Misys Online Banking

Make sure Internet Banking Lives up to its Promise

Internet banking has many advantages. Customers get a more convenient service, because they can do their banking at any time, from any location. Banks can cut costs, often radically: it is estimated that they can carry out nine Internet transactions for the cost of one transaction over the branch counter. In effect, the bank can be open all hours and accessed from anywhere without an increase in overheads or additional bricks and mortar.

As a result, many banks have invested heavily in internet banking, which is now seen as a core component of delivery strategy in the sector. But the move to internet banking is not easy. Many ‘early adopting’ customers stopped using their bank’s new service because it failed to live up to its promise. Sites were limited in scope, difficult to use, and only available at certain times of day. Customers were concerned about security and reliability; and ‘customer contact’ mechanisms didn’t always work. And, although some already offered electronic banking to corporate customers, adapting it for consumers was often complex. Customers had to install software or upgrade PCs, so banks had to put in additional, browser-based systems, and running two systems ended up increasing, rather than reducing costs.