Online Banking Report Publishes New Research on Branch Banking Vs. Direct Banking
Posted on: Wednesday, 24 May 2006, 21:00 CDT
Rapid growth in online account opening will be the final blow to the viability of the traditional bank branch according to Online Banking Report's latest study, "The Demise of the Branch: The 40-Year Shift from Branch Banking to Branchless Banking." The report makes the case for increased investment in the online channel, even if it means spending less on branch delivery.
Written by veteran financial services editor and Online Banking Report founder Jim Bruene, the report looks at the surprisingly bleak future of the traditional branch in the days of ubiquitous broadband and waning check usage. The report predicts that by 2025, the online channel will dominant transactions, service, and sales of banking products. "Rapidly changing consumer preference for online sales and service have dire consequences for brick-and-mortar branches," says Bruene, the report's author.
The report also includes:
-- 17 online capabilities to build now
-- Review of online checking account opening at 11 major banks
-- A close-up look at Bank of America's well-designed area targeting movers, including the "Less-Stress Moving Center."
The report is a must-read for bank executives and marketing personnel involved with online account acquisition. It can be downloaded immediately after purchasing at www.onlinebankingreport.com/subscriptions/issue.html?iid=130/.
Companies Referenced:
BankRate.com, BMO Financial Group, Charter One Bank, Chase Bank, Citibank, Citizens Bank, Emigrant Direct, E*Trade, eWise Systems, Google, Hills Bank & Trust, IndyMac, ING Direct, HSBC, Interac Online, Qwest, Moneris Solutions, Moving.com, MySpace, NACHA, National City Bank, OgilvyOne, PayPal, PNC Bank, Progressive Insurance, RedFin, Royal Bank, ScotiaBank, SunTrust Bank, TD Canada, Third Federal Savings & Loan, US Bank, usemybank.com, Wachovia, Washington Mutual, Wells Fargo, WhiteFence.com, Yahoo Search Marketing, Zillow, Zions Bank
About Online Banking Report
Founded in 1995 by former banker Jim Bruene, Online Banking Report provides in-depth analysis, relevant data, and informed recommendations to financial services executives in 50 countries. Online Banking Report is published by Online Financial Innovations, a Seattle-based research company that also produces Financial Marketing Weekly and Electronic Payments Week. For more information and free sample reports, visit www.onlinefinancialinnovations.com.
Source: Business Wire
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