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Research and Markets: New Study Profiles Five Banks and Vendors Who Are Taking Different Approaches to the Online Storage Market Including Morgan Street and Wells Fargo

05 Nov 2008

November 05, 2008

DUBLIN, Ireland - Nov. 04, 2008 -(BUSINESS WIRE)–Research and Markets (http://www.researchandmarkets.com/research/1b7acc/online_storage_va) has announced the addition of Javelin Strategy & Research’s new report “Online Storage ‘Vaults’: The Electronic Safe Deposit Box Brings Opportunities for Loyalty and Fees, but Can It Overcome Daunting Challenges” to their offering.

The banking industry is watching carefully to see if Wells Fargo has developed a winner with the national rollout in October of its vSafe online storage vault, believed to be the first offered by a large U.S. bank. While there is clearly demand for products that will help consumers cut through the financial clutter in their lives, it is too early to tell if such vaults will pay off for banks and credit unions in terms of revenues, cost savings or increased loyalty.

This report analyzes consumer sentiment regarding the need for online vaults, shows that banks and credit unions have a temporary edge in this market, delves into how consumers are likely to use such vaults – and outlines why vaults are not likely to catch on overnight. It also profiles five banks and vendors who are taking different approaches to the online storage market: Wells Fargo, Vault Street, Morgan Street, CheckFree and eGistics.

Primary Questions

- What is the business case for offering vaults?

- Can banks charge for such services?

- Will banks shave costs if vaults induce customers to switch to electronic statements?

- Will vault services lead to increased customer loyalty?

- Why would consumers use an online vault?

- What features are most compelling to consumers?

- What hurdles are holding back consumers from using online vaults?

- What kinds of services and features do competing banks and vendors offer?

- How do their philosophies about vaults differ?

Methodology

The consumer data in this report is based on data collected online from a random sample of respondents in March 2008. The household survey targeted 2,350 respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is 2.02 percentage points at the 95% confidence level.

Key Topics Covered:

Overview

Primary Questions

Findings and Analysis

Methodology

Executive Summary / Recommendations

The Need for Online Storage Vaults is Clear

How Do Consumers Feel About Online Vaults

Do Banks Have an Edge Over Other Vault Providers

Why Would Consumers Use an Online Vault

What Is Holding Consumers Back

Online Storage Vaults Face Numerous Hurdles