European e Business Received wisdom says that the established European financial institutions are too slow and too inflexible to cope with the e Business revolution. The big players will be unable to cope. These views are widely held, but we believe that it is the big financial players who will be most successful in the e-age. Traffic is expensive for newcomers to generate.
Customers trust strong financial brands more than technology.
The future will be owned by multi-channel players, those with a portfolio of physical and virtual distribution channels. Few players will be successful using the Internet as a stand-alone channel. A bigger problem facing financial service providers as they migrate their businesses to e-channels, is the customer appeal of financial services. Customers perceive financial services merely as a necessary evil. Customers do not want to waste much of their increasingly valuable time on organising their financial affairs.