Product Type: Market Research Report
Published by: Business Insights
Published: February 2003
Product Code: R162-271Description The UK Internet banking market is maturing fast: despite the bursting of the technological bubble in the late 1990s, no ambitious bank can ignore the possibilities of an increasingly Internet-orientated public. Datamonitor estimates that there are currently 7.5 million Internet banking customers in the UK. Three years ago it was widely thought the Internet would replace 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: The report explains the three different strategies that can be employed to enter the online banking market 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. It also includes detailed company analysis of all the major players in the UK online banking market. The report provides invaluable insight for retail banking players wishing to scope competitors, as well as vendors and professional services firms aiming to target online banks.
Table of Contents Executive Summary
Key issues
Industry overview
Distribution and competition
Strategies for future success
Competitor analysis
Online banking yearbook
Chapter 1 Key Issues - Introduction
Summary
Introduction
Online banking strategies
Integrated versus pure-play, or both?
What's wrong with standalone?
Bringing the customers in
Additional support channels
Chapter 2 Industry Overview
Summary
Introduction
Market size
Market segmentation
Market forecasts
Chapter 3 Distribution and Competition
Summary
Introduction
Benchmarking competitor distribution channels
Online banks
Branch
Post Office
Telephone
Internet banking
Mobile banking
ITV banking
Overall rating
Retail banks
Building societies
Leading companies
Standalone Internet banks
Integrated Internet banks
Competitive landscape
Chapter 4 Strategies for Future Success
Summary
Introduction
Customer channel preferences
The benefits of integration
Standalone Internet banks: maintaining the edge
Technology investment priorities
Bricks and mortar banks
Standalone banks
Chapter 5 Competitor Analysis
Summary
Introduction
Egg Plc
Key facts
Business description
Strategy
Egg Invest
Egg Shop
Delivery channels
How to find the golden Egg?
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Smile
Key facts
Head office:
Business description
History
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Intelligent Finance
Key facts
Business description
Key employees
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
First Direct
Key facts
Business description
History
Key employees
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Cahoot
Key facts
Business description
Key employees
Products and services analysis
SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
Virgin One
Key facts
Business description
History
Key employees
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
HSBC Holdings Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Lloyds TSB Group Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Barclays Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Royal Bank of Scotland Group Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Abbey National Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
HBOS Plc
Key facts
Business description
History
Key employees
Products and services analysis
SWOT analysis
Overview
Strengths
Weaknesses
Opportunities
Threats
Chapter 6 Online Banking Yearbook
Summary
Introduction
Major events - 2002
NatWest: treading on Egg's sales
Egg: let's go to work
Nordea: leading the European online banking race
Egg: beating the competition
Online banking IT: only the strongest will survive
Egg: checking out
Smile: drinking to its success
Online banking: confidence at an all-time high
UK finance: online is a turn off
Intelligent Finance: feeling clever about job growth
Vontobel/PwC: Y-O-U know it doesn't work
Egg/Zonline bank: hatching a deal
Online banking: acquisition versus consolidation
Nordea: entering a critical stage
Major events - 2001
Egg: the Internet bank has cracked it
Online banking: people power forces strategy rethink
Intelligent Finance: ahead of the online banking pack
European online banking: branches still essential
Lloyds TSB: going forth where others fear to tread
Swedbank: tapping the young market
Cahoot: smart, but not smart enough
Generali: going forward as others retreat
First-e: the end of a bad trip
Internet banking: making waves in Europe
BankOne: clipping its Wingspan
CIBC/Ameritrade: history interferes with future
First-e: bleak future for jilted online bank
Barclays: a big bank, and a big online bank
Bank of America/Homestore: online partnership a good move
ABN Amro: standalone portal doesn't make sense
Intelligent Finance: maybe not so intelligent
Bank One: a difficult but wise decision
Major events - 2000
Alliance & Leicester: no riches from the mass affluent
Egg: breaking out of its shell into the offline world
Citigroup: reinventing itself into a financial services portal
AIB: no Net gains in online banking
Spanish banks: low Internet use won't stand in their way
Egg: a pan-European brand?
IF only we knew when
Egg: cracking under pressure from high street banks
Chapter 7 Appendix
Research methodology
Primary and secondary sources
Primary
Secondary
Customer number forecasts
Glossary
List of Figures
Figure 1.1: Which channel generates most business for retail banks?
Figure 1.2: UK consumers prefer the telephone as an additional support channel for online service providers, 2001
Figure 2.3: United Kingdom online banking customers, 2000—2002
Figure 2.4: United Kingdom online banking customers, 2000—2002
List of Tables
Table 1.1: Examples of banks employing the three online banking strategies
Table 1.2: Benefits of employing each of the three Internet banking strategies
Table 1.3: Problems involved in employing each of the three Internet banking strategies, 2001
Table 1.4: What is your preferred additional service channel for online service or goods providers, 2001
Table 2.5: United Kingdom online banking customers, 2000—2002
Table 2.6: United Kingdom online banking market segmentation by age: % of people, 2001
Table 2.7: United Kingdom online banking market segmentation by age: % of people, 2001
Table 2.8: United Kingdom online banking customers (forecast), 2002—2005
Table 3.9: Distribution channels offered by Internet banks
Table 3.10: Key to benchmarking table
Table 3.11: Retail banks offering Internet banking services
Table 4.12: UK consumers' preferred method for dealing with banking products
Table 5.13: Key employees: Egg
Table 5.14: Key employees: Egg
Table 5.15: SWOT Analysis: Egg
Table 5.16: SWOT analysis: Smile
Table 5.17: Key employees: Intelligent Finance
Table 5.18: SWOT analysis: Intelligent Finance
Table 5.19: Key employees: First Direct
Table 5.20: SWOT analysis: First Direct
Table 5.21: Key employees: Cahoot
Table 5.22: SWOT analysis: Cahoot
Table 5.23: Key employees: Virgin One
Table 5.24: SWOT analysis: Virgin One
Table 5.25: Key employees: HSBC Holdings
Table 5.26: Key employees: HSBC Holdings continued
Table 5.27: Key employees: HSBC Holdings continued
Table 5.28: SWOT analysis: HSBC Holdings
Table 5.29: Key employees: Lloyds TSB Group
Table 5.30: Key employees: Lloyds TSB Group
Table 5.31: SWOT analysis: Lloyds TSB Group
Table 5.32: Key employees: Barclays
Table 5.33: Key employees: Barclays, continued
Table 5.34: Key employees: Barclays, continued
Table 5.35: SWOT analysis: Barclays
Table 5.36: SWOT analysis: Barclays
Table 5.37: Key employees: RBS
Table 5.38: Key employees: RBS
Table 5.39: SWOT analysis: RBS
Table 5.40: Key employees: Abbey National
Table 5.41: Key employees: Abbey National
Table 5.42: SWOT Analysis: Abbey National
Table 5.43: Key employees: HBOS
Table 5.44: SWOT analysis: HBOS
Table 6.45: 2002 Major Events Yearbook
Table 6.46: 2001 Major Events Yearbook
Table 6.47: 2000 Major Events Yearbook
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