Over 70% of UK retail banks will offer interactive television banking within six months or are in ne...
Over 70% of UK retail banks will offer interactive television banking within six months or are in negotiations to develop such a product, according to a survey by Datamonitor
HSBC, Barclays and Abbey National will be the first retail banks to offer a range of financial services through digital interactive television enabling customers to view bank statements, transfer funds, pay bills and receive quotes for personal loans and insurance products
This looks as if it is only the beginning for television-based financial services. Datamonitor's report, Interactive Television in Financial Services, forecasts that within two years customers will be purchasing credit cards, personal loans, mortgages, life assurance, securities and collective investments through their television sets
Godfrey Sullivan, business analyst at Datamonitor, said: "Interactive television presents a long-term solution to many of the problems facing retail banks. It combines the visual basis and low running costs of the internet with the convenience and usability of the telephone and the mass appeal of the television. As such it offers banks a way of increasing the cost efficiency of their distribution, while enhancing levels of customer service
The report forecasts that by 2004 7.3 million households will have a digital set-top box that facilitates some level of interactive television
The advent of television banking will also change the way in which financial services are promoted, according to Datamonitor. There will be a drive to develop links with television programmes so that viewers will be able to switch from a news article of house prices to a site that offers a range of mortgages, the report said
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