Complain about a product or service

Study Finds Convenience Drives Online Banking

December 29, 2004
Convenience, time savings and around-the-clock access to account information are the top three reasons why more consumers are turning to online banking, according to a study by Bank of America.

The new research revealed that reasons for online adoption are heavily influenced by generation. Gen X and Gen Y customers view online banking as a routine part of their daily lives. These consumers value ease of use and educational features that enhance the online experience.

However, baby boomers -- often with more complex banking needs -- view security as the primary factor in adopting online banking. They want a full range of features, but presented in an easily understood format. The survey also revealed that the No. 1 impediment for consumers to online banking is security.

Customers can help reduce the chance of fraud by using online access to account information and eliminating paper statements and bills that go through the mail, said Sanjay Gupta, e-Commerce executive at Bank of America.

Overall, when consumers were asked, "What prompted you to start banking online?" 64% cited 24-hour access to their accounts, 54% noted convenience and 48% answered that online banking saved time.

"For most consumers, the primary impetus for banking online is the inherent value in time savings and convenience," Gupta said. "Our goal is to use a variety of methods to understand what we call 'Voice of the Customer,' then introduce new products and services that make it easier for customers to bank online."

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top |

Terms of Use Your use of this site constitutes acceptance of the Terms of Use

Advertisements on this site are placed and controlled by outside advertising networks. ConsumerAffairs.com does not evaluate or endorse the products and services advertised. See the FAQ for more information.

Company Response Welcome If complaints about your company appear on our site, we welcome your response. Please see the Response Form for more information.

For more information, see the FAQ and privacy policy. The information on this Web site is general in nature and is not intended as a substitute for competent legal advice.  ConsumerAffairs.com Inc. makes no representation as to the accuracy of the information herein provided and assumes no liability for any damages or loss arising from the use thereof. 

Copyright © 2003-2009 ConsumerAffairs.com Inc.  All Rights Reserved.    The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission.