October 15, 2008
Consumer survey shows increased consumer interest in online banking and online funds transfers
A recent US survey of consumer online banking trends reveals an increase in consumer demand for moving money online. This is manifested in a growing adoption of online account opening and multiple fund transfers among online banking users, as well as a renewed interest in activities such as mobile banking and person-to-person online payments.
Thus, 58 percent of survey respondents indicated they have opened at least one account online and would do so again, while 25 percent of participants did not open their accounts online but are willing to open such an account if the possibility was presented to them. An 82 percent majority indicated that they expect banks to offer online account opening services.
When it comes to account access and funds availability, 73 percent of respondents expect a newly opened online account to be accessible within the same day, with 31 percent of them expecting immediate access. The reasons for online money transfers vary from paying bills to transferring money into either checking or savings accounts in order to profit from increased interest rates. Also, 88 percent of respondents expressed their interest in performing person-to-person transfers to friends or family members, thus choosing online payment services instead of using traditional instruments such as cash or checks.
The survey was commissioned by money transfer provider CashEdge.