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Banking

Best retail internet bank

Best retail internet bank
Bankinter

The techniques used by the most successful retail banks to service a large number of customers are being scrutinized by wholesale banks. They hope that their own internet platforms will service low-priority clients, to whom that they have traditionally given patchy coverage, and help them acquire many new tier two and tier three customers.

An estimated 55 million customers in Europe will be doing their banking online by 2003. Retail banks that are ahead of the game in servicing this growing market have a clear internet strategy, are at the forefront of technological innovation and enjoy the unequivocal support and commitment of all senior managers in the firm. They are also the ones impressing financial services analysts.

The retail bank that others could learn most from is Bankinter of Spain. “You have to admire the dedication of Bankinter’s staff and management team,” says Huw van Steenis, e-finance and financial service strategist at JP Morgan. “Few banking CEOs sit in an open plan office with their internet development team.”

Improved service is the key to a winning strategy when it comes to online business. Central to this is convenience of use. As van Steenis says: “We are in a transition period, at the very beginning of the challenge.

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