Online banking has come a long way over the past decade from having experienced the highs of the dotcom boom era to the subsequent lows of the immediate post-dotcom period when it was often accused of having reneged on its initial promise of providing low-cost convenient banking. Online banking has finally matured in recent years by not only attracting the urban educated banking customers that the bank can target for its cross-selling and marketing purposes but also by generating immense profits by adding certain banking functions and services that are best suited to an online audience. But not all banks have been successful at exploiting the benefits of Internet and achieving a high degree of penetration. A large number of banks are still struggling to make an impact.
To meet the challenge of creating an effective online banking service offering that meets the requirements of a sophisticated customer and is also secure, robust and future-proof, banks need to re-evaluate their existing platforms and harness new-age technology. What is required is a solution that is truly based on the 'next' wave of internet banking. Only then can banks truly exploit the full potential of the Internet.
A recent survey of US online banking customers by ForeSee Results, an online customer satisfaction firm, in association with forbes.com concluded that the satisfaction level of online banking customers is 5.5 percent more than banking customers in general.
The paper describes the fast changing pace of the Internet domain and how technology is evolving continuously so that sometimes even within 3 years a solution can be considered to have become a 'legacy' solution.
The Next Wave Of Internet Banking
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide.
