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Online Account Opening Vendor Snapshot

Online Account Opening Vendor Snapshot

A new report from Aite Group states that rising interest in online account opening technology will translate into increased spending on these solutions in the coming years. In the three-year period from 2007 to 2009, the projected IT spending on these sol
By Eva Weber

Boston, MA, November 20, 2006 –New research from Aite Group, LLC, highlights the steady growth in online account opening solutions for banks, credit unions, and brokerages. At the same time, a shift from "build" to "buy" is underway, as the packaged solutions in the space are improving.

The report notes that the vendors serving the online account market are a mix of larger companies known in financial services, IT services firms, and niche players that have emerged to meet the growing need for solutions. Major vendors profiled in the report include: Automated Financial Systems, Scivantage, Andera, CashEdge, eFunds, S1, uMonitor, Yodlee, Accenture, IBM, and Infosys.

According to Eva Weber, an analyst at Aite Group and author of the report, "There is still significant market growth potential due to the large number of institutions in the lower tiers. Competitive pressures and consumer demand will eventually convince these institutions to provide the functionality." Weber notes that "even top-tier institutions have significant opportunities to improve their solutions by rethinking usability issues and customer needs for convenience."

This 30-page Impact Report contains 7 figures and 11 vendor profiles. Clients of Aite Group's Retail Banking and Wealth Management services can download the report.