According to CIT Group executive vice president banking Raymond Quinlan, there are immense opportunities in the US rapidly growing online banking sector.
"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," Quinlan said.
"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," added Quinlan.
With the increased demand, online banking security has been beefed up and the banks are well prepared to meet the future challenges, said the firm.
The firm said that customers expressed their concern about three different aspects of online banking such as the product attributes, service and price competitiveness.
CIT Bank, a wholly owned subsidiary of CIT Group managed $6.1bn of deposits and $9bn of assets as of 31 December 2011.
