Jupiter forecasts that 39 percent of European Internet users will bank online by the end of 2002. This is equivalent to 54.1 million online banking consumers in total.
According to the research firm, Internet markets in the Nordic region will have the highest levels of online banking penetration, reaching 54 percent in Sweden, compared with just 13 percent in Greece.
By 2005, the European average will reach 48 percent. However, growth will subsequently slow, resulting in just 51 percent of Internet users banking online by the end of 2007.
The research company also predicts that the number of Internet users paying bills online will grow slowly over the next few years.
By the end of 2002, 11 percent of European Internet users will pay bills online, while 0.3 percent will apply for mortgages over the Net. But, the convenience of direct debits will largely restrict growth of online bill payment to just 22 percent by 2007.
The company projects that the majority of online consumers will not consider the Net as a suitable medium for applying for mortgages, with just one percent opting to do so.
Jupiter predicts that financial market recovery and increased maturity of the online channel will result in 10 percent of European Internet consumers using online brokerage services by the end of 2007.