A post relating to this item from Finextra:
19 July, 2010
Financial crisis spurs direct banking uptake
Demand for direct retail banking services has risen since the financial crisis, posing a major technological challenge for financial services providers desperate to attract and keep increasingly disloyal customers, according to research from Accenture.
This report truely suggests that a time has arrived for comprehensively utlising the Online Banking channel from multiple dimensions. Traditional Banks are struggling to keep pace due to a) competiting non-banking players, b) failing to connect new generations (say
Y / Z), c) intensively strugging with silo's of multi-dimension IT applications, d) failing to maintain speed of "go to market" e) reliance on generic corporate oversight as against channel-led oversight, f) not recognizing full potentials of multiple factors
which drive the channel etc etc . In essence, there is a strong need for each bank for identifying with
"evolution of online channel maturity" and specifying a suitable plan of action to survive, compete and thrive. In the absence of any such holistic approach banks have survival threat from both horizontal as well as vertical players and needless to say, more
mergers / acquisitions would be visible in days to come.