Online Storage ‘Vaults’ The Electronic Safe Deposit Box Brings Opportunities for Loyalty and Fees, but Can It Overcome Daunting Challenges? : Market Research Report

Online Storage ‘Vaults’ The Electronic Safe Deposit Box Brings Opportunities for Loyalty and Fees, but Can It Overcome Daunting Challenges?

Published by: Javelin Strategy & Research

Published: Oct. 1, 2008 - 28 Pages

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
Five Approaches to Online Storage Vaults: Wells Fargo, Vault Street, Morgan Street, CheckFree and eGistics: Wells Fargo Stakes Claim to First-to-Market Bragging Rights; Vault Street Targets Big Banks - and Billers; Morgan Street: An Online ‘Switzerland’ for the Rich, Powerful and Anonymous; CheckFree’s ‘Vault 1.0’ is Under Construction; eGistics: Business is the Best Target, Not the Consumer
Related Research
Companies Mentioned
Table of Figures: Figure 1: Paper or Electronic? How Consumers Receive Their Checking Account Statements; Figure 2: Top Motivations for Consumers to Turn Off Paper Statements; Figure 3: Likelihood That Consumers Will Use Online Storage Vaults; Figure 4: Likelihood That Consumers Will Use Online Storage Vault (By Age); Figure 5: Consumer Preferences for Management of Their Online Storage Vaults; Figure 6: Consumers’ Top Preferences For Management Of Online Vault Services (By Age); Figure 7: The Most Appealing Features of an Online Storage Vault to Consumers; Figure 8: Consumers’ Main Areas of Concern With Online Storage Vaults

Abstract

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?

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Online Storage ‘Vaults’ The Electronic Safe Deposit Box Brings Opportunities for Loyalty and Fees, but Can It Overcome Daunting Challenges?

Table of Contents

Abstract