Despite high consumer expectations about how helpful online banking can be, current solutions are not currently up to par, Javelin Strategy & Research revealed in a recent report.
Millions of consumers have expectations that online banking should help them become more efficient at managing their money and paying bills.
According to Javelin, about 50 percent of consumers who are newcomers to online banking or recently switched banks felt that banking online result in more effective personal finance management.
However, this figure jumps to 72 percent when referencing consumers who are looking forward to possibly switching banks in the coming year.
These expectations create a huge opportunity for financial institutions to strengthen their online banking offerings and impress this group in the near future, Javelin said.
“Consumers are telling [financial institutions] that online banking and bill pay isn’t good enough, and [financial institutions] aren’t listening,” Jim Van Dyke, President at Javelin, said in a statement. “[Financial institutions] need to get to the heart of what consumers really want and take online banking and bill pay to the next level.”
Van Dyke continued: “The way to do this is to make online banking the foundation of personal banking and shift the focus away from simply completing transactions.”
Javelin recommends that financial institutions shift “from a traditional transactional role to a more consultative one” in order to energize online banking efforts and help consumers become better money managers in the process.