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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.

This Financial Services article was written by Internet Business News, on 6/1/2005

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