Staffware eBanking will enable banks to take advantage of a $70bn ‘sweetspot’ in eWealth Management*
Staffware has announced the launch of Staffware eBanking, a new solution that is set to transform existing eBanking services provided by financial institutions. Staffware eBanking will enable banking organizations in the retail, wholesale and investment sectors to fully automate their existing Internet-based banking processes both in-house and to their customers, enabling them to increase revenues, improve customer service and reduce costs.
Many financial institutions today only provide basic eBanking services which typically allow customers to access their bank balances, set up direct debits and transfer funds on-line. These first generation eBanking sites do not allow revenue generation by selling products on-line as there is little or no integration to the back office to support the complex processes required for these activities. Of the few sites that offer products on-line, the on-line applications are normally supported by paper-based processes in the back office.
In the future, according to Datamonitor*, retail banks, investment banks and insurance companies will all be chasing a new market – high net worth wealth management – estimated to be worth around $70bn globally. In order to capture this market, financial institutions will have to deploy second generation eBanking websites which will offer a more diverse range of products and services – some of which may be from third party suppliers. Customer service and competitive product offerings will determine success.
By integrating these websites to multiple back offices and existing legacy systems, Staffware eBanking can automate, track and control fulfillment of on-line product sales – both for an organization’s own products and – in a B2B environment – for third party providers. Costs are kept to a minimum and customer service is maximized. On-line (Internet, mobile devices, iTV) and traditional points of entry for customers (branches, call centers) are also linked to the organization’s back office achieving end-to-end process automation. The Staffware eBanking solution also facilitates cross-selling so that organizations can gain maximum return from their customer base.
Kuljit Bawa, Director of eBanking, Staffware said, In recent years, banks have concentrated on cost control to enhance shareholder value. In order to move ahead, they now need to increase revenues. First generation eBanking websites provided basic banking services but have not offered on-line product sales since there was no integration to the back office.
By integrating both front and back office applications and linking all delivery channels in the business processes, Staffware eBanking enables financial institutions to transform their first generation eBanking systems into ‘revenue generators’ by offering fully automated fulfillment of on-line financial product sales and providing cross-selling opportunities. Put simply, we are supporting tomorrow’s eBanking requirements today.
Adam Hill, eFinancial Services Program Manager at Datamonitor, said, As banks strive to make cross-selling a reality, the Internet channel is rapidly becoming the primary lead generator. On-line product applications and decisioning will be at the heart of next generation eBanking services, making process automation critical if true end-to-end integration is to be achieved. Furthermore, the advent of eWealth Management services means that B2B, as well as inter-enterprise, process integration will become essential.
