Online Banking: The basics

If you’re like most people, you’ve heard a lot about online banking but probably haven’t tried it yourself. You still pay your bills by mail and deposit checks at your bank branch, much the way your parents did. You might shop online for a loan, life insurance or a home mortgage, but when it comes time to commit, you feel more comfortable working with your banker or an agent you know and trust.
Online banking isn’t out to change your money habits. Instead, it uses today’s computer technology to give you the option of bypassing the time-consuming, paper-based aspects of traditional banking in order to manage your finances more quickly and efficiently.
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Online Banking Report: Internet Strategies for Financial Institutions. RESOURCES

A look at current online banking usage and projections through 2012
OVERVIEW
Mainstream users continue to flock to Web banking
If not for the foul economic climate and over inflated expectations of the late �90s, the online channel would be the toast of the industry. By most measures, online banking is a runaway success. Compounded annual growth since OBR�s founding, at year-end 1994, has been 80%. Worldwide, more than 100 million households now bank online, up 20-fold. In the U.S., household adoption passed 25% a few months ago, up 100-fold since 1994. Looking ahead, we project another doubling of usage in the U.S. to 50 million households by decade�s end. Worldwide, the total is expected to triple to 300 million or more households.
Continue reading “Online Banking by the Numbers 2003”

Guardian Unlimited Money | Cash clinic | Online banks ‘get top marks’

Sarah Crown
Tuesday January 13, 2004

Online bank customers are increasingly enthusiastic about their method of banking, with 70% now rating the service as excellent or very good, according to an independent survey of the sector released today.
The results from the Virtual Online Banking Survey, published quarterly, showed that customers’ assessments of online banks have improved significantly over the past 12 months. The survey asks customers to rate their banks on a scale of one to five (one being poor; five excellent). The average rating out of five for achieved by the UK’s online banks rose from 3.6 in 2002 to 3.9 in 2003.
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Finance: E-Banking, Online Bill Paying Growth Ahead

Predicted growth for online banking still surprises me as being fairly linear, and no sign of that “hockey stick” effect we epected. What is reassuring is that those who use it will use it more.
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CBA – Consumer Information – Technology and Banking: A Survey of Consumer Attitudes

Executive Summary

The percentage of Canadians who bank primarily through the Internet has doubled in the past two years, according to Technology and Banking: A Survey of Consumer Attitudes. The poll also shows Canadians use a variety of means to conduct banking transactions, and expect improvements in banking through technology to continue.
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