The online financial institution faces a number of challenges: a heavy transaction load, fast moving shifts in channel usage and a requirement to sew all the channels together. There are many requirements for the success of this business environment: security, data management, degree of customization, and range of products and features.
The web presentation should include dynamic tools. The speed of data transfer increases and makes further development in Customer Relationship and Content Management advisable. Product adaptation will be necessary by the financial institutions to satisfy the Internet users needs, which are often the most profitable customers. These are ingredients of success. Personalization, and traditional channels of contact through the call center or to the common physical branch, enhance the acceptance of online financial service. Since XXL Internet AG consults financial institutions, it is important to be aware of these future requirements.
Financial institutions do not have the necessary manpower to manage and develop the online presentation by themselves. Their personnel often do not accept the challenge from the Internet and change management requires high investment. XXL Internet AG has the opportunity to enter alliances with these financial institutions and implement the Internet presentation, and further develop new ideas for sales and service.
Standards and security play an important role and change quickly. Mobile phones, Personal Digital Assistants (P.D.A) are starting to become connected to the Internet via Wireless Application Protocol (W.A.P), which opens tremendous new ways to reach new customers. i TV is the latest media to reach customers, but it was not successful in the US and has not fulfilled the prognoses. For i TV a separate receiver is necessary and customers in the US rejected spending extra money for the service. The future will tell whether German customers will accept i TV.
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