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Case 1: FleetBoston Financial: Online BankingThis case explores the financial services industry, how these firms make money, and what are their challenges and opportunities. As the ninth largest bank
Case 1: FleetBoston Financial: Online Banking
This case explores the financial services industry, how these firms make money, and what are their challenges and opportunities. As the ninth largest bank holding company in the United States in 2000, FleetBoston Financial Corp. provided a myriad of financial services, including retail banking, loan origination, and brokerage accounts.
For this case, please address the questions below:
1. What are the economics of retail banking? (How do retail banks make money?)
2. What are the key investments made by retail banks in technology for new/expanded delivery channels? Have these investments paid off?
3. What new opportunities for retail banking does the Internet offer? What challenges does the Internet pose? What should FleetBoston concentrate on going forward?
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* **** *** *** economics ** ****** ******** (How ** ****** ***** **** money?)Retail ******* ******** ** * collection ** ******** *** ******** offered ** ***** ** customers and small *********** through ******** *** ******** *** ***** ******** ***** ********* arrange ***** ****** ********** ***** customers ****** ******** *** ******** ******* *** *** ******** ** delivery connecting ********* to ******** and ************** banks **** ***** ** ******* ******** ** loans **** ** customers and ***** *********** ***** ***** ******** ***** **** ********** *** ************** customers *** **** have ******** **** ******** ** ******* **** profitable ********* *********** ***** *** no guarantee **** ***** products would **** ** ********** ** ********** ********* due to customer-transactions ******** ***** is ***** in *********** the ************* ** *************** ***** **** **** ***** ******* interest ****** on deposits **** ** other ********* ************ *** **** ******* for ******** They *** **** ******** to other ********* ************ ****** **** ******** ** a ***** ** ***** ******* They also ****** *********** **** *** ******* opening ******* ** their customers 2 **** *** the key *********** made ** retail ***** in ********** *** ************ ******** ********* Have these investments **** ********** **** **** ********** *** ************ ******** ** ******* ****** ***** **** * lower marginal **** *** *********** than *** previous ******** *** main ** introducing *** *** ************ ******** ** ** ***** *** ***** incurred ** *** retail banks ** ***** *** ********* *** evolving behaviors ** ***** ********* *** main ********* ********* ** initiating new ************ ******** ** the ******** ***** *** balancing *** expansion ** *** ******** *********** **** *** **** ** ***** *********** ** *** ************ channels ********** ** ****** ***** *** ** ********* ****** ******* ***** ** **** Customers *** banking cards ** ****** their accounts ***** *** ************ of ***** *** ****** ** Girard **** its competitors ****** ** ******** that ****** ***** *** ********* many *** ******** **** ******* ********* ** ****** access ***** **** ************** ***** **** ********** ********* ******* which ******* ********* to **** ***** ******** ******* ******** *** ***** ***** ******* balances without ******** * branchTelephone banking services **** ******* **** *** ********* *** *** cost ** *** provision ********* ** rise ******* ****** ****** ***** ********* ***** ******** units ****** VRUs allowed computers ** **** ***** *********** over *** ********* in response ** ***** tones ******* * representative from *** **** center At *********** **** voice response units served **** **** ** ******* ** *** calls ** * ****** **** call center by 2000Incorporation ** ****** bank **** ******* *** to *** ********* ** ******* ******* * personal ******** ** *** **** ***** ******* personal computers ******** special ********* ******** for ********* ** *** **** ***** **** accounts The ******** ********* were ***** replaced ** ******** ******* ***** ******* ********* ** ****** ***** **** accounts ******* *** bank’s web ****** ***** ** ensure *********** *** its ********* *************** implemented *** *** ******** into its ****** operations ****** ********* banking **** ******** ********* *** ******* ********* to ****** customers concerning ***** ******* *********** They **** ******** ******** ******** banking ******* ***** ******* ********* **** ********* **** access ** ***** **** accounts ****** days ** transaction ******* and ***** ******** ********* *** *** ***** *** ******* to ************* bank ******* information **** ******** ********* ******** *********** **** new opportunities *** ****** ******* **** *** Internet ****** What ********** **** the Internet ***** What ****** *********** concentrate on ***** forward? ***** formation ** *** *********** ********* Corporation * corporate ********** *** ********* ** ****** *** ***** ****** companies ****** top-tier ******** financial ********* for customers *** ********* **** strategy **** a ********** *** *** *********** ** web-enabled capabilities ****** *** corporation **** brought in new ************* to *** *********** **** ***** from infrastructure to access to transactions The **** ********* ** the *********** was to ******* ***** *** ******** ******* ******* HomeLink which *** integrated into *** lines ** ******** ** *** ************* * ******** ****** engine for *** *********** ******** ***** **** ******** ******** **** **** increase *********** ************* *** ***** products purchased *** retain existing ********* Internet *** therefore enabled *** corporation ** increase *** ****** ******* penetration ** more **** thirty *************** made ******** ************ **** Yahoo! become new competitors *** *********** ***** ** ************* ******* related information ** ***** ******* ********* using ****** ***** ******* *** * ******** ***** reading a short description ** how ******** ********** ***** ************ **** ******* ***** ******** ********** ********* ** finance ** ***** websites like shopping entertainment *** **** **** **** banks launch *** *** sites that ******** beyond ******* ******************* ********* *********** ****** ***** ** undertake *** digital *********** *** ** *** ******** consumer behaviors ******** *** technologies *** *** ****** *********** **** the non-banking ************ thus **** *** ****** technology and ********** ********* to ******** ** *******