Feeds

European banks slip through the Net

Study shows institutions underestimate the Web – silly bankers

  • alert
  • submit to reddit

Intelligent flash storage arrays

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.