Brokerage Firms Differ Widely in Offering ACH Transfer Capabilities, Says New Report from Corporate Insight

NEW YORK--(BUSINESS WIRE)--Corporate Insight, the leader in researching and benchmarking the customer experience at financial services firms, recently examined ACH transfer capabilities of the top seventeen online brokerage firms and found wide diversity in terms of capabilities offered. The research found that twelve of these firms offer some type of ACH transfer functionality and all but two allow clients to initiate deposits and withdrawals online. This is on-par with banking websites and shows a clear intent on the part of brokerage firms to continue edging into traditional banking website capabilities.

“Fortunately, all but one firm allows clients to set up recurring transfers, with firms offering as many as 12 transfer frequencies.”

“Recurring transfer schedules are a valuable feature which can facilitate a disciplined investing or saving plan,” said David Rosenberg, Senior Analyst at Corporate Insight and author of the e-Monitor report. “Fortunately, all but one firm allows clients to set up recurring transfers, with firms offering as many as 12 transfer frequencies.”

Transfer interfaces highlighted in this report vary in terms of the number of steps required to complete a request. Just over 40% of the firms simplify the transfer request process by combining all options and input fields onto a single screen – the most convenient transfer request process. Other firms spread the steps out over as many as five separate screens – a significant inconvenience for the user. In addition, while the majority of firms do not require it, a few sites need users to enter separate transfer passwords before initiating the transaction.

In this 65 page report, entitled Online ACH Transfers (www.corporateinsight.com/ci.asp?men=cus&cus=rdp&index=582&tab=a), Corporate Insight graded firms on their performance using the following criteria: accessibility, usability, and options. The report includes detailed findings of each firm’s offerings, along with analysis and recommendations firms should consider when updating and upgrading their online funds transfer capabilities.

For more information on this research and related services, please visit: www.corporateinsight.com.

About Corporate Insight

Corporate Insight is a leading provider of competitive intelligence, analysis, and consulting services to the financial services industry. Founded in 1992, the firm has a blue-chip client base of industry leaders who rely on the company’s commentary and insight gleaned through years of research examining the issues and trends that have shaped the industry. CI monitors the top firms on an ongoing basis, measuring, analyzing, and communicating industry best practices. Its products include Bank Monitor, Broker Monitor, Credit Card Monitor, e-Monitor, Mutual Fund Monitor, Mutual Fund - Advisor Monitor, and Annuity Monitor, as well as custom project work. For more information, please visit www.corporateinsight.com.