Online banking: The coming revolution
May 12, 1999
by Maryann Jones Thompson
(IDG) -- The Web's potential as a consumer banking forum has yet to be realized. Cyber Dialogue estimates that 7 million surfers, or 11 percent of Net users, bank online today. Many offline banks have yet to open for Net business. The American Bankers Association estimates that only 6 percent of the 9,000 U.S. consumer banks offer online banking.
But increased competition – from online brokerages, portals, you name it – has banks on the move. Gomez Advisors says 39 of the 100 largest consumer banks now offer Internet bill payment, up from 17 a year ago. And IDC predicts a flood of banks will sign up with online-banking-software vendors in 1999 in order to open their digital branches.
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