61 Percent of Bank Account Users Bank Online

When it comes to banking, the Internet is an important resource, according to independent research conducted by Feedback Research (www.feedbackresearch.com), a division of Claria Corporation (www.claria.com).

Feedback Research surveyed a random sampling of Claria’s millions of anonymous users to gain insight into how people use some form of online banking service. The research study ran from October 24, 2005 through October 28, 2005. Respondents with at least one financial product qualified for the survey.

Bank Account Users Prefer Online Banking
The majority of respondents (83 percent) who banked online were either very or extremely satisfied with the online banking at their bank.

• 61 percent of respondents who had a bank account banked online.
  • Those who didn’t bank online liked the face-to-face contact at their bank’s branch or found no need to bank online.
• When respondents who banked online were asked to describe their online banking transaction experiences, 79 percent of respondents believed they were easy and 77 percent said they were generally hassle-free.
• Almost ten percent of respondents who banked online said they had an account at an Internet-only bank.

Convenience seems to be the key driver for consumers accessing their bank accounts online:

• The majority of respondents (86 percent) who banked online indicated they did so because they could access their account whenever they want.
• 76 percent of respondents who banked online believed online banking is more convenient than going to the bank’s branch.
• 61 percent of respondents banked online to have access to up-to-the- minute account information.

The study indicated that security is an important factor for consumers considering online banking and other online financial activities. Respondents who believed the Internet was secure were more likely than respondents who believed the Internet was not secure to:

• Bank online (80 percent Secure vs. 33 percent Not Secure)
• Pay their bills online (69 percent Secure vs. 23 percent Not Secure)
• Have made more than five online purchases in the past 6 months (48 percent Secure vs. 15 percent Not Secure)

Consumers Value Online Money Management

• Almost half (49 percent) of respondents said they had paid their bills online.
  • Among respondents who had paid bills online, 82 percent indicated they did so because it was faster/more convenient than paying bills through the mail while 66 percent liked being able to pay all of their bills whenever they wanted.
• 66 percent of respondents who used the Internet for investing-related activities researched general financial information online.
• 39 percent of respondents checked their credit card balance online, 38 percent have checked their credit report, and 36 percent have paid their credit card bill.