Monitoring and Accountability
Once an institution implements its e-banking strategy, the board and management should periodically evaluate the strategy's effectiveness. A key aspect of such an evaluation is the comparison of actual e-banking acceptance and performance to the institution's goals and expectations. Some items that the institution might use to monitor the success and cost effectiveness of its e-banking strategy include:
- Revenue generated,
- Website availability percentages,
- Customer service volumes,
- Number of customers actively using e-banking services,
- Percentage of accounts signed up for e-banking services, and
- The number and cost per item of bill payments generated.
Without clearly defined and measurable goals, management will be unable to determine if e-banking services are meeting the customers' needs as well as the institution's growth and profitability expectations.
In evaluating the effectiveness of the institution's e-banking strategy, the board should also consider whether appropriate policies and procedures are in effect and whether risks are properly controlled. Unless the initial strategy establishes clear accountability for the development of policies and controls, the board will be unable to determine where and why breakdowns in the risk control process occurred.
Cost-Benefit Analysis and Risk Assessment