Evaluating the Vendors of Small Business Online Banking Solutions: Solutions for Small Banks and Credit Unions

by Jacob Jegher, December 6, 2010
Vendor Reviews
North America

Abstract

The small business online banking space is fraught with confusion. Banks are still struggling with whether they should offer small business customers consumer online solutions, dedicated small business solutions, or even corporate cash management offerings.

Present-day solutions for small business customers are primarily cobbled together from consumer and cash management features. For the most part, layout, navigation, and look and feel are reminiscent of the late 1990s. Online banking needs to catch up to the ways of the web, and there is a lot of ground that needs to be covered.

In a new report, Evaluating the Vendors of Small Business Online Banking Solutions: Solutions for Small Banks and Credit Unions, Celent compares the solutions available to small financial institutions looking to purchase a new small business online banking solution or upgrade an existing one. A handful of vendors have started to release next-generation products and emerged from the pack. However, the small business online banking landscape is ripe with opportunity

“Today, the majority of small business online banking users are running on retail solutions. By definition, this means that small businesses’ needs are not being met,” says Jacob Jegher, Senior Analyst with Celent’s Banking Group and author of the report. “Small businesses require a tailored experience, one that encompasses features, usability, and overall comfort with financial services.”

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 part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Erica Ferguson
eferguson@celent.com
Tel.: +1 617 262 8225

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

3

Small Business Online Banking = Confusion

6

The Vendor Landscape

8

Celent’s ABCD Vendor Analysis and Methodology

10

 

Inclusion Criteria

11

 

XCelent Awards

11

 

Results: XCelent Technology and XCelent Functionality

12

 

Results: XCelent Customer Base and XCelent Depth of Service

13

Advanced Technology

14

Breadth of Functionality

16

Customer Base

21

Depth of Service

25

ACI Worldwide Enterprise Banker v7.5

27

First Data: fxBusiness Banking vMarch 2010

29

Fiserv: eCorp v4.0

31

FIS: Business eBanking vJuly 2010

31

FIS: Online Banking v9.1.4

33

Fundtech: CASHplus v3.8

37

Harland Financial Solutions: Cavion Business Banking v3.5

39

Harland Financial Solutions: Business Financial Solutions v3.9

41

Jack Henry & Associates: NetTeller v2010.07.01

43

Jack Henry & Associates: TeleWeb v2.4

45

NCR: APRTA Business Online Banking v2010-3.2.7.02

47

Q2: eBanking v2.7

49

S1 Corporation: Online Banking for Community Financial Institutions v6.1.2

51

Conclusion

53

Leveraging Celent’s Expertise

54

 

Support for Financial Institutions

54

 

Support for Vendors

54

Related Celent Research

55

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