US Web banking grows 80% in two years - Nielsen//NetRatings

US Web banking grows 80% in two years - Nielsen//NetRatings

The number of US consumers that use online banking services has increased by nearly 80% since 2001, rising from almost 13 million to 23.2 million individuals, according to data from Internet audience measurement and analysis firm Nielsen//NetRatings.

The data is based on a survey of individuals that used online banking services in the last six months. Drilling down to the year over year comparison, Internet banking grew 32% from 12.9 million to 17.1 million between autumn 2001 and 2002.

Comparisons of data from autumn 2002 to 2003 show the trend continuing as the audience level for online banking grew a further 36%.

Patrick Thomas, senior Internet analyst, Nielsen//NetRatings, says: "The incremental growth for online banking speaks directly to the success financial institutions have had in transitioning customers from traditional banking channels to the Internet."

The data also found that that consumers in financial epicentres, like New York and Chicago, demonstrated below average usage of online banking services. Thomas says: "While we continue to see increased adoption of online banking across the US, it is important to make note of the untapped potential."

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