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Internet & Telephone Banking Market Report 2011
Key Note Publications Ltd, March 2011, Pages: 135
The Internet and telephone banking market is one that is experiencing a period of dramatic change, both in terms of users and product. This time of change is expected to continue in the future, making for some exciting times in the industry.
Internet banking has been the major success story in the industry. A number of new functions have become available to Internet banking for consumers, such as applying for a loan or extension of an overdraft. In the past, customers had to visit a bank branch to ask the bank manager for a loan, but now this can be done online in a much shorter period of time.
As more users access or think about Internet banking it is very important for banks to ensure that their website is user friendly. As people use banking websites more often it is integral that they find them easy to use and do not find that a competitor’s website is better in terms of user experience.
In terms of the number of Internet banking users, the authors estimate that there were 45.1 million bank accounts registered to use Internet banking in 2010, up from 28.2 million in 2006. This rise shows how this part of the market is growing rapidly and banks need to be prepared for this figure to continue to rise, as the authors have forecasted that there will be 59.8 million bank accounts registered to use Internet banking in 2015.
As more people choose to use Internet banking to manage their finances, banks are starting to shut down their local branches. This is another sign that Internet and telephone banking is the future of the consumer banking industry.
Telephone banking is a market that is in slight decline. In 2009, the number of telephone banking users fell for the first time since its launch in 1989 and the authors have forecasted a small loss of accounts using telephone banking in 2010. This decline is forecasted to continue into the future.
The mobile phone banking sector is the market’s biggest opportunity. If implemented correctly, consumers could pay their bills or apply for a loan within seconds on the go. NatWest has had its iPhone application on the market for over a year and First Direct launched the first application in the UK to have a facility to transfer money in January 2011. Barclays has recently updated its specifically designed mobile phone website and almost all of the major banks have plans to launch a mobile phone application or website in the coming months. Mobile banking will become much more accessible in the UK in 2011.
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