 |
 |
Bullish forecast on global Internet banking
February 9, 2010
Internet banking has emerged as an efficient tool to improve transactional efficiency and communicate the bank's service offerings to the customers, who benefit from the convenience offered by the amalgamation of technology and effective service provision. In the wake of the current global economic recession, banking consumers are increasingly opting for cost-effective alternatives (namely Internet banking) to conventional banking operations. The desire to control finances is a major contributor to the high frequency of online banking visits by customers, which are primarily centered on cash flow monitoring, cost savings on stamps and cost management.
Globally, the adoption of Internet banking services consumers is influenced by factors such as quality and convenience of service, income and awareness levels of consumers, perception about benefits and risks of the service, technical capabilities of the consumer, and security and privacy of the service. Internet banking customers in the United States and the United Kingdom constitute the largest users of online banking services across the world.
The United States, Europe and Asia-Pacific dominate the global Internet banking market accounting for more than 80% of the total customer base, as stated by the new market research report on Internet banking. In Europe, the adoption of Internet services is driven by the growing desire of banks to provide an innovative and convenient mode of payment to customers, apart from lowering operational costs and enhancing profit margins. Asia-Pacific presents enormous growth opportunities for the Internet banking market, due to the rapid uptake of remote banking services in countries such as China, Australia, Korea, Hong Kong, India, Thailand, Taiwan, Singapore and Malaysia. The Internet banking customer base in India is expected to witness rapid growth to reach 31.5 million by 2012.
A major challenge for Internet banking is its growing popularity and easy accessibility, which attracts fraudsters and enhances risk of online theft. Consequently, the need for advanced and effective security measures assumes significance for smooth conduct of Internet banking operations. Despite the potential drawbacks in the form of high cost and security concerns, banks are using Internet services to benefit from the digital revolution. Key players profiled in the report include Bank of America Corporation, Citigroup Inc, Intuit Inc., Digital Insight, E*TRADE Financial Corporation, Fiserv Inc, JPMorgan Chase & Co., U.S. Bancorp, Wells Fargo & Company, and Yodlee Inc., among others.
The report titled "Internet Banking: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of number of customers for regions including The United States, Japan, Europe, Asia-Pacific, Latin America and Rest of World.
Globally, the adoption of Internet banking services consumers is influenced by factors such as quality and convenience of service, income and awareness levels of consumers, perception about benefits and risks of the service, technical capabilities of the consumer, and security and privacy of the service. Internet banking customers in the United States and the United Kingdom constitute the largest users of online banking services across the world.
The United States, Europe and Asia-Pacific dominate the global Internet banking market accounting for more than 80% of the total customer base, as stated by the new market research report on Internet banking. In Europe, the adoption of Internet services is driven by the growing desire of banks to provide an innovative and convenient mode of payment to customers, apart from lowering operational costs and enhancing profit margins. Asia-Pacific presents enormous growth opportunities for the Internet banking market, due to the rapid uptake of remote banking services in countries such as China, Australia, Korea, Hong Kong, India, Thailand, Taiwan, Singapore and Malaysia. The Internet banking customer base in India is expected to witness rapid growth to reach 31.5 million by 2012.
A major challenge for Internet banking is its growing popularity and easy accessibility, which attracts fraudsters and enhances risk of online theft. Consequently, the need for advanced and effective security measures assumes significance for smooth conduct of Internet banking operations. Despite the potential drawbacks in the form of high cost and security concerns, banks are using Internet services to benefit from the digital revolution. Key players profiled in the report include Bank of America Corporation, Citigroup Inc, Intuit Inc., Digital Insight, E*TRADE Financial Corporation, Fiserv Inc, JPMorgan Chase & Co., U.S. Bancorp, Wells Fargo & Company, and Yodlee Inc., among others.
The report titled "Internet Banking: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of number of customers for regions including The United States, Japan, Europe, Asia-Pacific, Latin America and Rest of World.
|
