Turks sign up to online banking

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ISTANBUL--Online consumer banking is the new trend among Turkish banks. Although only a few banks offer services on the Internet, the number of registered users of three leading banks, Is Bankasi, Garanti Bankasi and Pamukbank, has already exceeded 150,000.

Currently seven Turkish banks offer online services: Akbank, Esbank, Garanti Bankasi, Turkiye Is Bankasi, Pamukbank, Yapi Kredi Bankasi and Osmanli Bankasi.

Is Bankasi has 40,374 users and its ad agency is Medina Turgul DDB, Istanbul.

Garanti Bankasi launched its online services in July 1994 and has close to 90,000 users. The bank states that the number of daily transactions on the Internet is 4,000 and now online banking accounts for 12% of Garanti Bankasi's total transactions. Young & Rubicam/Reklamevi, Istanbul, handles Garanti Bankasi.

Pamukbank, which launched its Internet services in October 1998, has more than 25,000 users and 20,000 monthly online transactions. RPM Radar CDP Europe, Istanbul, handles Pamukbank.

The newcomer Esbank entered the online world only four months ago. The bank aims to handle half or more of its transactions over the Net in the future. Lowe Adam, Istanbul, handles Esbank.

Banks are keen to promote online banking. According to a report published by the Turkish news service Anatolian Agency, the cost of a bank transaction on the Internet is just one percent of the cost at a branch. The report states that a bank transaction executed at a branch costs on average $1.07. The cost drops by 64% with phone banking, by 73% at an automated teller machine (ATM), by 98.5% with PC banking and by 99% with Internet banking.

Copyright November 1999, Crain Communications Inc.

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