Watchword for the New Millennium: 'Let the Seller Beware'.

• Author: Linsley, Clyde
• Position: Financial industry marketing - Brief Article

A new report by Cap Gemini Ernst & Young tells the banking industry what it has already begun to suspect for itself: The dawn of e-commerce has given birth to a new breed of consumer, as knowledgeable as the experts and not about to take any guff.

"It is increasingly difficult for financial firms to maintain an edge--innovative products and services are easily copied, while the customer has become empowered through expert information freely available through e-commerce channels," says Philip Lawrence, director of strategy for Cap Gemini's financial services sector. "Moreover, the banking, securities brokerage and insurance sectors keep encroaching on each other's territory."

What this means to the industry, the report concludes...