E-commerce e-ssentials

Three reasons Internet banking has not exploded are: 1. Bankers have inherently conservative risk-averse natures. 2. Banks have been slow to address the growing consumer need for help in money management. 3. Financial institutions must work out logistical and technical issues that ensure the reliabi...

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Bibliographic Details
Published in:ABA bank marketing 1998-07, Vol.30 (7), p.20
Main Author: Koonce, Richard
Format: Article
Language:English
Subjects:
Automated Clearing Houses
Automation
Bank marketing
Banking industry
Cash management
Consumers
Cost control
Councils
Customer services
Electronic banking
Electronic commerce
Financial institutions
Financial services
Internet
Marketing
Privacy
Retail banking
Service introduction
Websites
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Summary:Three reasons Internet banking has not exploded are: 1. Bankers have inherently conservative risk-averse natures. 2. Banks have been slow to address the growing consumer need for help in money management. 3. Financial institutions must work out logistical and technical issues that ensure the reliability, security, and privacy of Internet banking transactions. What is needed to resolve technical and interface issues is an industry-wide agreement on operating procedures, protocols, and practices, as well as the public's acceptance of the security and convenience of Internet banking. Reduced marketing cost is where banks potentially can realize huge savings, as well as improved levels of customer service and access. Because the Internet creates more interaction between banks and their customers, it provides the means for banks to learn more about their customers' needs. Banks will need to be careful to construct Web sites that are easy to navigate and not so content heavy that low-end consumer computer systems slow down on graphics or get delayed downloading large amounts of data.
ISSN:1539-7890
2332-9971