Online banking and bill payment are now in the top three factors when considering another bank, according to a new Harris study.

Technology News: E-Commerce: Reducing ID Theft by Increasing E-Commerce

For the first time online banking and bill pay has moved into the top three factors considered by consumers when choosing a bank,” said ….  general manager of Atlanta-based CheckFree’s electronic commerce division, which sponsored the Harris study, which queried 2,083 Internet users.

And online is a serious factor in reducing fraud, even though this is counter intuitive to most.

If you pay your bills often at these “portals,” you will dramatically decrease the risk that some nefarious member of an organized crime syndicate will snatch your data, mid-stream, off the Internet. That’s important information — potentially perception changing.
Consumers are increasing their reliance on online banking, the Harris survey shows. The availability of online banking and bill pay features ranked third among the top three factors in selecting a bank for personal accounts, following “availability of free checking” and “reasonable fees and service charges.”

Some additional facts from the study.

The survey points to the following facts:

• Convenience: With 27 percent of consumers stating the most important benefit was saving the paper, stamps and hassle of paying bills by check, while 17 percent stated that paying online was the easiest way to pay bills.
• Speed: With 13 percent of consumers stating the most important benefit was that it is faster than paying by check.
• Control: With 9 percent of consumers stating the most important benefit was the ability to ensure bills are paid on time as specified by the consumer

Continue reading “Online banking and bill payment confirmed as factor in choosing a bank”

Wells have been working towards this since 2002.  Note how they are just not imaging the cheques, and reading them automatically, they are clearing them immediately and passing that benefit to the customer with same day credit for cheques. Finextra: Wells Fargo introduces envelope-free ATM deposit system Envelope-Free ATMs offer customers some important benefits: Faster and easier ATM deposits – customers can deposit stacks of bills (up to 30 bills in different denominations) and checks (up to 10) directly into the machine at one time. Assurance that checks or cash deposits have been received – customers can see on-screen check … Continue reading Wells Fargo introduces envelope-free ATM deposit system