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Third of Americans use online banking tools - Intuit

19 October 2010  |  11513 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.

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