Feeds

European banks slip through the Net

Study shows institutions underestimate the Web – silly bankers

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

European banks have not grasped the threat of the Internet and risk losing customers unless they shape up, according to a study out today. Today’s report by Price Waterhouse Coopers (PwC) and the Economist Intelligence Unit was based on interviews with over 50 top banking execs. It claims that banks see the Web as "futuristic" and do not understand the dangers of losing out to new rivals. Angus Hislop, senior banking partner at PwC, said US banks had become aware of the threat of cyberbanking after seeing new ventures swipe customers. But their European counterparts were being left behind, blissfully unaware that Web auctions were showing customers the best accounts and savings plans. "They have been slow to realise the speed at which the Internet changes banking for ordinary people. Banks will be able to tailor products for individuals, effectively bringing private banking to everyone," he said. The study did not find one large retail bank that fully understood the scale of change needed, although Barclays has recently launched a campaign to promote its own PC banking services by offering a free ISP package to its customers. "Unless the banks wake up very quickly they are going to lose out," Hislop warned. Brand value, which banks have traditionally spent millions on, paled in significance to fast, convenient and glitch-free banking services. "All the great work done by banks to build brand value will not be able to offset what search engine technology is about to deliver," warned one banker questioned for the survey. ®

Internet Security Threat Report 2014

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.