Europeans Among Those Who Like Online Banking Best
LONDON, June 21, 2000-- Internet users in Europe are among the world's most enthusiastic online banking customers, ahead of those in the United States, according to a new survey of online banking and trading intentions around the world, released by Angus Reid Group.
"We're finding across the world that as people go online, banking is one of the commercial applications that have an immediate appeal," adds Gus Schattenberg, Vice President of Global Products at Angus Reid Group. "Online banking has a following among users in the most developed Internet markets, but there are even some emergent markets where online banking is carving a niche among the leading edge of users."
Added Phil Cutts of Royal Bank of Canada Global Private Banking: "Europeans see online banking as one of the most valuable and convenient uses for the Internet,". "The convenience of online banking is particularly important for those business people with busy schedules who are also financially active."
Among Internet users, those in the U.K. (29 per cent) and Spain (24 per cent) said they are "very likely" to bank online within the next year, ahead of those in the United States (21 per cent). Most enthusiastic were those in Germany (42 per cent) and Sweden (35 per cent).Other European countries among the top ten include the Netherlands (35 per cent), Switzerland and Belgium (34 per cent each). Less enthusiastic were Internet users in France (9 per cent) and Italy (7 per cent). The highest percentage of all respondents was among urban South Africans (46 per cent), while those surveyed least likely to consider banking online were Egyptians and Russians (each at 2 per cent).
While American Internet users on a percentage basis have moved more slowly to embrace online banking, their sheer number suggest they remain a formidable market force as the United States has nearly half of the world's estimated 50 million online banking customers.
The survey also found that among those who have done banking online, a large percentage-- in some cases as many as nine in ten-- say they plan to continue doing so.
"This confirms what clients have told us," said Cutts. "As they continue to take a more global view of their business, the Internet is quickly becoming the most effective means by which we can keep in touch with them no matter where they are."
The survey found a more moderate attraction to online stock trading and other Internet-based investing services. Only two European countries, Germany (14 percent) and Switzerland (9 per cent), were among the top ten in which respondents were "very likely" to conduct online stock trading or other investments. Those in the U.K. (6 per cent) responded less enthusiastically than their American counterparts (10 per cent).
The results are taken from interviews conducted as part of Angus Reid's The Face of the Web, the most comprehensive international study of consumers and the Internet ever done, based on a total of 28,374 interviews with Internet users in 30 countries and general consumers in 34 countries in November and December 1999 and January 2000.
Established in 1979, the Angus Reid Group is among the world's leading research companies, providing a full array of marketing and social research services to the private and public sectors. Founded by Dr. Angus Reid, it has conducted extensive research in 80 countries and 40 languages and serves clients around the world through 10 offices and 300 full-time and 800 part-time staff.
Royal Bank of Canada (RY) is a diversified global financial services group and a leading provider of personal and commercial banking, investment and trust services, insurance, corporate and investment banking, on-line banking and transaction-based services including custody. The group's main business units include Royal Bank, RBC Dominion Securities, Royal Investment Services, RBC Insurance and Global Integrated Solutions. The group has 49,000 employees who serve 10 million personal, business and public sector customers in 30 countries. For more information, visit Royal Bank's Web site at www.royalbank.com.
For more information, contact:
Gus Schattenberg, Vice President Angus Reid Group (604) 893-1606Simon De Ferrer London 44-171-653-4746.
