23 May 2018
Visit response.ncr.com

Third of Americans use online banking tools - Intuit

19 October 2010  |  11587 views  |  1 Hands on keyboard

Over a third of Americans now use online banking tools to manage their finances, according to research from Intuit which also shows that visits to branches are becoming less frequent.

According to the survey of 1250 US adults, the number of people using Web tools provided by their banks and credit unions has risen by 27% in the last year to over 33%.

Just over one quarter of respondents have also cut back on visits to their local branch to just once a month, which Intuit claims indicates that financial institutions are offering viable online alternatives.

The research also suggests customers view online financial management technology as a competitive differentiator. Over half say they would leave their current provider for one that offers better money management capabilities.

Nearly half of all respondents say they have already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online tools.

The vast majority - 84% - feel the most important feature is the ability to pay bills and manage all their finances in one place, regardless of where the account is held. Nearly half express interest in using tax preparation tools through their financial institution Web site and around one in five currently use mobile banking.

Sasan Goodarzi, president, Intuit Financial Services, says: "When today's customers connect with their bank or credit union, they expect to get helpful financial insights and then be able to take immediate action. Financial institutions must recognize the vital role technology plays in customer relationships so they can be the centre of their customers' financial lives."

Comments: (1)

Bo Harald
Bo Harald - ZEF, Transmeri, Demos, Real Time Economy Program - Helsinki Region | 19 October, 2010, 16:00

Amazing that figures are still so low. In Finland 4,9m out of a total population of 5,4m have an e-banking contract (and pay for it once over 25). Virtually all sorts of banking can be done online (including signing loan agreements with the log-in codes) and the same codes can also be used when strong  e-id (onetime code) is needed for logging in th other services - especially in the public sector.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
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

Amex targets Gen Y with social Currency - personal finance advice site

Amex targets Gen Y with social Currency - personal finance advice site

22 September 2010  |  13417 views  |  0 comments
Americans prefer to access PFM tools though bank sites - survey

Americans prefer to access PFM tools though bank sites - survey

23 August 2010  |  13312 views  |  1 comments | 1 tweets
PFM pioneer Wesabe goes to the wall

PFM pioneer Wesabe goes to the wall

01 July 2010  |  8422 views  |  0 comments
UK PFM site Money Dashboard launches open beta

UK PFM site Money Dashboard launches open beta

13 May 2010  |  8778 views  |  0 comments
BoQ pilots money management tool

BoQ pilots money management tool

30 April 2010  |  9057 views  |  0 comments
Mint creates user community forum with Get Satisfaction

Mint creates user community forum with Get Satisfaction

22 February 2010  |  4586 views  |  0 comments
Citi and Microsoft working on Mint rival - Bloomberg

Citi and Microsoft working on Mint rival - Bloomberg

28 September 2009  |  10552 views  |  0 comments
Americans prefer pen and paper to money management sites - survey

Americans prefer pen and paper to money management sites - survey

23 September 2009  |  9222 views  |  0 comments
Intuit to buy Mint for $170m

Intuit to buy Mint for $170m

14 September 2009  |  9292 views  |  0 comments
Wells Fargo moves into PFM start-up territory with new budgeting tool

Wells Fargo moves into PFM start-up territory with new budgeting tool

29 October 2008  |  14096 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit response.ncr.comVisit aciworldwide.webex.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9926 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8733 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7396 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6908 views comments | 7 tweets | 11 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
6660 views comments | 17 tweets | 22 linkedin

Featured job

Find your next job