'Virtual high street' offers 'opportunity gaps'

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'Virtual high street' offers 'opportunity gaps'

Mon 23rd Jun 2008

Businesses need to cater for a "growing virtual high street" and an "internet-savvy population", a study has found.

A report by 1st – The Exchange found various "opportunity gaps" in the market, such as millions of people who use online banking and services, comprising as "very powerful online high street", according to Mortgage Introducer.

The study also found that many smaller financial advice firms are under-capitalised and lack funds and scale to improve their services.

Providers and distributors should use web-based distribution models to capitalise on Internet customers and good ecommerce for the more complex needs of distributors and higher-end clients, it found.

David Child, managing director of 1st – The Exchange told Mortgage Introducer that there was "huge potential" for organisations to use web-based distribution for a "new and expanding target market".

In May, online sales of clothes, shoes and accessories surged four per cent , the Press Association reported.

Wealth Bulletin reports that Barclays Wealth Intermediaries, the offshore advisory service provided by Barclays Wealth, has launched a new online platform for banking and investment.

This is intended to improve contact between its Switzerland and Singapore operations.

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