Internet banking needs innovation
May 29, 2007 by admin
Filed under News, News-Banking
Internet banking recently turned ten but one of its pioneers says the current crop of sites lack innovation and direction.
Jim Spowart, chairman of peopleschampion.com, who created the UK’s first bespoke internet banking site, has criticised the current market.
He says that banks appear to be unsure of where to go next with their online banking websites and wants to see them doing more to offer customers something different.
“The banks have been concentrating on profitability. All they have done is use the technology to update their traditional banking methods,” commented Mr Spowart.
“There’s been very little thinking about how they can offer the customer something brand new. Internet banking is just an add-on convenience for many – but it hasn’t changed banking. That’s why the banks are having to hit the customers with extra hidden charges.
“In every way, the internet has changed the way we all look for products and services. The poor old traditional bankers are still scratching their heads looking for ways of gaining customers, yet the whole game has changed,” he added.
Internet banking in the UK celebrated its tenth anniversary on May 27th 2007, a decade after Nationwide launched the first site.
