Despite the bursting of the technological bubble in the late
1990s, the UK Internet banking market is maturing fast, no ambitious bank can
ignore the possibilities of an increasingly Internet orientated public.
According to the estimation of Datamonitor, currently 7.5
million Internet banking customers are there in the UK.
Three years ago, it was widely thought the Internet would put back the branch
as the primary distribution channel of banking products.
While this has proved
not to be the case, it is emerging as one of the key channels behind branch and
telephone for distributing certain banking services:
In order to enter the online banking market the report
explains the three different strategies which are discussed: standalone or
"pure-play" Internet bank with separate eBrand; Internet services
that are integrated with existing banking services; and a combination of the
two.
In the UK
online banking market, it also includes detailed company analysis of all the
major players. For the retail banking players who are wishing to scope
competitors, as well as vendors and professional services firms aiming to
target online banks, the report provides invaluable insight for retail banking
players wishing to scope competitors,
Every hook and corner in the UK
like any other country was having banks. With the big bright signs like:
"apply now and get a 6.9% APR rate on your card!" these banks try to
lure new customers: These banks take the same approach, when you are on the
Internet.
Since they understand that so many people are using online
banking, they will make use of these banners on their websites; and through the
medium of the Internet, that they need to accentuate their competitive
advantages to attract customers.
Not everything is in its place despite all of the advantages
to online banking in the UK.
For online fraud, one in twenty consumers will fall victim; and when they do,
it will cost them big time.
To be honest, it is safer to use a brick-and-mortar bank;
however, so as to keep this safety net, you must give up convenience and
flexibility.
you should spend a substantial amount of time selecting a
unique and hard-to-crack password; and other than this, you should also use
other values for your optional information that is hard to determine, if you
decide to open an online banking account but are apprehensive about the
security issues,.
When you bank online, there are various types of threats and
frauds awaiting you. Following is a brief definition of each one of them:
- Trojans
& key loggers: When you click on a fraudulent link in your
computer, little programs named Trojans are automatically downloaded onto
your computer.
When you connect to your bank online and send the
information to the fraudsters, a record of the sequence of keys you press
on your keyboard will be recorded by key loggers' trojans.
- Phishing:
In order to trick customers of a genuine company, fraudsters practice the
habit of sending mails at random to customers of that company into
disclosing information at a bogus or 'spoof' website. This process is
called Phishing.
These emails usually claim that it is necessary to
"update" or "verify" your customer account information
and they urge people to click on a link from the email, which takes them
to the spoof website.
- Spoof:
A spoof is a Web site or an email that has been made to give the
impression it comes from a genuine company. Spoof Web sites are replicas
of genuine Web sites operated by fraudsters.
They collect the information
you input to steel your money. In order to make you think it is from your
bank, spoof emails use your banks logo and a fake 'from' address.
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