UK financial services firms will lag behind their European counterparts in delivering online financial services, argued a report from IT consultancy Forrester Research this week.
Forrester believes there will be up to 10 million people using the Interent to seek financial advice by 2002 across all of Europe, with banking applications likely to dominate the market place.
While UK financial services firms are already off to a slow start, concerns about channel conflict and exaggerated hopes for interactive television are likely to delay their progress further, Forrester's report claimed.
To attract customers online, financial services firms need to look beyond offering basic transactions and focus on the overall customer relationship, the report said.
"Consumers will be drawn to firms that help them map their financial future," said Cliff Condon, director of New Media Analysis for Forrester.
"This means that financial sites will need to offer insights on how the euro will affect consumers' financial health, prepare them for the introduction of more sophisticated products and deliver the right products at the right time," he concluded.
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