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"BANKS FAILING TO exploit the OPPORTUNITIES OF ONLINE BILLING"
Added: (Wed Mar 07 2001)
For further information, please contact:
Ann Rodgers
Aspect Software
Tel: 00 353 12405 222
Email: arodgers@aspect.ie
PRESS RELEASE
"BANKS FAILING TO EXPLOIT THE OPPORTUNITIES OF ONLINE BILLING," SAYS ASPECT SOFTWARE'S O'CONNOR
Dublin 7th March 2001,Retail banks across Europe are failing to get their operational eCRM houses in order quickly enough to exploit the opportunities of electronic bill payment and presentation (EBPP), according to the Chief Executive of Aspect Software Gerry O'Connor. Speaking today at the Institute of Economic Affairs 2nd Annual Retail Banking in Europe Conference held in Brussels, O'Connor warned that banks were set to lose out on the rapidly expanding market for EBPP across the continent, largely as a result of inertia and a deliberate policy of watching and waiting for market developments.
O'Connor said: "EBPP is a integral part of operational eCRM, in that it affords significant efficiency and cost savings, while enhancing the customer experience. For businesses the potential benefits are legion: the ability to deliver a more personalised service through a new electronic pathway, a more streamlined billing process and a reinforced brand image through the consistent delivery of customer information. Simultaneously, consumers are also increasingly looking to move into an automated "Martini" method of paying bills – namely, the ability to pay bills and manage finances anytime, anywhere and over a variety of channels.
Banks are ultimately the final recipient of bill data transactions, bill payment requests, and monetary transfers. With consumers entrusting their finances to the bank, it should come as no surprise that consumers would prefer to use the bank as their bill consolidator. This is a major opportunity for banks to build loyalty and new revenue streams, which is at the moment, being allowed to slip by.
O'Connor concluded: "According to data from Killen and Associates, the e-bill presentation market will grow to $30 bn. by 2003. Across Europe in 2003, 39 per cent of all bills will be transacted via EBPP equating to over $10.5 bn. Although there is confusion over different technologies and service providers available at the moment, we expect this situation to resolve itself as the market begins to evolve and global players appreciate the opportunities. This is not the time for caution if banks wish to ensure significant and cost-effective business benefits. If banks fail to grasp this opportunity, other non-banking organisations will muscle in themselves. Put simply, doing nothing is not an option."
-ENDS-
Notes to Editors:
Aspect Software is a fast growing award winning corporation that has developed world-class Operational eCRM applications for the Banking and Insurance industry. With operations in Dublin & London, Aspect Software’s blue-chip customer base is spread across Central Europe, UK and Ireland. We bridge the gap between technology and business benefits by embedding deep industry expertise in market-ready applications. Our flagship product Touchpoint2 exploits innovations in eContent management, Legacy Data Integration, Process Automation and Communications Infrastructure. Aspect Software is focused on the needs of business managers enabling them to transform their customer-centric operations making their organisations responsive and competitive.
www.aspect-software.com
For more information please contact:
Ann Rodgers Tel: 00 353 12405 222
Aspect Software email: arodgers@aspect.ie
Julie Allison Tel: 020 7608 3222
Marketforce Communications email: jallison@marketforce-communications.co.uk