Internet & Telephone Banking 2013 - Market Report

By Author: Bharat Book Bureau
Total Articles: 1478
Comment this article

Technological revolution has caused significant change in the Internet and telephone banking market in recent years, and is expected to play a key role in shaping it in the future. There has been change to both the users and the overall products.

Internet banking, and mobile banking in particular, have been a major success story for the banking industry. Many of the everyday banking transactions that would once have required a branch visit can now be done online or using a smartphone or other mobile device. This includes applying for loans and overdrafts, as well as paying bills, checking balances, and making transfers. The ease and speed with which such transactions can now be carried out via the Internet has been a key factor in the service’s success from a customer perspective; at the same time, banks enjoy lowered overheads the wider spread Internet banking becomes.

However, the rise to prominence of Internet banking has been at the cost of the decline of telephone banking. Between 2008 and 2012, the number of personal bank accounts registered to be accessed via the Internet increased by 23.4%; over the same ...
... period, the number of customer accounts registered to be accessed over the telephone declined by 28%. http://www.bharatbook.com/banking-and-technology-market-research-reports/internet-telephone-banking-2013-market-report.html

Mobile banking is also rising rapidly in terms of the volume of users, with the arrival of tablet computers acting to further boost a market that was already primed for meteoric growth before this intervention. It allows users the same functions of Internet banking but, with Third Generation (3G) technology, and Fourth Generation (4G) technology coming soon, customers can access their accounts, pay bills and makes transfers, etc. on the move, wherever they are. The number of adults in the UK accessing the Internet through their smartphone reached 17.6 million in 2011, representing almost half (45%) of all Internet users. Clearly, this market is ready to be tapped and indeed many banks and building societies are already making inroads towards doing so.

For the future, Key Note is predicting a further increase in the number of accounts registered to be accessed online, although by 2017 growth will have slowed as online access to bank accounts slowly becomes more universal and there are fewer older accounts to convert to having online access.

Between 2013 and 2017, Key Note forecasts that the number of accounts registered for Internet banking will increase by 17.8%, which would equate to growth of 52.6% between 2008 and 2017. Telephone banking, on the other hand, is set to continue to decline in terms of registered customers over the next 5 years, with the number registered declining by 16.4% between 2013 and 2017. Between 2008 and 2017, this represents a decline of 42.6% in total, driven by banks increasingly moving towards online distribution and consumers favouring Internet and mobile banking over carrying out transactions via the telephone.

Table of Contents

Foreword
Executive Summary
Market Definition
INTRODUCTION
REPORT COVERAGE
MARKET SECTORS
Internet Banking with a Computer
Mobile Banking
Telephone Banking
MARKET TRENDS
Internet Banking's Rise at the Cost of Telephone Banking's Demise
Sales of Tablets Rise
Fourth Generation Mobile Internet Technology
An Online World
ECONOMIC TRENDS
MARKET POSITION
The UK
Overseas
Market Size
INTRODUCTION
THE TOTAL MARKET
BY MARKET SECTOR
Internet Banking
Telephone Banking
Mobile Banking
OVERSEAS TRADE
General Overview
Industry Background
RECENT HISTORY
NUMBER OF COMPANIES
Banks
Building Societies
EMPLOYMENT
Banks
Building Societies
REGIONAL VARIATIONS IN THE MARKETPLACE
HOW ROBUST IS THE MARKET?
LEGISLATION
Financial Services Compensation Scheme
Distance Marketing of Financial Services Regulations
Money Laundering
The Financial Services Act
The Bank of England
HM Treasury
KEY TRADE ASSOCIATIONS
British Bankers' Association
Building Societies Association
Euro Banking Association
European Banking Federation
Competitor Analysis
THE MARKETPLACE
MARKET LEADERS
For more information kindly visit :
Internet & Telephone Banking 2013 - Market Report
Or

Bharat Book Bureau
Tel: +91 22 27810772 / 27810773
Toll Free No for USA/Canada : 1-866-279-8368
Email: info@bharatbook.com
Website: www.bharatbook.com
Follow us on twitter: https://twitter.com/researchbook
Follow us on linkedin : http://www.linkedin.com/company/bharat-book-bureau
Our Blog : http://blog.bharatbook.com/