Online Banking Today and Strategies for the Future: Increasing Adoption, Access, and Usage published by Mercator Advisory Group, Inc. in September, 2010. This report consists of 35 pages and the price starts from US $ 2950.
Abstract
Boston, MA - Mercator Advisory Group today released the Online
Banking Today and Strategies for the Future: Increasing Adoption, Access, and
Usage, research report, which analyzes the current state of online banking
and identifies the strategies banks need to execute to expand adoption and
increase usage of this low cost channel.
This report recommends that banks adopt a more aggressive strategy that will
give them a competitive advantage with internet savvy and younger consumers
who will fuel banks profits in the decade ahead.
Online Banking Today and Strategies for the Future: Increasing Adoption,
Access, and Usage, surveys the top 30 U.S. full-service retail bank
websites and identifies the appropriate level of adoption of four key
initiatives that the report recommends. The report also details the current
level of internet access, online banking adoption and customer satisfaction
with the online banking experience.
Highlights of this report include:
- Internet access now stands at 74 percent and limits the universe of
customers who can sign up for online banking. It's only a mater of time before
the younger cohorts that have integrated the internet into their day to day
life become an important customer segment and drive online banking adoption
higher.
- Banks have been investing heavily in the online experience and have
dramatically increased their online customer satisfaction scores over the past
ten years. Banks now out perform online retailers once considered the gold
standard for quality online experiences.
- Banks are executing a number of initiatives that are increasing online
banking adoption, access, usage and relationship depth. Continuing to promote
online banking capabilities at every opportunity is essential for success and
when successful online banking creates additional “impressions”
that enhance brand and cross selling effectiveness.
- Mobile banking is an essential ingredient to an online banking strategy
and broadens access, increases usage and provides a platform for innovative
products and services in the future.
- Banks need to expand the capability of their online banking solutions to
increase usage and deepen the customer relationships. In addition to offering
mobile banking, banks need to expand their EBPP capabilities with eBills,
provide easy to use “lite” personal financial management solutions
and add consumer check image capture to capabilities.
“Online banking has continued to gain adoption over the past decade and
will eventually out rank branch location in the list of decision criteria when
a consumer chooses a bank.” states Bob Landry Vice President
Mercator Advisory Group's Banking Advisory Service. “While the promise
is clear, banks must continue to promote online banking to increase adoption,
expand access with mobile banking and increase usage by adding new
capabilities. Those banks that continue to execute an aggressive online
banking strategy will not only reduce costs, they will also be the choice of
the next generation of consumers who have integrated the internet into their
lifestyle. They will naturally gravitate to the banks that meet them where
they work and play - online.”
One of the 21 exhibits in this report:
There are 35 pages and 21 exhibits in this report.
Companies mentioned in this report include: Amazon, LL Bean, Barnes &
Noble, Adobe, Bank of America, Fiserv, Harris Bank, Intuit, JP Morgan Chase,
KeyBank, PNC, SunTrust, USAA FSB, Wells Fargo.
Table of Contents
INTRODUCTION
I. ONLINE BANKING ADOPTION AND SATISFACTION
- Internet Adoption and Behaviors are the Foundation for Online Banking
- Expansion of Adoption and Usage
- Current State of Online Banking Customer Satisfaction
II. ONLINE BANKING STRATEGIES
- A. Increasing Online Banking Adoption
- Improving the Online Experience
- Continuous Promotion and Education
- B. Mobile Banking Adds Access and New Capabilities
- C. New Capabilities to Increase System Usage and Relationship Depth
- Electronic Bill Presentment and Payment and eBills
- Personal Financial Management
- Consumer Check Image Deposit Capture
SUMMARY
Table of Figures
- Figure 1. Change in Internet 2000 Access By Age Group - 2009
- Figure 2. Adoption of Selected Online Activities in U.S. 2000 - 2009
- Figure 3. Online Activities Where Gen X or Older Generations Dominate
- Figure 4. Online Banking Adoption in U.S. by Sex, Race and Age
- Figure 5. Online Banking Growth 2001 - 2009
- Figure 6. Online Banking Satisfaction
- Figure 7. Online Banking VS Overall Retail Banking Satisfaction
- Figure 8. Online Banking Strategies Designed to Increase Adoption, Access,
Usage and Relationship Depth
- Figure 9. Online Experience Improved by Personalization and Modular Tools
- Figure 10. Online Banking Promotion on Bank Home Page
- Figure 11. Bank of America Home Page Demonstrates Promotion Best Practices
- Figure 12. Access to Online Banking Demos and Technology Used
- Figure 13. Bank of America's InfoCenter for Product Demos, Tutorials and
Guides
- Figure 14. Mobile Banking Offers by Solution Type
- Figure 15. Mobile Banking Alternative offers
- Figure 16. Alerts, eBills, PFM and Home Check Deposit Image Capture Are
Key Expanding Usage & Relationships
- Figure 17. Banks Are Deploying New Online Banking Capabilities
- Figure 18. U.S. Electronic Bill Payment Volume
- Figure 19. Harris Bank Promotes Online Bill Payment with $2,500 Sweepstakes
- Figure 20. USAA Pioneers iPhone APP for Consumer Check Image Deposits
- Figure 21. Chase Offers iPhone Based Consumer Check Deposit Capture
