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Forecast: Banks Will Stick With Current Web Vendors

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NU Online News Service, Sept. 13, 3:16 p.m. – Software companies may have a tough time profiting from the boom in Web-based small-business banking services, according to a new report from Meridien Research, Newton, Mass.

U.S. banks are still making more use of the Internet to reach small businesses, and 75% will probably offer Web-based transactional services for small businesses by 2005, Meridien analysts predict.

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Many of banks’ current Web software contracts are about to expire.

But most big banks will stick with their current vendors, and most small banks will gravitate toward a small number of vendors that have great relationships with the core transaction-processing companies, the Meridien analysts write.