CanU be Profitable from your Online Banking?

Online banking provides interactive services such as retrieving account information, paying bills and accessing other banking products and services. The concept of online banking dates back to the early 1980s, however, it was only in October of 1995 that Security First Network Bank opened to the public as the first Internet bank. The idea was quickly snapped up by other banks, like Wells Fargo and Chase Manhattan.

Opportunities and Challenges: Banking executives who were looking for more cost effective delivery channels found that the internet offered a completely different delivery model for banking, eliminating some of the branch network costs. While customer convenience was easy to observe, the profitability of this channel seems hard to measure. In the process, both consumers and financial institutions are facing new potential risks of fraudulent activity through this new channel.

Financial Institution's Advantage: As momentum continues and the US financial market approaches fifty percent penetration for online services, financial institutions that take advantage of targeting the appropriate customers, with the products and services customized for them, will have a lasting competitive advantage. Making the online delivery channel their growth engine will require leadership and understanding of what is possible with current technologies for mass customization, while providing unique convenience and services.

CanU profit from online banking? Yes, uCan! As you take your 'me-too' offering of online banking to the next level of success, you need to consider the following areas: a) offer transactional services such as uTransfer^® and uOpen & uFund^® that allows the customer to do more and more online, b) optimize workflows using the same technologies in other parts of the business, such as branch and call center, c) improve operational efficiencies, d) improve compliance, and, e) finally, remember to maintain your unique value proposition to your customers: your brand, your service and your products - their association with you, that delightful experience they associate with you, every time. Simple, generic, online banking no longer works. You need your values delivered to your customers where they want it, when they want it, and how they want it, every time.

We at uMonitor have been helping banks, credit unions and financial professionals be profitable by using the online channel and leveraging today's technology for lasting success. So, CanU profit from online delivery of services? We know uCan! For a free consultation, either call us at 901.757.1212 x 7118 or email us at sales@umonitor.com today!