The UK financial services industry is lagging behind its European rivals in terms of internet banking says a report from British Telecom.
The report prepared for BT by BlueSky International Marketing says the European banks are well in advance of their UK counterparts in offering internet facilities to their customers.
The report found there has been an explosion in the use of the internet with European transactions growing by 300 per cent in the six months to June 1999.
Germany and France lead the pack with 1048 sites offering banking transactions compared to just 10 sites in the UK and Ireland.
BT Finance Industry Solutions head of marketing Steve Rathbone says: "There is a window of opportunity for banks to gain a competitive advantage by jumping on the internet band-wagon before the continental banks seriously attack the market."