Ranking the Vendors of Small Business Banking: Segmenting the Client Base
| Boston, MA, USA April 17, 2003|
Banks See Revenue Opportunity in Small Businesses
Celent forecasts that 21% of small businesses will be banking online by 2005. This dramatic growth will be the direct result of better technology, increased comfort with the Internet, and a greater interest in this segment by financial institutions.
Most banks have always considered the small business segment difficult and costly to reach. They were often placed in the "no-man痴 land" between retail and corporate arenas, where neither banking solution could sufficiently meet their individual needs. As a result, small businesses rarely banked online. Today, however, banks are beginning to recognize the revenue potential of this once ignored customer segment. As banks increasingly look to deploy solutions that target small businesses, fierce competition has arisen as both retail and corporate banking solution providers battle for market share of this untapped sector.
In a new report, , Celent Communications analyzes the solutions of 11 vendors and ranks them. The ranking is based on seven criteria: number of successful deployments, depth of features and functions, financial viability of the vendor, customization/flexibility, client support/customer service, technology platform and ease of use. Table 1 summarizes the results of the study.
of Celent Communications' Wholesale Banking research service can download the report electronically by clicking on the icon to the left. Non-members should contact email@example.com for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
|Boston, MA, USA April 17, 2003|
Ranking the Vendors of Small Business Banking
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