Mass closures avoided but it has certainly changed our lives...
By silicon.com
Published: 16 April 2004 12:20 GMT
16.04.99: One in three bank branches in the UK could be forced to close as a result of Internet banking, according to a report out today from Deloitte Consulting.
More than 200 executives from the retail banking industry were questioned and over 50 per cent cited the Internet and call centres as being critical to their businesses.
Deloitte argues that increased competition in the sector will force banks to offer increasingly sophisticated online and telephone banking services to hold on to customers.
John Harrison, partner and retail banking specialist at Deloitte Consulting, argued: "The changing function of the bank branch, from a full-service to a multifunctional ATM machine, is natural when most consumers are able to reach their bank easily and happily via the telephone or internet."
16.04.04: Banks have indeed been closing in recent years - generally to reopen as an All Bar One or similar - but online banking hasn't had quite the devastating impact predicted here on high street branches.
Online banking is seen as complementary - a way of getting around the time-honoured irony that banks only tend to be open when those of us who earn money and thus require their services most are busy at work. That's not to say it hasn't had an impact, but where money is involved consumers will generally also appreciate the availability of 'real people' to talk to face-to-face.
Of course online banks have their drawbacks. Online bank robbers spring to mind - most commonly in the form of phishing scams - leading to accusations of 'turkey shoot' rich pickings for cybercriminals.
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