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Current and Future Developments

Page history last edited by lisa.onderdonk@purchase.edu 11 years, 4 months ago

The following page is intended to highlight certain points of how the internet has affected banking to date and what to look for in the future.

 

The Future of Internet Banking

  • 50% of U.S. households are expected to have online banking by the end of this decade
  • "Absolute Branchless Banking".
  • Extending online services via mobile devices and television.
  • Create virtual information sites similar to social networking sites.
  • Through referrals customers can create new accounts without entering a branch.
  • Making security measures seem less overwhelming to customers.
  • MIT Media Lab and Bank of America announced the creation of the "Center for Future Banking"
  • This five year study will explore the impact of web computing and social networking approaches on how people manage their finances
  • Joe McKendrick April 11, 2008        

 

New Technology

  • Web 2.0 forums (wikis, newsgroups) as part of banking portal.
  • Portal aware banking solutions (accessed from virtually anywhere on the banks portal)
  • Newer channels for bank products like IP-TV and conditional access systems.
  • Mobile commerce models riding on top of the mobile banking platform.  Fasih Masood April 24, 2009 

 

Improved Internet Banking technology

1. has reduced the costs of processing transactions.

2. Making bill payment and account management easier for the customers 

 

 

Mobile Internet Banking: 

In the future more and more consumers are expected to begin using mobile internet banking.  Many cell phones today provide us with internet access and over the internet we can transfer funds, check our balances, etc. The idea of mobile internet banking can solve many different banking issues such as overdraft fees, etc. (Related Article). This trend has already become very popular for Bank of America customers according to this article. 

 

 

Below are a number of links to articles which describe the future of Banking:

 

 

  • The following link provides some helpful charts which highlight how the balance of power has shifted in the banking industry over the past two years.  Economic Data February 23, 2009

 

 

  • This article describes the 2009 Bank Technology outlook and mentions web 2.0 and remote deposit along with other developments that are thought to be used in the future. 2009 Bank Technology Outlook.

 

 

 

Mobile Banking Users to Exceed 150M Worldwide by 2011

 

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