Online Safe Deposit Box

: Web Storage Services in Retail Banking

Celent expects the to become a standard part of online banking offerings by 2005

In a new report entitled " : Web Storage Services in Retail Banking" Celent Communications analyzes the initiatives of US financial institutions and defines the future stakes.

As they become increasingly dependent on electronic content, consumers and small businesses are looking for a long-term way to store their sensitive data safely. Banks, as highly trusted parties, are well-positioned to cater to the online secured data repository demand for personal, legal and financial documents.

"With the spread of e-signature and electronic document delivery applications, banks will recognize the online safe deposit service as a key component of their strategy," comments Gwenn B騷ard, author of the report.

The report demonstrates that the es have not been that successful to date because of slower than expected e-signature penetration and flawed marketing approaches. For instance, while trying to compete with web storage specialists for storage of non-sensitive documents, some banks have failed to price their services appropriately.

The report encourages banks to implement safe deposit boxes primarily as part of their document delivery initiatives in the short term. In the mid- to long-term, with the development of e-signature, Celent predicts account aggregators will integrate the service under the banks' brands while Microsoft will stand as the main competitor with the Xbox.

A Table of Contents is available online.

of Celent Communication's research services can download the report electronically by clicking on the icon to the left.