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."