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Asian banks are ignoring key online customers, says IDC

25 March 2002  |  2416 views  |  0 Asian banks are ignoring key online customers, says IDC

Asian banks need to devote more attention to their Internet banking customers, according to new research from IDC.

The study surveyed Internet banking users across Australia, China, Hong Kong, Korea, Singapore and Taiwan.

Results show the growth in transactions through the Internet channel is increasing at a faster rate than the decrease in transactions through the branch.

Customers who visit the branch once or fewer times per month have the highest Internet banking usage. A bank’s best Internet customers (high Internet activity, low branch activity) fall within the 25-55 age group and are at the highest income levels.

IDC suggests transaction volumes via the branch will decrease as customers get more comfortable online, but warns that banks have so far done a poor job addressing the concerns and needs of Internet customers.

In all surveyed countries, respondents indicate a strong desire for more education and say they would increase online activity as a result. They feel banks have done a poor job on education, convincing them Internet banking is safe, providing incentives for adoption, and making sites easy to use.

The study suggests banks can develop a large, loyal Web-using customer base by offering a good quality, informative site. Online origination of offline purchases can also be achieved by using the Web to educate customers before they appear at a branch, says IDC.

The research company is cautiously optimistic about the future of these advanced online financial services, but urges banks to isolate and encourage their most promising Internet customers first.

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