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Banks should take another look at the online channel as a way to raise core deposits and better position the institution to weather the current economic storm, according to Dinesh Sheth, CEO of uMonitor, Memphis, a provider of customer acquisition and retention solutions.
A few years ago, online account opening and funding technology was a novelty and perceived as being too expensive or too leading edge for the average bank's investment, says Sheth. Today, advancements in technology have made online account opening and funding both affordable and profitable for any financial institution, claims Sheth.
