Evaluating the Vendors of Small Business Online Banking Solutions: Solutions for Large Banks

by Jacob Jegher, November 6, 2010
Vendor Reviews
North America

Abstract

The small business online banking space is fraught with confusion. Banks are still struggling to understand if small business customers should be offered consumer online solutions, dedicated small business solutions, or even corporate cash management offerings.

Present-day solutions for small business customers are primarily cobbled together from consumer and cash management features. For the most part, layout, navigation, and look and feel are reminiscent of the late 1990s. Online banking needs to catch up to the ways of the web, and there is a lot of ground that needs to be covered.

In a new report, Evaluating the Vendors of Small Business Online Banking Solutions, Celent compares the solutions available to large financial institutions looking to purchase a new small business online banking solution or upgrade an existing one. A handful of vendors have started to release next-generation products and emerged from the pack. However, the small business online banking landscape is ripe with opportunity

“Today, the majority of small business online banking users are running on retail solutions. By definition, this means that small businesses’ needs are not being met,” says Jacob Jegher, Senior Analyst with Celent’s Banking Group and author of the report. “Small businesses require a tailored experience, one that encompasses features, usability, and overall comfort with financial services.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Small Business Online Banking = Confusion

6

The Vendor Landscape

8

Celent’s ABCD Vendor Analysis and Methodology

9

Advanced Technology

13

Breadth of Functionality

15

Customer Base

20

Depth of Service

24

Conclusion

38

Leveraging Celent’s Expertise

39

Related Celent Research

40

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