Online banking reaches one-third of Americans
(18 October 2010 – USA) Over a third of Americans now use online banking tools to manage their finances, as branch visits decline, according to research from Intuit.
According to the survey of 1250 US adults, the number of people using Web tools provided by their banks and credit unions has risen by 27 percent in the last year to over 33 percent.
Just over one quarter of respondents have also cut back on visits to their local branch to just once a month, which Intuit claims indicates that financial institutions are offering viable online alternatives.
The research also suggests customers view online financial management technology as a competitive differentiator. Over half say they would leave their current provider for one that offers better money management capabilities.
Nearly half of all respondents say they have already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online tools.
The vast majority , 84 percent, feel the most important feature is the ability to pay bills and manage all their finances in one place, regardless of where the account is held.
Sasan Goodarzi, president, Intuit Financial Services, said that when today's customers connect with their bank or credit union, they expect to get helpful financial insights and then be able to take immediate action.
Financial institutions must recognize the vital role technology plays in customer relationships so they can be the centre of their customers' financial lives.
Just over one quarter of respondents have also cut back on visits to their local branch to just once a month, which Intuit claims indicates that financial institutions are offering viable online alternatives.
The research also suggests customers view online financial management technology as a competitive differentiator. Over half say they would leave their current provider for one that offers better money management capabilities.
Nearly half of all respondents say they have already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online tools.
The vast majority , 84 percent, feel the most important feature is the ability to pay bills and manage all their finances in one place, regardless of where the account is held.
Sasan Goodarzi, president, Intuit Financial Services, said that when today's customers connect with their bank or credit union, they expect to get helpful financial insights and then be able to take immediate action.
Financial institutions must recognize the vital role technology plays in customer relationships so they can be the centre of their customers' financial lives.
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