Online banking

About one third of UK adults currently bank on line. Some 84 million European internet users who could bank online don't do so. Only one third of these online banking holdouts say that nothing would persuade them to adopt online banking.

Clearly banks are operating in a very competitive environment at the moment. There is an ever increasing drive to deliver electronic statements, both to reduce carbon footprint and to reduce costs. It is estimated that banks save about 25p every time they send an account statement electronically instead of by paper mail. From a study by Booz, Allen and Hamilton, the following are average approximate costs for banking transactions:

• Teller - 50p
• Telephone - 25p
• ATM - 15p
• Internet - 0.5p

The challenge for banks is how to not only drive up adoption among those who have never registered for online banking, but to reduce dormancy among those who have.

We believe one of the ways to meet these challenges is by offering a Verisim simulation, which will be identical in appearance to the actual online banking site, but will offer helpful, step by step guidance to help de-mystify the business of managing your financial affairs on line.

Verisim draws on a wealth of experience of producing strategic simulations for the financial services industry. For list of clients click here.

Benefits

• Allows your customers a risk-free practice environment (or ‘sandpit’) in which to explore features before trying them on their own accounts.
• Provides a platform from which to address key concerns and barriers to adoption (e.g. security concerns)
• Couples clear, step by step instructions with a prominent call to action to register for the service
• Gives your telephone support staff a safe mechanism to allow them to talk a customer through a process