Nearly 70 Million U.S. Households Now Use Internet banking

07.15.2009

More than two million American households adopted internet banking and bill payment during the past year, raising the total to nearly 70 million – this, according to a recent survey by Fiserv Inc., a financial services technology company.

Fiserv said that 69.7 million households (four out of five households with Internet access), now use internet banking services. They are typically accessing balance and account history, and transferring money between accounts. Additionally, 64.4 million households pay at least one bill via the Internet, either at a bank Web site or directly through a company Web site.

Consumers are clearly looking for faster and easier ways to get things done, and people who pay their bills via the internet save time (compared with paying by check). Of those surveyed, 41% of internet banking users indicated that they planned to pay more bills online at their financial institution’s Web site in the coming months, while 35% of those who pay bills directly at company Web sites, said they planned to pay more bills online at those sites.

The Fiserv-sponsored survey reflects the habits of the 88.2 million households in the U.S. with Internet access. It was conducted by The Marketing Workshop and Harris Interactive.

Internet Banking Via Mobile Devices Growing

07.10.2009

According to a recent report from comScore Inc., access to mobile banking is growing at such a rapid pace that a substantial percentage of users are now accessing their mobile accounts from home on their smartphones and handsets rather than on their PCs at home.

In its inaugural report on the Mobile Financial Services Market which was released recently, comScore said respondents to its survey which examined the use of mobile banking access on mobile phones and 3G service, found that 31% actually accessed financial accounts on mobile phones at home. The next largest percentage — 25% — accessed accounts while running errands. Other times and places from which respondents accessed their bank accounts were: while commuting, 15%; at work, 11%; on vacation, 9%; and business travel, 8%.

Additionally, 44.1% of respondents in the study accessed their financial accounts via Internet browsers while 40.6% used applications to access their accounts. Another 25% of mobile banking customers used SMS texting to access their accounts.

The increasing adoption of smartphones and access to 3G networks, along with the rapid development of mobile apps, has undoubtedly created a very fertile environment for the acceleration of mobile banking. With that, internet banking via mobile devices has been growing at a rapid pace in the U.S., so look out for a more global embrace of the technology soon.