Wednesday, April 22, 2009

On Online Banking

Source: Finextra
Complete item: http://www.finextra.com/fullstory.asp?id=19946

Description:
The number of US online banking customers continued to grow at a steady rate throughout 2008 as customers looked to keep a close eye on their finances during the recession, according to research from Web metrics firm comScore.

The study found the growth in the number of customers at the 10 most-visited online banks hardened in 2008 as financial institutions became more aggressive in their customer acquisition efforts, after weak gains the previous year.

Over 51 million Americans visited one of the top ten online banking sites in the fourth quarter of 2008, around four million more than in the same period the previous year.

ComScore says nearly 60% of the total US Internet population now visits any one of the top 20 financial institutions' sites in any give quarter.

The study also examined customer satisfaction with online services and a survey of over 4800 US adults shows 71% are "highly satisfied" with their primary online bank - just one per cent down on the previous year.

Satisfaction with credit card issuers also held steady at 62%, compared to 65% the previous year.

However, brokerage firms saw their highly satisfied customers decline from 70% of respondents in 2008 to 58% in 2009.

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