Yet many institutions are unprepared. With just the click of a mouse, consumers can move across borders and industries in search of the best price, buying goods from any number of different financial services providers. Technological excellence and e-business superiority will distinguish the industry's leaders from the herd. But success is going to demand enormous investments to replace or update companies' outmoded traditional systems and processes. Europeans are aware of the new electronic ways of doing business but have, by and large, not yet translated that awareness into action.
Huge gaps are apparent.
They can learn from the American experience but must not leave it too long. Some of the US pioneers of Internet-based financial services are already making inroads into Europe. Others will follow.