Banks anticipate online budget increases in 2010, new research shows

23 December 2009

Half of banking executives anticipate online budgets to rise in 2010, a new report has shown.

A study by Aite Group revealed that internet banking professionals think budgets will increase by more than 15 per cent when compared with figures from 2009.

Banks are anticipating an increased focus on online channels due to senior managers demonstrating stronger commitment to internet services, the report claimed.

Channel integration was found to be the most common reason for the increase in the internet’s profile with the integration of customer service and sales highlighted as a priority by many respondents.

Ron Shevin, senior analyst at Aite Group and report author, said: “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.”

He added that the combination of banks becoming more consumer aware and younger managers being more willing to embrace technology is behind the increased acceptance of the internet.

The report questioned senior online executives from 20 of the 100 largest banks in the US.

By Jim Ottewill

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