic e-mail payment reminders and past … Continue reading Bank of America add small business online banking features
Bank of America were the first large scale roll out for the PassMark solution (branded Sitekey by BofA). The solution identifies the bank to the customer, and identifies the customer to the bank. TowerGroup: Case Study on Use of Strong Online Authentication to Beat Fraud Beyond just the online channel, TowerGroup believes that Bank of America has taken an important macro step in the fight against fraud by developing an enterprise detection system to monitor potentially fraudulent transactions across all delivery channels. Since fraud isn’t limited to the online channel, this cohesive view of customer transactions will become increasingly important … Continue reading TowerGroup: Case Study on Use of Strong Online Authentication to Beat Fraud
In typical style, Art tells it like it is here. I have to agree with him … just last week, we had a vendor in talking about two factor authentication, and they have a great product which might actually complement our security strategy, but getting past the hype of their “front man” made it hard to sort out useful from hype. Its particularly important for Banks, because banks are large, with multiple groups who all hear things differently. This accounts for the many unsatisfactory implementations, that fail to meet original expectation (read hype). Its particularly evident with American companies. Bank … Continue reading Advice to IT companies – dump the marketing department
Some key points extracted from the press release from these studies:
More on the BofA credit card story – it could be a branded card, directly in competition with Visa and Mastercard.
This is a great example of considering a strategy to differentiate banking. The savings of $75 million annually are probably small relative to the market share opportunities. Marketing costs on the other hand would probably eat up all those savings.
Bank Of America Considering Its Own Credit Card Brand
The Charlotte Business Journal reported on April 14th that Bank of America was considering its own electronic payment processing network, in order to compete with card issuers Visa and MasterCard, thereby eliminating the fees it now pays them to process charges made with Bank of America-issued cards.
Continue reading “Bank Of America Considering Its Own Credit Card Brand”
BofA provided this list of features added during the last year.
Some statistics on the domination of US online banking by Bank of America. Charlotte Observer | 04/12/2006 | BofA’s orbit larger with Web users Almost 40 million people logged on to a banking Web site in the fourth quarter of 2005, according to comScore, based outside Washington, D.C. That was a 27 percent increase over the fourth quarter of 2004. BofA Wells Wachovia CitiUS deposits 10% 5% +/-US online bankers 38% 21%Incr Q405 … Continue reading Statistics – US Online banking
BofA clock up some big numbers. As fractured as the US market is, BofA accounts for a large proportion of it now. They also have nearly 2/3 of the online bill pay market too. Finextra: Bank of America clocks up 15 million e-banking customers Bank of America says it now has around 15 million Web banking customers, which amounts to more than a third of the entire online banking market in the US. But what I found most interesting is their success at online sales, and account opening. This provides them leverage to further outpace the competition. Sales of products … Continue reading Bank of America product sales via the bank’s Web site totalled 3.8 million in 2005
Following on the comScore survey yesterday, here is another from Digital Insight with details on bill payment customers and their value as customers.
Balances maintained are 2 – 3 times more than non-online bill payment customers.
Details below: Continue reading “Value of online bill payment customers US”
Bankwatch 