January, 2008
Online Banking Behavior and Preferences
In his article on online banking behavior, Reporter Michael Mezur relies on CashEdge’s Consumer Online Banking Survey. “Any belief (or maybe even wishful thinking) that the Internet is just a passing fad seems to be laid to rest by a new survey from CashEdge in New York. The survey polled more than 400 consumers nationwide who use online banking.”The article cited several findings from the survey including:
- Eighty-five percent of the survey participants said they would bank only with an institution that offered online banking capabilities. In addition, 82 percent said they would use more online capabilities if offered to them.
- Other survey findings noted that 87 percent of respondents have more than one institution where they keep their money. Along those same lines, 71 percent said they would prefer not to have to use checks or cash, but would rather use online funds transfers.
- Online usage has also created more of a demand for speedier service. Seventy-four percent of those polled said they expect a new bank account to be available for use the same day that they sign up for it.
- Finally, customers polled said they do have concerns regarding online banking. Close to 50 percent cited security as a main concern about conducting banking transactions over the Internet. In addition, 14 percent said the issue of security keeps them from banking online.