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Online Services Survey Show Mixed Results
Large banks are offering more online services than community banks, according to a recent survey by Microbanker.
Bank of America, which ranked highest in number of services, offered 39 of 45 possible services Microbanker came up with, while the highest number of services from a community bank was 24, which were offered by Salem Five Cents Savings Bank.
Nancy Davis, president and senior analyst at Microbanker says large banks have two advantages: they have the resources to create their own systems in-house instead of relying on third-party providers and they have the clout to partner with many third party Application Service Providers for services the banks themselves don't want to offer.
All of the 51 sites studied offered basic interactive banking functions, but the gap is widening between large and small banks as far as what people can do, such as stop payments, balance inquiries and transfers and transaction history, investment trading services, and especially small business lending, Microbanker's survey found. Some of the extraordinary services the survey studied included bill presentment (21 percent of large banks, 6 percent of smaller banks); marketplace or mall services (37 percent of large banks, 9 percent of small banks); portal functions (26 percent of large banks, 22 percent of small banks); and interestingly, wireless access, the only place where small banks beat bigger banks (16 percent of large banks, 22 percent of small).
Of the 51 financial institutions, 19 were among the top 100 banks in the U.S., five were Internet-only banks, and the rest were mid-sized or smaller community banks.
For information, go to www.microbanker.com.
Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 11, 11/01
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