Bank customers have started to demand that their banks' online offerings keep up with the times.
The corporate online banking space has stagnated for far too long. The Internet has evolved to provide consumers with rich and interactive experiences. Unfortunately, the banking industry has not kept pace with the evolution of the Internet, and customers have started to demand that their banks keep up with the times. For the most part, financial institutions recognize their online shortcomings. The question is why haven't they acted on them, what can they do about it, and how can they keep up with ever-increasing customer demands. These questions become even more difficult to answer as cost estimates for large projects balloon, and there is increased pressure on the corporate side of the bank to keep the online ship afloat.
The good news is that next-generation corporate online banking is on its way. Bits and pieces of it have already landed and will evolve. A new report, Top Trends in Corporate Online Banking, examines and analyzes the top trends in online cash management, and provides recommendations for financial institutions. Some of the trends are in full swing; some are nascent; others are expected to impact the space within the next three to five years.
"It's challenging for banks to build business cases that involve online portals and user experience overhauls," says Jacob Jegher, Senior Analyst with Celent's Banking group and author of the report. "It's easy to get caught up in sexy technology, but at the end of the day, it's about keeping customers satisfied, and striking a balance between functionality and user experience."