Online's Importance Shown
NEW YORK-Eighty-five percent of respondents in a new survey are saying they would never bank with an institution that didn't offer online banking. Moreover, 82% of those surveyed say they would use more online banking capabilities if they were available, 73% of the respondents say they prefer opening and funding a new bank account online, and 65% would move their finances to another institution if it meant gaining access to more robust online banking capabilities.
The results are part of CashEdge's second annual consumer Online Banking Survey and were released at its Client Conference: Innovation 2007. The study is based on the online banking behavior and preferences of more than 400 consumers who use online banking functions.
"(Consumers) continue to express a desire for more online capabilities and a willingness to switch institutions for more complete service offerings," stated CashEdge CEO Sanjeev Dheer.
Among the other findings:
* 87% of respondents have accounts at more than one institution and sixty-six percent of respondents said they would be "interested in transferring funds housed at different financial institutions."
* 71% would like to use online funds transfer for making payments to "other people/third party" instead of paying by check or cash.
* 27% are interested in real time/immediate funds transfer even if it means an additional fee.
