February 1, 2007
E-Banking's Scope Spurs Need for Product Managers
Jim Ambrosio includes CashEdge's online banking expertise in his article on the impact of the online banking channel on the financial services job market. "'If people can open an account online, and fund it immediately, it increases the closure rate for the bank,' says Manish Vrishaketu, director of strategy and business development for CashEdge, a producer of online applications for banks, credit unions and other financial institutions. Getting a client to open and fund an account online is a much cheaper alternative to the physical bank branch, where most new bank accounts are opened, he explains."
"Banks believe that by increasing the functionality of their online channels, they can create viable tools for attracting new customers and building loyalty with existing ones, Vrishaketu believes. 'Checking balances and paying bills are still the most popular online applications,' he says, but CashEdge and other companies have built products that facilitate 'account-to-account transfers online without writing checks,' along with personal account management products.
Over half the people that try online banking applications continue to use them, Vrishaketu notes. Online tools can also handle the verification and compliance processes that previously were addressed offline when accounts were opened at branches or through call centers. The industry also hopes to use the same online platform that serves customers as a way to connect their branches and call centers, thus further cutting costs."