Changes in the banking sector – the case of Internet banking in the UK

TLDR

The Internet is becoming a popular delivery channel in banking, changing customer needs and enabling location‑ and time‑independent access that empowers customers with greater control of their accounts. A total of 12 Internet banking operations in the UK are analysed under customer empowerment functions and Internet banking Web attributes. Banks achieve cost and efficiency gains in a large number of operational areas.

Abstract

The Internet is gaining popularity as a delivery channel in the banking sector. At the same time, customer needs are changing. A total of 12 Internet banking operations in the UK are analysed under customer empowerment functions and Internet banking Web attributes. Internet banking renders location and time irrelevant, and empowers customers with greater control of their accounts. Banks achieve cost and efficiency gains in a large number of operational areas.