Financial Institutions Trying to Woo Entrepreneurs to Web
Financial Services Marketing (08/00) Vol. 2, No. 5 p.37; Hintze, John

The excitement surrounding online banking has not been enough to convince small-business owners of its benefits. Many are reluctant to take the plunge because of fear over security. Those that do prefer the service of community banks as opposed to online customer service at large institutions, which they complain often do not provide the desired information. According to results from a recent survey conducted by Cyber Dialogue Inc., more small-business owners could be encouraged to use online banking if more were done in the way of educational programs, enhanced services including links to useful sites, and improved customer service facilities. A lack of information regarding the benefits of online banking contributes to its deficit of users, and the presence of hackers is also discouraging. But Jaime Sneddon of Interactive Marketing American Express' Small Business Services offers hope for the future of online banking, noting that the program is still under construction. Better services and more protection will be offered through alliances in the future, so the industry should thrive.

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