Banks told: 'Get going online, or risk failure'

NEWS European banks need to adopt new technology quickly if they are to succeed in an increasingly cut-throat market, according to the latest research. A new report by analyst house Datamonitor says the price war between banks can only be won by those that successfully implement low-cost internet banking. It also said banks will have to ramp up the services they currently make available to consumers and business customers. Currently European banks are poorly placed to roll-out internet banking services because of complex legacy systems and cumbersome business accounts.