Online Banking Ripe for Growth According to CIT Executive Insights Video SeriesOnline Banking Growing RapidlyConsumers Receptive to Online BankingAdvances in Privacy and SafetyCIT Offers Competitive Products, Pricing and ServiceTuesday, April 17, 2012 08:30 AM
First are the product attributes, second is service and third is price competitiveness. On all three of those tributes, we believe we have a very competitive offering and we’ve been gratified by our initial acceptance into the market.
NEW YORK--(BUSINESS WIRE)--The U.S. online banking sector is large and growing rapidly. Recent estimates indicate that it has topped $300 billion and is increasing three to four times as fast as the overall U.S. deposit market according to Raymond J. Quinlan, Executive Vice President, Banking at CIT Group Inc.(NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies. This topic is one of many discussed in Trends in Online Banking(cit.com/vodcastquinlan), the latest in-depth executive video Q&A featured in the award-winning CIT Executive Insights video series (cit.com/executiveinsights).
Consumers Receptive To Online Banking
The consumer population in the United States has been receptive to Internet banking. Quinlan comments, “The adoption rate has been very rapid and has been in parallel with the consumer’s enthusiasm for Internet services in other fields such as retail and information services more generally.”
Advances in Privacy and Safety
Online banking security has been uppermost in the minds of both banking entities, as well as regulators. Quinlan states, “A series of evolutionary steps that have, over a period of time, strengthened the security blanket, as well as tried to make the steps involved more convenient for customers while protecting both their privacy and financial assets have been in evolution for ten years now and have reached a level where most regulators at least are satisfied with this.”
CIT Offers Competitive Products, Pricing and Service
“Customers and prospects have told us that they are most concerned about three different aspects of online banking,” says Quinlan. “First are the product attributes, second is service and third is price competitiveness. On all three of those tributes, we believe we have a very competitive offering and we’ve been gratified by our initial acceptance into the market.”
Individuals can go to Trends in Online Banking (cit.com/vodcastquinlan), to view the complete video. Other recent video Q&As featured in the award-winning CIT Executive Insights series (cit.com/executiveinsights) include: Equipment Leasing Opportunities in Asia, 2012 Global Commercial Aviation Industry Outlook and the 2012 U.S. Energy Sector Outlook.
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About CIT Bank
Founded in 2000, CIT Bank is a wholly owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2011, it had $6.1 billion of deposits and $9 billion of assets. CIT Bank is a Member of FDIC. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com
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