Ranking, US

Online Banking Customers’ Top Web Site Choices

Colin Henderson

More on the Keynote study ranking online banking for US banks.

destinationCRM.com: Online Banking Customers’ Top Web Site Choices

Wachovia topped the customer experience rankings; Chase, Citibank, Wells Fargo, Wachovia, and Bank of America all topped the Web excellence scorecard.

They conclude that speed, reliability and ease of navigation are important. Interestingly, Keynotes core competencies are in measuring those attributes. Obviously these attributes are an important measure, but not the only ones.

Banks whose Web sites are easy to navigate, provide quick and accurate responses, and have solid uptime and reliability are keeping and profiting from customers, according to Keynote System’s “Keynote Customer Experience and Service Level Rankings.”

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Canada

Three out of Five Internet Users Take Advantage of Online Financial Services (Canada)

Colin Henderson

AC Neilson survey nicely summarises the trends for financial services usage in Canada.  Neilson are never clear if its online banking only or includes "I looked at a Financial services site"

Use Of Online Financial Services By Internet Users

Total

Female

Male
2002

50%

45%

56%
2003

54%

52%

57%
2004

57%

55%

60%
2005

59%

57%

61%
Point change since 2002

+9

+12

+5

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US

Branches as a core strategy

Colin Henderson

Commerce Bancorp of Cherry Hill, N.J which bills itself as “America’s most convenient bank” is branch centric, with 7 day opening. Banks branching out in region Commerce, whose branches are open seven days a week with extended hours on weeknights, unveiled its first offices in the District and Northern Virginia last year. The company has 378 branches with assets of $40.7 billion as of March, a 28 percent increase from a year ago. Net income for its 2006 first quarter was $77.3 million, about the same as a year ago. They understand their strategy and are sticking to it.  Its … Continue reading Branches as a core strategy

Uncategorized

S/MIME as a counter to phishing

Colin Henderson

Phishing is a big problem for banks, and the value in email is hugely diminshed as a result.  This article makes the argument for banks and businesses to unilaterally start using S/MIME and customers would begin to see the signed email, and email operators would have to follow through with S/MIME support. I have no opinion yet on this, but in general it doesn’t sound like a bad idea.  Thoughts anyone? CSO | Signed and Sealed? Might Get Delivered! A good first step to attacking the phishing problem, then, is for businesses that send out large quantities of e-mail to … Continue reading S/MIME as a counter to phishing

Business Models, US

Checking study: Bank fees still rising

Colin Henderson

Bankrate announce their annual checking study. The results seem somewhat at odds with another study reported recently. This confirms to me that the first thing to look at with any study is the sponsor, and their motivation.

Checking study: Bank fees still rising (Page 1 of 3)

Banking fees, balance requirements for checking accounts and ATM costs continue to rise while interest earnings on checking accounts do not, according to a Bankrate.com survey.

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Business Models

More on Zopa – Person to person lending

Colin Henderson

Tony Hallet writes are silicon.com about setting up with Zopa. This is a useful case study to understand the mechanics of how this novel concept works. He is an Egg customer, and is very comfortable with the company and the model.

Will Zopa’s P2P loans mean the death of the bank manager? – Financial Services – Breaking Business and Technology News at silicon.com

Behind Zopa are some of the people who launched Egg, the internet bank. I have been a pretty happy Egg customer for a number of years and some of the trademark marketing attitude shines through at Zopa.

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US

Wells Fargo add business features for online banking

Colin Henderson

Wells Fargo add small business features, as they and Bank of Americal go head to head for best of breed online banking.

Wells Fargo's Business Online(R) Banking Services Boosts Productivity for Small Businesses; New, Patent-Pending Employer Direct Pay Expedites Payroll Deposits

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.

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US

Bank of America add small business online banking features

Colin Henderson

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

AI

Corillian personal money manager module – good example of next generation online banking

Colin Henderson

As Banks look to establish benefits from online banking beyond mere transaction migration, which is already well underway, this new offerring from Corillian is an example of the next level – information management, and problem resolution.

Much of the general inquiries at any bank are inquiries of the nature of transaction lookup, balance as of a certain date, has X been processed etc. One way to enable consumers for self service is provision of rich information, with value added analysis, of the nature that used to be offerred only to ‘platinum credit card” customers.

Finextra: Corillian introduces personal money manager module

Many financial institutions are still faced with legacy systems that are optimized to provide online banking users with only 30 to 90 days of host supplied transaction history. Today, online banking users expect and demand access to their online accounts, anytime, anywhere and are now less tolerant than ever of down time.Further, consumers are demanding increased accessibility to past account transactions and require better tools to manage them.
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