Despite the hype, it?s still early days for Internet banking, says a new report by market researcher Datamonitor Europe. Only six percent of European households are currently using the Internet for retail investment services, and companies are adopting a ?wait-and-see? attitude about selling financial services on the Web, claims the study.
The study says that, at present, even major banks such as Deutsche Bank, ABN Amro or Cridit Agricole are merely using the internet for providing information about their savings and investment (S&I) products, rather than actually selling these products online.
Said Datamonitor?s senior analyst Adrian Pilz: ?Leading European banking and insurance companies are keen to employ the Internet for more than just marketing and PR. The selling of products, however, is not a realistic option until problems of security and general penetration into households have reached critical level.?
Datamonitor measured the percentage of savings and investment (S&I) products being sold through internet and PC in 1996. In Germany, about 0.5 percent of S&I products is being sold via the Internet, with other European countries such as the UK , the Netherlands and France scoring well below this modest level.
The report does go on to say that the Internet will eventually turn into one of the most significant distribuition networks for S&I products, as the penetration of PCs in European households increases.
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