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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 i...
Online savers better off
• “An online saver could be 37%
better off over a year, compared
with someone opting for the best...
Online banking
reality check
• Online access failures
(Users could not log on to Egg.com
for more than a day but there was...
Online fraud declining
January to June 2010
Online bank account fraud fell
36% from 2009’s half-year
figure
Source: UK Car...
Reasons for decline in
online fraud
• Increased customer awareness of
phishing scams
• Increased use of anti-virus softwar...
Increasing customer
confidence in online
• 44% of US survey respondents felt
more secure on their bank’s web site
(comScor...
Online banking growth
• In the UK, 21.5 million customers
bank online (35% of the UK’s total
population
Growth in online b...
Online bill pay
• “A new milestone has been reached in
the online banking world with the
widespread adoption of online bil...
Mint.com tracks $175 billion in transactions,
$47 billion in assets and has identified more
than $300 million in potential...
Online banks and social media
• Who is using social media to engage in two-way
communications with their online bank?
• 11...
The future is mobile and
multi-channel
Banking the “unbanked”
In developing markets like Africa there are more
people with...
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
Global Trends in Online Banking
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Global Trends in Online Banking

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Anita Hawser, European Editor, Global Finance

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Transcript of "Global Trends in Online Banking"

  1. 1. Global Trends in Online Banking Anita Hawser European Editor Global Finance www.gfmag.com
  2. 2. Bricks versus clicks
  3. 3. 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.
  4. 4. 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
  5. 5. 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
  6. 6. Online fraud declining January to June 2010 Online bank account fraud fell 36% from 2009’s half-year figure Source: UK Cards Association
  7. 7. 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
  8. 8. 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.”
  9. 9. 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?
  10. 10. 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)
  11. 11. Mint.com tracks $175 billion in transactions, $47 billion in assets and has identified more than $300 million in potential savings for users
  12. 12. 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)
  13. 13. 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)
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