Datamonitor says these trends "show the positive potential of disruptive forces such as SARS", which has driven branch traffic down by more than 50 per cent in key Asian markets. As such, "many financial services consumers are retaining their ability to access their financial services products via the Internet", notes analyst, Virginia Garcia. "In the longer term, this channel shift will prompt strategic investments in associated support infrastructure", Garcia advises, and "financial institutions must quickly adjust their ... service strategy... or risk losing customers once convenience overtakes necessity as a critical driver".
With Bank of East Asia, Hong Kong's fifth-largest bank, reporting e-banking transactions in April to have increased to a "mid-double digit" month-on-month total, the next step for banks will be to add security to their online services to assuage users' concerns once the SARS crisis tails off. Internet use in Hong Kong rose 13 per cent in April, according to Nielsen/NetRatings, while the Bank of China's site gained a 58 per cent increase in surfers. Peter Steyn, of Nielsen/NetRatings, doubts that online shopping "usage will fall back to pre-SARS levels", while Yahoo! Hong Kong hopes Internet users will continue shopping online.
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