Boston, August 21, 2014 – Less than 400 U.S. institutions replaced their online banking platforms during each of the last three years, and banks' and credit unions' annual online banking budgets are mainly allotted to the recurring costs associated with existing deployments. Consumer online banking replacements present high costs and risks, and institutions have a tendency to proceed with caution even in the best of times due to potential consumer impacts. But given the year-over-year increases in online banking budgets and opportunities for leading vendors in some corners of the market, are things really as bleak as they seem?
This Aite Group Impact Note is based on information collected in 2014 about U.S. financial technology companies' consumer online banking solutions. It analyzes the state of the current online banking replacement market, highlights leading vendors' market shares, and forecasts replacement volume for the next few years. It is the third report in Aite Group's series on the consumer online banking landscape—find the first two here and here.
This 17-page Impact Note contains 11 figures and one table. Clients of Aite Group's Retail Banking & Payments can download this report.