How we learned to love Online Banking

A recent study on consumer perception regarding internet banking services shows that US user satisfaction with online banking functionality is relatively high across a wide area of online financial services.

When it comes to viewing their bank statements online and transferring money, 96 and 95 percent of respondents respectively give their online banking experience a ‘4’ or ‘5’ rating on a five-point scale. Also, less than one in ten consumers who currently pay their bills online is indifferent or dissatisfied with the experience (92 percent of respondents rate their online bill payment as worth a ‘4’ or ‘5’). Among the lowest ranking aspects as far as end user satisfaction goes are email customer services employed by online banking providers (rated by 82 percent of interviewees as worth a ‘4’ or ‘5’ on a five-point scale) and stop payment requests (81 percent satisfaction).

When it comes to the types of internet banking features most commonly used by respondents, data from the survey shows that 93 percent of customers who engage in online banking check their account balance online, 73 percent confirm a deposit while 54 percent pay their bills online and transfer money, respectively. A noticeable difference thus emerges. As mentioned above, 92 percent of respondents are satisfied with the functionality and quality of online bill payment via online banking. However, since only 54 percent of users choose to make use of the feature in the first place, it emerges that one of the greatest obstacles for widespread online banking adoption is not usability of banking features as such, but rather consumer reluctance to try these features out in the first place.

Finally, the online banking features which are less used by consumers appear to be downloading account activity information (17 percent of survey participants have tried it), emailing customer services (3 percent adoption) and opening a new account online (1 percent).

The survey was conducted by US web traffic analysis service Compete.com.

Associated Link: Consumers appreciate online banking usability, show reluctance to experiencing new services

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