Online banking executives are optimistic about their budgets for 2010, with half of those surveyed anticipating significant budget increases.
Boston, MA, December 21, 2009 – A new report from Aite Group, LLC assesses financial institutions' development priorities for the online channel in 2010. The report, which is based on Aite Group interviews with senior online channel executives from 20 of the 100 largest U.S. banks, reveals that executives are optimistic about their budgets for 2010. Among the banks surveyed, half anticipate budget increases more than 15% higher than 2009 budgets.
The year ahead looks to be a good one for investment into and strategic focus on banks' online channels. Driving this renewed focus is a stronger commitment from senior management, according to interviewees. Banks will pursue different online strategies. Some will pinpoint online sales and marketing, while others will focus on online service or improving the customer experience. One theme cuts across all the strategies: channel integration. Many online channel executives stressed the need to improve their bank's ability to integrate sales, service and the customer experience across channels.
"Despite the attention that the online channel has received and its promise to revolutionize traditional banking, many banks have never truly embraced it as a primary channel for customer interactions and transactions," says Ron Shevlin, senior analyst with Aite Group and author of this report. "The tide is finally turning. The combination of two forces - banks waking up to the reality of consumer behavior, and the ascent of a younger group of managers with a more accepting view of technology - is finally helping to bring about this change."
This 24-page Impact Report contains 16 figures and one table. Clients of Aite Group's Retail Banking service can download the report.