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BizReport : Internet : May 23, 2012

Consumer survey reveals increasing comfort with online banking

Consumers are more confident with online banking, reveals a survey by digital and direct agency Rosetta, with over half now preferring to do their banking online.

by Helen Leggatt

More consumers now log-on to do their banking than pop into their local branch. While over half (52%) say the Internet is the main way they do their banking just under a third (32%) prefer to visit a bank's branch office.

Online banking is most frequently used to carry out basic tasks such as checking account balances, making individual bill payments to another account, transferring funds between accounts and seeking financial information.

However, nearly half (48%) are keen to do all their banking online, found Rosetta's survey of 1,100 individuals in the U.S.

"I was surprised by the number of people who say they would do all their banking online if they could. It shows the interest in pulling away from the retail branch," Rosetta managing partner Ned Elton told Credit Union Times.

There is still some way to go before online banking is seen as being as secure and rewarding as traditional branch banking. Over two-thirds (64%) of survey respondents believe there is a need for tighter online security and privacy, while 57% cited a need for online layouts that were easier to navigate. Over half (58%) want to be rewarded for banking online.

"Banks are missing an opportunity to better engage with consumers online and create a consistent brand experience across all channels," said Elton. "Retail bank marketers need to identify ways to apply the same level of personal touch and feel currently offered to retail branch customers through the online channel."

Tags: branch banking, consumer insight, online banking, online security, privacy issues, survey

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