21 August 2017
visit www.avoka.com

E-banking used by four in five online US households - survey

15 July 2009  |  6409 views  |  0 keyboard

More than two million US households have adopted online banking and bill payment during the last year, meaning the services are now used in over three quarters of homes with Internet access, according to a Fiserv-sponsored survey.

The poll of 3029 - conducted by Harris Interactive and The Marketing Workshop - indicates that 69.7 million households now use online banking services, primarily to access balance and account history and transfer money.

In addition, approximately 64.4 million households pay at least one bill online, either at a bank site or directly at a company portal.

Of those surveyed, 41% of current online banking users say they plan to pay more bills at their financial institution's site in the coming months. Around 35% of those who pay bills directly at company sites plan to do this more regularly.

When participants were asked why they pay bills online, speed emerged as the dominant reason, cited by 79%. Nearly three quarters say paying online is easier than writing a cheque and 71% say they liked saving money on stamps. In addition, 71% say paying bills online gave them more control over the timing of transactions.

According to the survey, 24% of consumers who pay bills online also receive at least one via the Internet each month, up from 22% last year. Over half (58%) of these say that environmental impact is either important or very important in their decision to view and pay bills online, up from 51% last year.

Nearly half of those questioned who use online bill pay are less likely to switch banks due to their experience, up from 43% last year. Around two thirds would recommend their bank to a friend or relative. Over a period of three months, 38% of online bill pay users recommended the service to others.

Geoff Knapp, VP, online banking and consumer insights, Fiserv, says: "Online banking and bill payment is a free service, and a convenient and environmentally friendly way to bank. Consumers are actively becoming fans of the user-friendly, secure services financial institutions are implementing."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Access and income no longer barriers to online banking - Gartner

Access and income no longer barriers to online banking - Gartner

15 June 2009  |  5246 views  |  0 comments
Third of European Internet users bank online - comScore

Third of European Internet users bank online - comScore

16 April 2009  |  9017 views  |  0 comments
Online banking bill payers are more profitable and loyal - study

Online banking bill payers are more profitable and loyal - study

02 April 2009  |  12679 views  |  1 comments
Online banking fraud soars in UK

Online banking fraud soars in UK

19 March 2009  |  19024 views  |  1 comments
Online banking gaining ground in financial crisis - Forrester

Online banking gaining ground in financial crisis - Forrester

12 February 2009  |  10032 views  |  0 comments
Fiserv to buy CheckFree for $4.4bn

Fiserv to buy CheckFree for $4.4bn

02 August 2007  |  9585 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.abe-eba.euvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10502 views comments | 24 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8781 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8644 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8446 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7958 views comments | 17 tweets | 16 linkedin

Featured job

Find your next job