3G is for entertainment, not for banking

date: June 25, 2002

Tim Sawyer, Marketing Director of online bank Cahoot, has rejected the possibility of 3G becoming a significant channel for internet banking. Sawyer said that 3G would remain largely a medium for entertainment. "3G will be no panacea for banking. The 3G revolution - if indeed there is one - will see the technology largely used for video clips and gaming," he said at a recent conference.

Sawyer detailed that Cahoot will adopt a cautious approach to 3G, a "watch and wait" strategy but the bank had something prepared and was "ready to move" when the time came. With regards to 3G, he asked: "Do people really want to do business on such a small screen when they have branches, the PC or the phone?" But the marketer did say that Cahoot's strategy of a future of digital banking did include text and WAP.

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