December, 2007
Online Banking Is Here To Stay
Reporter James Swann’s article is a feature on CashEdge’s Consumer Online Banking Survey. Swann writes “Online banking has become so popular that nearly two-thirds (65 percent) of consumers would move their money to a bank with a more advanced online system than their current institution, according to the second annual Consumer Online Banking Survey from CashEdge, a New York-based provider of online financial applications.
‘Consumers are still waiting for banks to deliver on the promise of their online channel. Banks that maximize their Web presence are beginning to quantify the competitive advantage, and I believe we are nearing the points where banks that underutilize the online channel will experience a backlash,’ said Sanjeev Dheer, chief executive officer of CashEdge.
Hand-in-hand with the wish for stronger online banking capabilities is a desire to avoid going to the branch in person. For example, 65 percent of survey respondents said they had a ‘high’ or ‘very high’ desire to eventually move all of their financial transactions to the online channel, and 75 percent said that if they could, they would never go to a bank branch to handle a transaction.”