Banks fail on internet targets

- Central Banking staff
- 04 Oct 2001

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UK - Banks have failed to meet targets for cost savings from internet banking and almost half believe the business case for setting up web services may not be viable.

A study by Cap Gemini Ernst & Young, the consultancy, found that fewer customers had signed up to online services than planned, and those that did sign up used the internet less often than expected. Banks have cut their forecasts for cost savings due to internet usage by more than half, to just 10 per cent of operating costs by 2004

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