May 24, 2012 5:46 am
More than half of consumers prefer to do their banking online and nearly half would do all of their banking online if they could. This was a key finding of the national consumer survey on retail banking trends conducted by Rosetta one of the nation's largest digital and direct interactive agencies.
Fifty-two percent of respondents said their bank's website is their primary method of banking, while only 32 percent said the branch was their primary method of banking. Forty-eight percent of respondents said they would do all banking online if they could.
The survey found that consumers use online banking most frequently to:
- check account balances and recent activity
- make an individual bill payment to another account
- transfer money between accounts
- obtain financial information
- mobile banking capabilities may further reduce the need for consumers to visit a retail branch
The survey also found that the digital banking experience lags traditional retail banking in security, usability and rewards. Sixty-four percent of respondents cited a need for stronger online security and privacy features; 57 percent of respondents cited a need for “clear and easy-to-follow” online layouts; and 58 percent of respondents expressed interest in rewards/points programs for online banking.
Published with permission from RISMedia.