August 21, 2009 (updated August 31, 2009)

European Online Banking Holdouts Want Security Guarantees

Net Users Still Need Security Guarantees And Incentives To Bank Online

This is the second document in the "State Of European Online Banking 2009" series.

by Alexander Hesse, Lauriane Camus

with Benjamin Ensor, Kate van Geldern, Brendan McGowan

Executive Summary (This is a document excerpt)

More than half of Western Europeans who use the Internet regularly — about 92 million — bank online. Thirty-two percent of European adults could bank online but don't do so — or have stopped doing so. Typically, these online banking holdouts mention security fears and satisfaction with existing banking channels as the main reasons that they don't bank online. Nearly 40% of these holdouts also say that nothing would persuade them to bank online. The remainder of them says that security-related measures and financial incentives such as earning higher interest for using online banking would encourage them to adopt online banking. Because no single incentive will persuade a majority of holdouts to use Internet banking, eBusiness executives who want to increase online banking adoption need to use a mix of incentives to encourage holdouts to bank online.

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