Four out of five 'Net households bank online

BROOKFIELD, Wis. (6/14/10)--Credit unions should note that four out of five households with Internet access use online banking services--primarily to access balance and account history, and transfer money between accounts--according to a Fiserv survey.

These figures are expected to keep rising, said Brookfield, Wis.-based Fiserv, a company that provides information management and e-commerce systems for the financial services industry.

"We believe that consumers will continue to conduct more and more of their financial activities online," said Geoff Knapp, Fiserv vice president of online banking and consumer insights.

Credit unions may be particularly interested in this survey because 64.8% provide Web-based home banking, according to The National Credit Union Administration Freedom of Information Act file for March 2010. Roughly 96% of credit union members can use Web-based home banking, while 4% cannot because their credit union doesn't offer it.

About 64.4 million households pay at least one bill online, through a financial institution website or directly through a company website. Of those Fiserv surveyed, 41% of current online banking users indicated they planned to pay more bills online at their financial institutions' website in the coming months. And 35% of those who pay bills directly at company websites said they planned to pay more bills online at those sites.

Consumers use online banking because of its speed, ease of use, cost savings and control, Fiserv said.

The survey also noted:

  • About 49% of consumers who use online bill pay said they are less likely to switch banks due to their experience, up from 43% last year;

  • Roughly 67% of online bill pay users would recommend their bank to a friend or relative; and

  • Over a period of three months, 38% of online bill pay users recommended the service to others. Those recommending the service did so an average of two times.

Fiserv's survey reflects the habits of 88.2 million households in the U.S. The survey has been conducted since 2001.

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