17 October 2017
Register now

Asian banks are ignoring key online customers, says IDC

25 March 2002  |  2452 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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sony Bank hones online investment advice

Sony Bank hones online investment advice

05 March 2002  |  5550 views  |  0 comments
Online banking plateaus despite Internet enthusiasm

Online banking plateaus despite Internet enthusiasm

29 January 2002  |  3350 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.temenos.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14794 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8142 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7464 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6765 views comments | 13 tweets | 7 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6107 views comments | 8 tweets | 16 linkedin

Featured job

London, UK (or flexible)

Find your next job