Wholesale banks lack a coherent e-business focus and are over-stretching their resources by investing in too many internet projects at once, a report claims.
Rather than carefully selecting routes to success on the internet, too many wholesale banks are taking a scattergun approach, the report from TCA consulting reveals.
"Many banks appear to be trying to do absolutely everything under the sun, rather than trying to do what is actually needed. This failing approach does not bode well for the future," said the report's author, Paddy Murphy.
Wholesale banks need to carefully select areas of expertise and build a reputation for excelence in particular fields, rather than attempting to develop an e-service for each and every customer demand.
The whole sale banks risk being overtaken by nimbler start up companies or by retail banks entering the wholesale sphere unless they become more focussed.