Retail Internet Banking Vendors: Hitting Their Stride

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28 April 2005


San Francisco, CA, USA April 28, 2005

Celent Communications examines the pace of progress in online banking and finds that it is on a steady course to becoming mainstream. By next year, spending on external IT will break the US$500 million mark.

Providers of Internet banking solutions continue to lead a strenuous existence: life partly in the fast lane of technological advancements and partly in the slow lane of client acquisition. Although competition on the features and functional front continues, it is tapering as solutions hit a relatively mature stage. In contrast, interoperability, customization, and integration capabilities vary more remarkably across vendors. Consequently, the scope of Celents analysis extended to level of technological advancement and depth of client services.

Alenka Grealish

, coauthor of the report and manager of the banking group at Celent, says, "Over the past decade, Internet banking vendors have significantly increased their ROI arsenals. Despite the tepid market, vendors have not slowed their pursuit of enhancements that strengthen the ROI equation. Their current challenge is demonstrating to bankers how these enhancements translate into line items on income statements."

Dan Schatt

, the reports coauthor and a senior analyst at Celent, observes, "Historically, banks have been content to allow Quicken or Microsoft Money to take care of their customers personal financial management (PFM) needs and have spent considerable sums to facilitate OFX downloads for this purpose. We are now seeing quite a bit of expense management, funds transfer, and aggregation technology offered within bill payment and online banking offerings, enriching a users online banking experience. This year, banks have an opportunity to take advantage of this functionality through core and application vendor offerings like never before."

This report examines the offerings of nine vendors and introduces Celents ABCD framework for analyzing vendors. The framework has four categories: advanced technology, breadth of end-user features, customer base, and depth of client services. The vendors are Corillian, Digital Insight, Fidelity Information Services, Financial Fusion, Fiserv, Metavante, Online Resources, Open Solutions, and S1. Across all four categories, Corillian stands out as the clear leader, followed by Digital Insight and Financial Fusion. S1 is projected to close the feature gap this year. These four vendors have a proven track record on technology and features and have been consistently cited by their clients as delivering what they need and want.

of Celent Communications' Retail Banking research service can download the report electronically by clicking on the icon to the left. Non-members should contact for more information.

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