Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : USAB - USABancShares.com -- Ignore unavailable to you. Want to Upgrade?

To: Tom Borst who wrote (1344)	6/23/1999 1:01:00 PM
From: Tom Borst	Respond to of 2419

June 21, 1999 - Study: Banks Lagging In Use Of Internet Despite all the hype surrounding electronic banking, banks are missing the boat when in comes to the Web. A report by accounting and consulting firm PriceWaterhouse Coopers, Creating Tomorrow's Leading Retail Bank, states that banks do not realize the true scope of the Internet's impact on their industry. Angus Hislop, a senior banking partner at PwC who worked on the study team, says that although consumers appear receptive to performing financial transactions over the Internet, many banks see the 'Net as more of a "futuristic delivery channel. What we are talking about is a paradigm quake that we believe will rattle the entire banking industry." European banks are one step behind American institutions in this area, plagued by Year 2000 and euro-integration concerns, PwC also contends. The study also found that consumers are seeking a faster, more convenient alternative to conventional bank branches. Thus, financial institutions need to create "virtual customer intimacy"-combining technology with staff, knowledge and communication to serve customers better and more cheaply. Banks also should look to other service-oriented industries, such as retail, for models in accommodating technological change, Hislop suggests.