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Online Banking Optimization: A Survey

Online Banking Optimization: A Survey

Over the next two years, U.S. banks and credit unions will step-up their investments to optimize online sales and marketing while maintaining a focus on online security investment.

Boston, MA, June 20, 2007 – A new report from Aite Group, LLC explores the drive among U.S. retail deposit institutions toward online banking optimization. Based on a survey of 22 of the top 100 U.S. deposit institutions, the report examines which online banking features and functionalities financial institutions are most likely and least likely to roll out over the next two years.

Among other findings, the report reveals that 55% of survey participants rank generating sales as the number one goal for the online banking channel, over increasing customer satisfaction and retention as well as reducing customer servicing costs. Features and functionalities such as online account opening enhancement, expedited bill payment through the online banking channel, and inbound and outbound fund transfers over the ACH are among the most sought-after initiatives.

"Financial institutions are saying it loud and clear: Generating sales is a top priority of online banking," says Gwenn Bézard, research director at Aite Group and co-author of the report. "As the stakes around online banking rise, the individuals in charge of online banking need to make the channel work harder for their institution. Investment aimed at enhancing channel functionality to drive sales efforts will become as important as security investment in the next few years."

This 43-page Impact Report contains 31 figures. Clients of Aite Group's Retail Banking services can download the report.