Download our December digital issue to learn more about navigating e-banking.
Online banking, which increasingly is the primary way that banks interact with their consumer and business customers, is not a static point solution. Rather, it's a journey, where the destination -- a profitable and long-lasting relationship between bank and client -- is reached only after overcoming numerous twists, turns and obstacles. And even after achieving initial success, banks face a never-ending set of risks and dangers that must be thwarted in order for everyone to live happily ever after.
But for many banks e-banking has been far from a fairy tale. Many financial institutions have yet to realize the full range of benefits from their investments in online banking, and in many cases those failures stem from inefficiencies or confusion around the account opening process. Other banks have failed to seize the opportunities to cross-sell and up-sell by offering appealing value-adds such as personal financial management solutions (and thereby potentially ceding the promised land to nontraditional competitors). And even the most courageous and creative institutions face a nonstop onslaught of attacks on the security of their online banking offerings.
For banks that can find the winning combination of e-banking offerings, however, the prize -- loyal, high-value customers engaged with the bank in multiple ways -- is well worth the difficult journey. Accordingly, in this special digital issue on e-banking, the editors of Bank Systems & Technology detail some of the trends, challenges and best practices around three key aspects of the e-banking model: account opening and on-boarding, personal financial management offerings to engage customers once they are within the fold, and strategies for addressing the next-generation of security threats.
The online channel continues to evolve, and with the amazingly rapid embrace of all things mobile, that evolution is only going to accelerate. Here is your guide to navigating this complex but rewarding journey.