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Corporate Insight recently examined the online money transfer capabilities of the top16 financial institutions and found significant variation in terms of the design, recurring transfer options and transfer activity records offered at different banks.
The research found that beyond basic internal transfers – a feature offered on all online sites – firms offer a wide array of transfer capabilities, from bank-to-bank and customer-to-customer fund movements to fee-based wire transfers. “We found that fifty percent of the firms we follow allow clients to transfer money to linked accounts at other banks, while only three firms allow their customers to transfer funds to other customers within their bank,” said Douglas Miller, Senior Analyst at Corporate Insight and author of the Bank Monitor report. “ We were surprised that only one bank allows customers to transfer funds to external accounts they do not own.” In this 85 page report, entitled Online Transfer Functions: Moving Money at the Click of a Button”, Corporate Insight graded firms on their performance using the following criteria: availability, design, fees, and execution of provided transfer options. The report includes detailed findings of each firm’s offerings, along with analysis and recommendations firms should consider when updating and upgrading their online funds transfer capabilities. For more information on this research and related services, please visit: http://www.corporateinsight.com/. |
