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Page history last edited by ggjec@danisco.com 10 years, 9 months ago

 

 Welcome to Internet Banking Wiki  

 

 

 

Created by Makiko, Jeff, Ian and Lisa

 

EXECUTIVE SUMMARY

 

For our wiki we have researched as a group how the creation of the internet has affected the banking industry.  Below are the areas that we focused on while conducting our research.

 

Size of the Industry

 

Structure

 

  • There are several different types of banks within the industry, such as: Retail banks (Bank of America, Wachovia/Wells Fargo), Internet-only banks (ING, E*Trade), Brokerage (Merrill Lynch/BofA), Discount brokers (Charles Schwab, TD Ameritrade), and Investment banks (Goldman Sachs, Morgan Stanley).
  • We are focusing on Retail Banking (Wachovia, Bank of America) and Internet-only Banking (ING, E*Trade)
  • This section examines the impact that the internet has had on both the structure and competition within the banking industry.

 

Economics of participants

 

  • The internet has had a huge impact on banking over the past decade.  Many people are switching from branch banking/retail banking to the seemingly “more convenient” online banking.  This trend is growing and we are observing more and more changes within this relatively new industry everyday.
  • The internet originally lead to the creation of online banks which were previously retail banks.  With the success in online banking came the creation of virtual banks which have no branches and are solely online (ING and E*Trade)
  • Since the start some companies that have become true internet banks have seen considerable success over ones that started out as a Retail bank.

 

Business models

 

  • Individuals, Businesses, and Government are the customersfor bank industry in general, however internet-only bank has only online banking subscriber as a customer.
  • Online Banking provides certain conveniences. (24/7 and accessible from anywhere) and there are banking functions that can be better serviced through Internet(balance checking, bill payment, and money transfer) 

  • Internet-only bank(virtual-bank) is a new trend and it provides a extended banking functionalities with minimum operating cost.  But the success of internet-only banks depends on how many and how much people willingness to do banking through Internet.

  • Traditional bank will stay since there are people who prefer face-to-face communication, and sometime it may be necessary. 

 

Competitive strategy

 

  • Much like retail banks for the internet most of the same strategy to make your bank successful is required to do well.
  • The Competition today is different then before now there is more that people are looking for the environment is different. People work from home and more small business exist now that need banking services.
  • The internet brings another step to the table for a Bank with more access to the options that you have to offer or more that you can add.

 

Current and Future Developments

 

  • 50% of U.S. households are expected to have online banking by the end of this decade.
  • Online services are being extended via mobile devices and television.
  • The creation of virtual information sites similar to social networking sites.
  • Web 2.0 forums becoming part of the banking portal (wikis). 
  • Joe McKendrick April 11, 2008        

 

 

 

 

 
 

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Comments (1)

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