23 June 2005
European use of the Internet for banking purposes is expected to boom during this and next year, according to the results of a new study.
The claim comes from analysts after a report by Datamonitor, titled 'European eBanking technology strategies', found that EU banks are to spend around £1.7 billion on Internet technologies by 2008.
The report also revealed that Italy and the Nordics are likely to see the fastest-growth opportunities to 2008.
William Conner, financial services technology analyst at Datamonitor, said: "The internet is set to re-emerge as a priority area for technology investments. This reflects e-banking's growing effectiveness as a sales tool and banks' drive to refresh existing platforms.
"The Internet is becoming an increasingly effective revenue generation tool, although its exact role in distribution strategy will depend on the strategic focus of the bank," he added.
The expert added that the functionality, accessibility and usability of banking websites will be greatly enhanced as part of the developments.
© DeHavilland Information Services plc
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