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Global Trends in Online Banking



Anita Hawser, European Editor, Global Finance

Anita Hawser, European Editor, Global Finance



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    Global Trends in Online Banking Global Trends in Online Banking Presentation Transcript

    • Global Trends in Online Banking Anita Hawser European Editor Global Finance www.gfmag.com
    • Bricks versus clicks
    • The UK’s first online “pure play”
      • It took Egg 10 weeks to attract
      • £1 billion in deposits
      • Within the first six months it had £5 billion in deposits, well ahead of target.
    • Online savers better off
      • “ An online saver could be 37% better off over a year, compared with someone opting for the best deal in a branch”
      • Source: Which, UK consumer watchdog
    • Online banking reality check
      • Online access failures
      • (Users could not log on to Egg.com for more than a day but there was no customer notification)
      • Online banking fraud
    • Online fraud declining
      • January to June 2010
      • Online bank account fraud fell 36% from 2009’s half-year figure
      • Source: UK Cards Association
    • Reasons for decline in online fraud
      • Increased customer awareness of phishing scams
      • Increased use of anti-virus software
      • More sophisticated fraud detection by banks
      • Additional authentication - MasterCard SecureCode and Verified by Visa
    • Increasing customer confidence in online
      • 44% of US survey respondents felt more secure on their bank’s web site
      • ( comScore 2010 State of Online Banking )
      • “ It is imperative that banks find ways to tap into the market segment that does not bank online for security reasons.”
    • Online banking growth
      • In the UK, 21.5 million customers bank online (35% of the UK’s total population
      • Growth in online banking is at an evolutionary rather than revolutionary pace?
    • Online bill pay
      • “ A new milestone has been reached in the online banking world with the widespread adoption of online bill pay, now utilised by 64% of the online banking community, up 19 points from the previous year.”
      • (comScore 2010 State of Online Banking)
    • Mint.com tracks $175 billion in transactions, $47 billion in assets and has identified more than $300 million in potential savings for users
    • Online banks and social media
      • Who is using social media to engage in two-way communications with their online bank?
      • 11% of financial institutions on the UK FTSE 500 use Twitter to engage with customers
      • More than 90% of telecoms companies use social media for two-way communications, compared to just 4% of banks
      • (Source: Kencall 2010)
    • The future is mobile and multi-channel
      • Banking the “unbanked”
      • In developing markets like Africa there are more people with mobile phones than bank accounts
      • Mobile money transfer service M-PESA has more than 7 million customers (no bank accounts involved)