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Banks 'need to invest money into finance solutions'

Nov 4 2009, 23:13 PM

Banks need to look into new finance solutions in order to get more consumers to use online banking services, an industry expert has said.

Research by Gartner earlier this year revealed that around 40 per cent of people who do not bank over the internet cited concerns about security as the reason.

According to Mel Morris, chief executive officer of PC security company Prevx, banks will be looking into new finance solutions to address these concerns.

"The banks have the problem and therefore they will react and I'm sure that they will over time invest money into dealing with this," he predicted.

Further research from Gartner, which was published in September, said that the worldwide security market is on track to grow by eight per cent over the course of 2009.

It anticipates the market will grow a further 13 per cent in 2010 to reach an estimated global value of $16.3 billion (A$18 billion).

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Posted by James Glass

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