5 years ago... Europeans take to online banking

And how...

16.12.98 By 2003 online financial services will be used by 10 million Europeans, according to Forrester Research.

With consumers taking a more active role in managing their financial future, companies have been told they must build a better customer relationship to attract online customers.

According to Forrester, more financial institutions are using the internet for business. Once they have overcome the technological and cultural difficulties associated with the euro, the EC will develop a more unified structure.

16.12.03 It seems that Forrester, even at the height of the era of overblown forecasts, was conservative in its take up predictions.

By July 2001, monitoring company NetValue had put the number of banking website users at 3.8 million - and that was in the UK alone.

By October 2002, over a year ago, Nielsen//NetRatings put the figure at 18.6 million across Europe, with the Dutch and Swedish markets leading the way. Although the UK is familiar with the success of Egg, that research found traditional high street banks fairing well.

While we don't have figures for 2003 at hand, it is obvious to say banking online has continued to grow and been one of the big internet successes, for businesses and consumers. Contrary to mainstream media hysteria, if anything it is more secure than 'real world' banking, and has very much changed the way many of us live and work.