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21 Per Cent Of U.S. Internet Users ”Very Likely” To Try Online Banking

ATLANTA – One in five American Internet users says they are “very likely” to
try Internet banking within the next 12 months, according to a new survey of
online banking and trading intentions around the world, released by Angus
Reid Group.

The study suggests that the sheer size of the American market– currently
about half of the world’s 50 million online banking customers– makes it a
formidable market presence.

But despite the heft of absolute numbers, those Americans surveyed were
relatively lukewarm in adopting online financial services, compared to
others around the world.

Approximately 21 per cent of American Internet users described themselves as
“very likely” to bank online in the next 12 months, while the world’s most
enthusiastic Internet bankers are in South Africa (46 per cent), Germany (42
per cent) and Sweden (33 per cent). Least enthusiastic are those in Egypt
and Russia (2 per cent each).

The findings are based on interviews conducted in the U.S. and 33 other
countries as part of Angus Reid’s The Face of the Web study of global
internet usage and habits, the most comprehensive study of its type ever
conducted.

“While Americans appear to have been relatively slower to adopt online
banking, this could be a result of the wide range of delivery options open
to them,” said Ashif Ratanshi, president and CEO of Royal Bank’s
Atlanta-based Security First Network Bank. “The bottom line here is
phenomenal growth potential, which will accelerate in the future, as online
functionality increases.”

Of those Americans surveyed who have tried banking online, three in four say
they’re “very likely” to continue, the survey suggests. “We’re encouraged,”
said Ratanshi. “It confirms our belief that we have a viable delivery
channel available to our customers.”

The survey also found a somewhat more moderate attraction to online stock
trading and other Internet-based investing services. About one in ten
American Internet users says they are “very likely” to trade or make other
investments online in the near future. The figure was similar in Canada,
while Internet users in South Korea (18 per cent), Singapore (14 per cent)
and Germany (14 per cent) ranked highest among the countries surveyed.

“We’re finding across the world that as people go online, banking is one of
the commercial applications that has an immediate appeal,” said Gus
Schattenberg, Angus Reid Group global products vice-president. “Online
banking has a following among users in the most developed Internet markets,
but there are even some emergent markets where online banking is carving a
niche among the leading edge of users.”

The Face of the Web is the most comprehensive international study of
consumers and the Internet ever done, based on a total of 28,374 interviews
with Internet users in 30 countries and general consumers in 34 countries in
November and December 1999 and January 2000.

Established in 1979, Angus Reid Group is among the world’s leading research
companies, providing a full array of marketing and social research services
to the private and public sectors. Founded by Dr. Angus Reid, it has
conducted extensive research in 80 countries and 40 languages and serves
clients around the world through 10 offices and 300 full-time and 800
part-time staff.
ATLANTA – One in five American Internet users says they are “very likely” to
try Internet banking within the next 12 months, according to a new survey of
online banking and trading intentions around the world, released by Angus
Reid Group.

The study suggests that the sheer size of the American market– currently
about half of the world’s 50 million online banking customers– makes it a
formidable market presence.

But despite the heft of absolute numbers, those Americans surveyed were
relatively lukewarm in adopting online financial services, compared to
others around the world.

Approximately 21 per cent of American Internet users described themselves as
“very likely” to bank online in the next 12 months, while the world’s most
enthusiastic Internet bankers are in South Africa (46 per cent), Germany (42
per cent) and Sweden (33 per cent). Least enthusiastic are those in Egypt
and Russia (2 per cent each).

The findings are based on interviews conducted in the U.S. and 33 other
countries as part of Angus Reid’s The Face of the Web study of global
internet usage and habits, the most comprehensive study of its type ever
conducted.

“While Americans appear to have been relatively slower to adopt online
banking, this could be a result of the wide range of delivery options open
to them,” said Ashif Ratanshi, president and CEO of Royal Bank’s
Atlanta-based Security First Network Bank. “The bottom line here is
phenomenal growth potential, which will accelerate in the future, as online
functionality increases.”

Of those Americans surveyed who have tried banking online, three in four say
they’re “very likely” to continue, the survey suggests. “We’re encouraged,”
said Ratanshi. “It confirms our belief that we have a viable delivery
channel available to our customers.”

The survey also found a somewhat more moderate attraction to online stock
trading and other Internet-based investing services. About one in ten
American Internet users says they are “very likely” to trade or make other
investments online in the near future. The figure was similar in Canada,
while Internet users in South Korea (18 per cent), Singapore (14 per cent)
and Germany (14 per cent) ranked highest among the countries surveyed.

“We’re finding across the world that as people go online, banking is one of
the commercial applications that has an immediate appeal,” said Gus
Schattenberg, Angus Reid Group global products vice-president. “Online
banking has a following among users in the most developed Internet markets,
but there are even some emergent markets where online banking is carving a
niche among the leading edge of users.”

The Face of the Web is the most comprehensive international study of
consumers and the Internet ever done, based on a total of 28,374 interviews
with Internet users in 30 countries and general consumers in 34 countries in
November and December 1999 and January 2000.

Established in 1979, Angus Reid Group is among the world’s leading research
companies, providing a full array of marketing and social research services
to the private and public sectors. Founded by Dr. Angus Reid, it has
conducted extensive research in 80 countries and 40 languages and serves
clients around the world through 10 offices and 300 full-time and 800
part-time staff.

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