Online banking boom in Europe

11 October 2003
Figures reveal that European online banking is becoming increasingly popular as customers' confidence in financial web services grows.

According to Nielsen over 18.5 million Europeans visited an online bank or building society during October 2002, marking a rise of three million people in six months.

Netherlands and Sweden have been identified as having the strongest online banking markets. The UK was not far behind, with over seven million customers managing finances online from work and home last October.

The top five banks visited by online customers were traditional high street firms Lloyds, Barclays, HSBC and NatWest, and internet exclusive egg.com, which proved most popular.

'Even though the online banking market is growing in Europe, these figures suggest there is still plenty of room for expansion in some markets,' said Internet Analyst Tom Ewing, according to Insight Resources.

'The key may be converting existing users of financial websites to other online financial offers,' he added.

Recent data has shown that online mortgage applications have grown considerably in number throughout Europe, some 500,000 internet-originated mortgages having being secured this year.