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Successful financial institutions seek to continually identify optimal performance levels for their operations to ensure organizational health and competitiveness, and one of the primary areas that financial institutions can focus on optimization is the area of Internet Banking. Benchmarking against industry leaders can provide methods for minimizing the costs associated with Internet Banking, while maximizing the value delivered to the customer.
Benchmarking research by Best Practices, LLC, specifically Retail Banking E-Commerce Excellence: Benchmarking Internet Banking and Online Bill Payment Services, identifies processes, tactics, and systems that successful leading financial institutions have undertaken to improve the efficiency of their Internet Banking. To download a complimentary 8-slide look into this benchmarking study, visit http://www3.best-in-class.com/dr272.htm. Key findings in this study include: - -- The majority of participants have structures in which E-Business groups support entire organizations rather than E-Business groups supporting individual business units only.
- -- Adoption rates are important when examining efficiency of technology utilization since the higher the adoption rate, the lower the cost per customer (based on the assumption that a large portion of technology costs are fixed costs).
The findings from this study were drawn from the extensive surveys conducted with leading banking institutions such as: Wachovia, Wilmington Trust, US Bank, Credit Union Central of British Columbia, BB&T, Farm Credit Canada, National City, KeyCorp, Broadway Bank, Sandy Spring Bank, Commerce Bancshares, Inc. and Jax Federal Credit Union. To access additional findings on financial service programs and practices, consider a membership with the Best Practice Database, an online resource containing more than $35 million in proprietary research conducted on behalf of executives from Fortune 500 companies. You can use this tool to quickly identify best practices and metrics in the areas most important to you and your company. Do your own search as a visitor, see recent research in our newsletters, and learn more about membership access options at http://www3.best-in-class.com/Database. If you want to learn more about the above benchmarking research or any of our other studies, please contact me at (919) 767-9182 or
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