European Banks Offering Online Services Nearly Doubles

European financial institutions are turning to the low-cost alternative of Web-based accounts to gain market share.

A report on deregulation and restructuring in the region revealed the number of European online banking sites nearly doubled in the last six months, climbing to 1,265 from 703. By way of comparison, the number of U.S. banks offering Net-based banking rose to 386 from 184 during the same period.

This rise in Internet and telephone-based direct banking is concentrated in continental Europe, where banks have been slow to close expensive and unprofitable branch networks to cut costs.

The new breed of European online banks is seen as a way to fend off overseas competitors and generate economics of scale by allowing the financial institutions to expand their services in other European countries.

You may like these other stories...

Read more from Larry Perry here and in the Today's World of Audits archive.Learning "how" to audit cash is mainly learning "when" to audit cash and to "what extent" cash auditing procedures...
Senate Takes Different Approach from House for Highway and Bridge FundEarlier this week, according to a New York Times article, the Senate agreed to fill the coffers of the fund that pays for highway and bridge repairs with...
It's not a reality—yet—but accounting software is poised to eliminate accountants. We are at a tipping point for many similar professions: online education replacing professors, legal software replacing...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.