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Online Banking: IDC expects growth in online bank accounts in Europe
Internet Business News,, Knowledge Level: All Levels, Keywords: online banking
Market intelligence and advisory firm IDC is predicting a rise in online banking subscriptions in Western Europe over the next five years.
The company expects that the number of online accounts will grow from 2003 to 2007 with a compound annual growth rate of 11%. This will enable growth from 100m in 2003 to over 150m in 2007.
A spokesperson for IDC said that the cost of carrying out transactions on the Internet is lower compared to offline transactions. Because of this, a number of banks are attempting to migrate a portion of their existing customers on to online banking to realise the cost savings that this channel can provide.
syndicated from http://www.findarticles.com/p/articles/mi_m0BNG/is_2003_June_2/ai_102670098. Article on online banking by Internet Business News,
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