Internet awards 2000: The 20 sins of internet banking
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Internet awards 2000: The 20 sins of internet banking

Collectively the world’s leading commercial and investment banks are making rather a mess of transferring parts of their businesses to the internet. Many are committing fundamental business mistakes they would never allow in their traditional operations. Leadership of internet initiatives is often confused, as are their objectives. A few banks may have built good sites for specific businesses but none has come close to putting together a complete set of internet offerings. So say the editors and journalists at who put together this year’s inaugural awards for the best sites in wholesale finance. Matt Ball reports

“Wow! I never knew the bank was doing all this on the internet,” was a comment made frequently during the past three months as reviewed the best internet services for wholesale finance. But it was not our researchers who were impressed. It was the bankers trying to show us their websites who were revealing their surprise.

Confused? They certainly are. Most banks are struggling to develop a coherent, consistent e-commerce strategy. Take this remark from one exasperated senior manager at a European bank: “Banks are spending millions and millions on their e-strategy, but they can’t answer the simple question ‘what are you actually doing?’.

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