The online banking space has stagnated for far too long. The evolution of the Internet has provided consumers with rich and interactive experiences online. Unfortunately, the banking industry has not kept pace with the evolution of the Internet and customers have started to demand that their banks keep up with the times. For the most part, financial institutions recognize their online shortcomings. The question is why haven’t they acted on them, what can they do about it, and how can they keep up with ever increasing customer demands. These questions become even more difficult to answer as financial institutions have just started to emerge from the impact of the financial crisis and are under extreme pressure to run sustainable businesses in the wake of increased regulatory pressures.
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