Customers are banking online

A report by Mintel Comperemedia found that 70 per cent of adults who use the Internet use online banking. Another seven per cent have signed up for the service, but have never used it. Consumers aged 25 to 44 are slightly more likely than their counterparts to use online banking, with 79 per cent reporting usage. Banks are pushing these services, as approximately 40 per cent of all checking direct mail offers include a mention of online banking.

“Despite the high penetration, banks are still eager to increase the usage of online banking,” says Susan Wolfe, vice president of financial services at Mintel Comperemedia. “It’s no secret that online banking creates deeper relationships between banks and customers, so banks are keen to pull in more users.” Ninety-three percent of respondents use online banking to check balances, 38 per cent use it to receive account alerts and 65 per cent use it to transfer money. Thirty per cent log on to pay their mortgages or credit cards issued by their banks.

Source: Inside Retailing Online

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