Banks around the world are throwing money at Internet services, but many have no idea of their target audience, or how they will recoup their investments.
In its latest report, management consultants Ernst & Young predicts that by 2001, banks will make the same proportional investment in Internet technology as they do on branch networks.
In Europe, only 34 per cent of banks felt the Internet would help them retain customers, compared with more than half of US banks surveyed. Of the 100-plus banks in 26 countries polled, an enormous 96 per cent did not forecast an increase of product sales via the Internet.
Ernst & Young concluded that ironically the Internet?s structure, which makes it fast and efficient to deliver services and products, also makes it easy for customers to compare offerings from rival banks.
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