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CU System
One-third of consumers using online banking
WESTLAKE VILLAGE, Calif. (10/20/10)--More than one-third of American consumers use online banking services offered by their credit union or bank to manage their finances, according to the Third Annual Intuit Financial Services Online Financial Management Survey. The survey by Intuit, a CUNA Strategic Services provider, also showed that online banking is a competitive differentiator. Among all survey respondents, 52% said they would leave their current financial institution for another that offered better money management capabilities. In addition, nearly half said they had recently switched banks or credit unions, with one-third of them making the change because their financial institution lacked satisfactory online banking. Among online banking users, the survey reported that:
* 84% said the most important feature is the ability to pay bills and manage all financial tasks in one place; * Almost half expressed an interest in using tax preparation tools offered by their financial institution website; and * Approximately one in five banking customers are also current users of mobile banking solutions.
Slightly over one-quarter of survey respondents have reduced their visits to their local branch to once per month. The Intuit survey also found that half of Americans surveyed still rely primarily on spreadsheets and checkbook registers to manage their finances.
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