Americans are ‘in love’ with online banking. Really?

I heard a new study on online banking habits and it just so happens that today my love was rewarded by Banking Innovation Monitor, which has come out with a new report on American online banking behaviour. I found it thanks to JJ Hornblass at Bank Innovation.

Among some of the most interesting mentions is that online banking has reached such a critical mass that only 3.8% of Americans over the age of 18 are not aware of it. What was more compelling, however, was that, “consumers love online banking (specifically online bill pay), according to the Monitor. Consumers have historically not loved anything their bank offers.”

Apparently, with this en masse adoption of online banking has come discussion of a plateau. There’s still plenty of room for improvement, and further growth could be seen, according to the report, in the areas of text or email alerts or even online currency.

Another important point brought out by the study is that the ‘touch point’ for consumers has now definitively moved from the branch to a bank’s online portal and customers are now going to this portal at least once a day. That’s far more often than most people used to visit their branch.

Some other key findings from the report were:

  • While only 11% of consumers had ever visited a personal financial management site, such as Mint or Yodlee, 20% said they were interested in doing so.
  • Of all alternative banking sites, like social media, a bank’s Facebook page was most visited by consumers.

The bottom line is that the portal is where everything’s happening, and there are now multiple opportunities to give a customer a very satisfying or a very disappointing experience.

Photo by Yoel,